IPO Details

Bidding Dates

28 Feb '24 - 01 Mar '24

Minimum Investment

₹15,000 / 1 Lot ( 150 Shares )

Price Range

₹98 - ₹100

Maximum Investment

₹195,000 / 13 Lots ( 1950 Shares )

Retail Discount

Not Applicable

Issue Size

₹2,500 Cr.

Investor category and sub category

Retail Individual Investors  |   Non-Institutional Investors  |   Qualified Institutional Buyers (QIB)  |  

Bharat Highways InvIT IPO Dates

Important dates with respect to IPO allotment and listing

IPO Open Date

Feb 28, 2024

IPO Close Date

Mar 1, 2024

Basis of Allotment

Mar 4, 2024

Initiation of Refunds

Mar 5, 2024

Credit of Shares to Demat

Mar 5, 2024

Listing Date

Mar 6, 2024

Cut-off time for UPI mandate confirmation

Mar 1, 2024

Bharat Highways InvIT IPO Subscription Details

DateQIBOthersTotal

Day 1Feb 28, 2024

 0.00x 0.82x 0.37X

Day 2Feb 29, 2024

 0.00x 2.24x 1.02x

Bharat Highways InvIT IPO Subscription Status Live

Investor Category Subscription (Times)
Qualified Institutional Buyers 0.00
Non-Institutional Buyers 2.24
Total 1.02

About Bharat Highways InvIT Company

Bharat Highways InvIT, established by GRIL (G R Infraprojects Limited) and registered with SEBI on August 3, 2022, is an infrastructure investment trust in India focused on managing and investing in infrastructure assets as per SEBI InvIT Regulations. 

The Trust's investment portfolio comprises seven road projects spread across various Indian states, including Punjab, Gujarat, Andhra Pradesh, Maharashtra, and Uttar Pradesh. These projects are managed on a Hybrid Annuity Model (HAM) basis, with the operational and maintenance responsibilities handled based on concession agreements with the National Highways Authority of India (NHAI). The projects are owned and operated through Project SPVs, all of which are subsidiaries of GRIL.

Its sponsor, Aadharshila Infratech Private Limited, is renowned in transportation engineering and brings expertise in surveys, pavement design, and material testing with a NABL-accredited laboratory for chemical, mechanical, and non-destructive testing. 

The Associate, NMHPL, adds value with over six years of experience in road and highway project construction. Together, they ensure Bharat Highways InvIT's commitment to high-quality infrastructure development, leveraging their expertise in material testing and project execution to meet SEBI's stringent eligibility criteria for infrastructure investment.

Regarding financial stability and credibility, Bharat Highways InvIT has been recognised with high provisional ratings from leading rating agencies in India. Crisil Ratings Limited has assigned it a CRISIL AAA/Stable rating, which has been reaffirmed, indicating a high level of creditworthiness. Similarly, it has received a provisional rating of CARE AAA, Stable from CARE Ratings Limited, and IND AAA/Stable from India Ratings and Research, further attesting to its financial stability and promising outlook.

Industry Outlook 

  1. The infrastructure sector has seen significant growth with $32.08 billion in FDI equity inflow for construction activities from FY 2001 to September 2023, fueled by government reforms and public investment.
  2. Announced in FY 2020, the National Infrastructure Pipeline (NIP) plans to invest over ₹100 trillion in infrastructure over five years, aiming for a total investment of ₹111 trillion with 8,964 projects under implementation or development.
  3. Of the NIP's total capital outlay, 55% of projects are under implementation, focusing on transport (43.5%), energy (20.4%), social infrastructure (13.9%), and commercial infrastructure (4.6%).

Bharat Highways InvIT IPO Details

Bharat Highways InvIT IPO Date

The IPO of Bharat Highways InvIT is open for subscription from February 28, 2024, to March 1, 2024.

Bharat Highways InvIT IPO's Price Band 

Bharat Highways InvIT’s IPO is a fresh issue IPO of up to ₹2,500 crore. It is a book-building issue. The price range is set between ₹98 to ₹100 per share.

Bharat Highways InvIT IPO’s Lot Size

The lot size for Bharat Highways InvIT’s IPO is 150 shares with a minimum investment of ₹15,000.

