Powergrid InvIT’s Rs 7,735-crore initial public offering (IPO) was subscribed 4.83 times at closing. The first share sale by a state-run company was subscribed 4.63 times in the qualified institutional buyers (QIB) segment and 4.92 times in the non-institutional investor (NII) category.
The IPO consisted of a fresh issue of Rs 4,994 crore and an offer for sale of Rs 2,741.50 crore. It received bids for shares worth Rs 37,360 crore as against an offer of shares amounting to Rs 7,735 crore. The shares were sold in the price band of Rs 99-100 a share.
The company will utilise the IPO proceeds to provide loans to initial portfolio assets, repay or pre-pay debt and for general corporate purposes.
PowerGrid InvIT is owned by PowerGrid Corporation.