Bharat Highways InvIT IPO Fully Subscribed On Last Day; GMP Hints Muted Listing; Check Status

Bharat Highways Infrastructure Investment Trust's (InvIT) initial public offering (IPO) concluded on March 1 with a resounding 100% subscription rate. Investors seized the opportunity, snapping up 10.57 crore units against the offered 10.3 crore units.

The window for bidding on the IPO, which opened on February 28, was brief, providing investors just one day to partake in the public issue. Priced at Rs 98 to Rs 100 per equity share, Bharat Highways InvIT aimed to amass Rs 2,500 crore through this initial offer. Despite the full subscription, shares of Bharat Highways InvIT are currently trading at par in the grey market.

Market observers reveal that the Grey Market Premium (GMP) for Bharat Highways InvIT stands at zero, indicating that the company's stock is neither trading at a premium nor a discount. Remarkably, this trend has persisted for the last four days, even though the public issue reached full subscription within the initial two days of bidding.

While the lack of a GMP might raise eyebrows, market sentiment remains steady regarding Bharat Highways InvIT IPO. Analysts suggest that this stability could signify confidence in the long-term potential of the infrastructure investment trust.

As of 2:15 pm on the third day of bidding, the overall subscription status revealed a demand for Bharat Highways InvIT. The public issue was oversubscribed 2.88 times, with a particularly strong interest in the non-institutional investor (NII) segment, which recorded an oversubscription of 5.32 times. The Qualified Institutional Buyers (QIB) portion, however, demonstrated a more conservative fill ratio of 0.84 times.

The enthusiasm among retail investors and the oversubscription in the NII segment highlights the widespread interest in Bharat Highways InvIT. This bodes well for the infrastructure trust as it prepares to enter the market.

A day before the IPO opened, Bharat Highways InvIT secured a foundation by raising Rs 825.97 crores from anchor investors. Notable participants in the anchor round included ICICI Prudential Mutual Fund, HDFC Mutual Fund, Kotak Mutual Fund, Quant Mutual Fund, HDFC Life Insurance, Nippon India Mutual Fund, Axis Mutual Fund, Aditya Birla Mutual Fund, UTI Mutual Fund, Max Life Insurance, Baroda BNP Mutual Fund, Reliance General Insurance, and DSP Mutual Fund, among others.