Bharat Highways InvIT IPO’s Objectives 

The Bharat Highways InvIT aims to achieve a comprehensive set of objectives and purposes within the framework of applicable laws, as outlined below:

  1. Raise funds in compliance with applicable laws to support the InvIT's goals.
  2. Invest and reinvest in government securities, money market instruments, and similar assets as SEBI InvIT Regulations allow.
  3. Manage funds awaiting investment or distribution and maintain reserves for anticipated obligations within SEBI guidelines.
  4. Distribute proceeds to Unitholders as outlined in the Trust Deed.
  5. Undertake necessary actions for achieving investment objectives, including working through agents or the Investment Manager.
  6. Engage in activities permitted under applicable laws to fulfil the InvIT's investment objectives.

Peer Details

The following is a listed peer company of Bharat Highways InvIT in India:

  1. IRB InvIT Fund

How To Check the Allotment Status of Bharat Highways InvIT’s IPO?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the IPO Section and then to IPO Orders
  • Select the individual IPO that you had applied for and check the allotment status.
  • As such, Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Bharat Highways InvIT

Registered office: Novus Tower, Second Floor, Plot No. 18, Sector 18, Gurugram, Haryana 122 015, India

Contact Person: Mohnish Dutta (Compliance Officer)

Phone: +91 85888 55586

E-mail: cs@bharatinvit.com

Financial Performance of Combined SPVs

Particulars (Amount in ₹ million) For the period Ended on September 30, 2023 Year ending on March 31, 2023 Year ending on March 31, 2022 Year ending on March 31, 2021
Revenue from operations 3,680.65 15,094.87 15,857.02 21,539.65
Debt to Equity Ratio (x) 2.99 3.36 6.16 5.14
Profit After Tax (PAT) 1,013.53 5,270.47 628.68 1,494.46
Total Borrowings 36,833.05 38,159.78 38,463.36 28,469.81
Cash & Cash Equivalents 397.16 612.58 2,113.68 1,343.27
Total Assets 59,167.98 60,562.79 55,363. 95 49,439.46
Ongoing Projects (₹ in billion) 1,500 - - -

Know before investing

Strengths

3

  1. Bharat Highways InvIT owns seven assets across five Indian states, spanning 497.292 km on national networks, ensuring stable, risk-free revenue and predictable long-term cash flows.

  2. Positioned in India's vital roads sector, backed by substantial government investment, including a 25% budget increase in 2023-24 to ₹2.7 trillion for infrastructure development.

  3. Utilises the sponsor's and NMHPL's extensive experience in road project management, leveraging over six years of expertise in engineering, procurement, and construction for competitive advantage.

Risks

4

  1. Established on August 3, 2022, Bharat Highways InvIT lacks a proven track record, making future growth assessments challenging.

  2. The acquisition of Project SPVs is subject to specific conditions, introducing uncertainties in the trust's expansion plans.

  3. The trust's ability to acquire new, profitable infrastructure assets is crucial. Failure in this area could adversely affect its financial health and distribution capabilities.

  4. Bharat Highways InvIT relies entirely on fixed annuity payments from NHAI. Any disruption in these payments could negatively impact its financial performance.

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Bharat Highways InvIT IPO FAQs

What is Bharat Highways InvIT's IPO?

Bharat Highways InvIT IPO is a fresh issue of up to ₹2,500 crore. It is a book-built issue IPO.  

When will Bharat Highways InvIT's IPO be allotted?

The Bharat Highways InvIT’s shares will be allotted on March 5, 2024.

When will Bharat Highways InvIT's IPO open for subscription?

The IPO subscription window for Bharat Highways InvIT will open on February 28, 2024.

What minimum lot size can retail investors subscribe to?

 Retail investors can apply for at least one lot, which is a size of 150 shares, with a sum of ₹15,000.

When will Bharat Highways InvIT list on exchanges?

Bharat Highways InvIT will be listed on BSE and NSE. The stock will be listed on March 6, 2024.

How do I check the allotment status of Bharat Highways InvIT?

Steps to check IPO allotment status on Angel One’s app:

  • Log in to the Angel One app
  • Go to the IPO Section and then to IPO Orders
  • Select the individual IPO that you had applied for and check the allotment status.
  • As such, Angel One will notify you of your IPO allotment status via push notification and email.

What would be the listing gains on Bharat Highways InvIT's IPO?

Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.

I have finished the application process for Bharat Highways InvIT, but the funds still need to be debited. What is the reason?

Initially, the bank will only block the amount in your account. The money will not be debited until the stocks are allotted to you.

How do I approve the UPI mandate request for Bharat Highways InvIT's IPO?

You must complete the payment process by logging in to your UPI handle and approving the payment mandate.

Can I submit more than one application for the public issue of Bharat Highways InvIT using one PAN?

You can submit only one application using your PAN card.