NHAI The IPO of Highway Infra Investment Trust (Raajmarg InvIT), a company backed by , closed today. This IPO opened on Wednesday, March 11. This government-backed IPO also got excellent support from investors. The IPO of Highways Infra Investment Trust received a total subscription of 13.74 times on Friday, the last day of bidding. According to NSE data, applications were received for a total of 2,93,14,93,200 shares against the 21,33,33,150 shares offered under this Rs 6,000 crore IPO.
The company is going to raise Rs 6000 crore
Highways Infra Investment Trust (RIIT) had raised Rs 1,728 crore from anchor investors on Friday before the opening of the IPO. RIIT is raising a total of Rs 6000 crore from this IPO, for which 60,00,00,000 shares will be issued. This IPO is completely based on fresh shares and there is no share of OFS in it. The company had fixed the price band of Rs 99-100 for each share under its IPO. This is a mainboard IPO, which will be listed on both the major exchanges of the domestic stock market, BSE and NSE.
Nitin Gadkari elated with the bumper support the IPO received from investors.
Union Road Transport and Highways Minister Nitin Gadkari has expressed happiness over the bumper support received from investors for the RIIT IPO. “Happy to share that the first IPO of Raajmarg InvIT sponsored by NHAI has received an overwhelming response and has been subscribed almost 14 times,” the minister wrote in a social media post on Friday. This reflects India’s growth story under the visionary leadership of Prime Minister Modi and the strong confidence of investors in the financial markets. “The participation of a diverse range of investors highlights the confidence they have in the Government of India’s transparent and reform-oriented asset monetization programme.”
What is the objective of the company
The IPO of RIIT is an important step towards increasing participation of common people in the development of national highway infrastructure. The objective of this Public Investment Trust is to unlock earning potential from National Highway properties. Along with this, its objective is also to create a high-quality, long-term investment vehicle. The initial project group of this InvIT includes 5 toll collection roads in Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka. These roads are more than 260 kilometers long and are part of the ‘Golden Quadrilateral’ project.
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