MUMBAI (Reuters) - An initial public offering of shares in India’s IRB InvIT Fund to raise 50.33 billion rupees ($782 million) was subscribed 8.6 times on the closing day of the sale on Friday, in what was the country’s first infrastructure investment fund IPO.
Investors bid for 2.15 billion shares, compared with 251 million shares on offer, according to stock exchange data as of 12:30 GMT.
Infrastructure investment trusts and real estate investment trusts are entities that invest in rent-yielding assets and distribute most of their income to shareholders as dividends.
IRB InvIT will own, operate and maintain a portfolio of six toll-road assets in the states of Maharashtra, Gujarat, Rajasthan, Karnataka and Tamil Nadu. The proceeds from the IPO will be used to pay down some debt.
ICICI Securities, IDFC Bank, Credit Suisse and IIFL are the banks managing the IPO.
($1 = 64.3700 Indian rupees)
Reporting by Promit Mukherjee; Editing by Subhranshu Sahu