Capital Infra Trust, formerly known as National Infrastructure Trust, made a subdued debut on Dalal Street on Friday, listing at its issue price of ₹99 on the NSE. This marks the first Infrastructure Investment Trust (InvIT) IPO of 2025.
The public issue, open for bidding from January 7 to January 9, helped the company raise ₹1,578 crore. The IPO comprised a fresh issue of ₹1,077 crore and an offer for sale (OFS) worth ₹501 crore by the sponsor selling unitholder. The price band for the IPO was set at ₹99-100 per unit.
Anchor Investors and Fund Allocation
Ahead of the IPO launch, the company secured ₹703 crore through its anchor book from 27 institutional investors. Key participants included:
- Insurance and Pension Funds: SBI Life Insurance, SBI Pension Fund, HDFC Life, Axis Max Life Insurance.
- Mutual Funds: HDFC Mutual Fund, ICICI Prudential, Quant Mutual Fund, Axis Mutual Fund, Kotak Mutual Fund, BoB Mutual Fund.
- Others: Nuvama AIF, Kotak AIF, PICO Capital, and NAVI Finserv.
The proceeds from the fresh issue will primarily be utilized for providing loans to project special purpose vehicles (SPVs) to repay external borrowings and unsecured loans.
Sponsor and Portfolio
The sponsor, Gawar Construction, has established itself in road and highway projects across 19 states in India. It has completed over 100 road construction projects since 2008. Gawar Construction’s portfolio includes 26 hybrid annuity mode (HAM) projects with the National Highways Authority of India (NHAI). Of these, 11 are completed projects, including assets acquired from Sadbhav Infrastructure Project Ltd, and 15 are under construction.
Financial Overview
Capital Infra Trust has shown consistent growth in financial performance:
- FY23 Income: ₹1,981 crore
- FY24 Income: ₹2,518 crore
- H1 FY25 Income: ₹792.27 crore with a net profit of ₹115.43 crore.
About Capital Infra Trust
Established in September 2023 and registered with SEBI in March 2024, Capital Infra Trust aims to manage and invest in infrastructure assets across India. With this IPO, the trust looks forward to expanding its presence in the infrastructure sector.
Book Running Lead Managers
SBI Capital Markets Ltd and HDFC Bank Ltd acted as the book-running lead managers, while Kfin Technologies Ltd served as the registrar for the IPO.
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