Capital Infra Trust IPO: The public issue of infrastructure investment trust ‘Capital Infra Trust’ is opening today on 7th January. A day earlier, the company raised Rs 703 crore from 27 institutional investors through anchor book. HDFC Life Insurance, Quant Mutual Fund, SBI Life Insurance, NPS Trust, HDFC Mutual Fund, Axis Mutual Fund, Nuvama Multi Asset Strategy Return Fund, Kotak Mahindra Trustee, ICICI Prudential MF, Max Life Insurance, Baroda PNB Paribas MF, Pico Capital and Navi Finserv Infrastructure Investment Trust participated in the anchor book.
In its filing sent to the exchanges, the company said it has finalized the allocation of 7.1 crore units to anchor investors at Rs 99 per unit. The IPO will close on January 9. Capital Infra Trust was earlier known as National Infrastructure Trust. Its aim is to raise Rs 1,578 crore through IPO.
Price band and listing date
There will be new units worth up to Rs 1,077 crore in the IPO. Also, units worth Rs 501 crore will be offered for sale. Bidding can be done in the IPO in the price band of Rs 99-100 per unit and in lots of 150. The allotment of units will be final on January 14 after the IPO closes. Trading in units will start on BSE, NSE from January 17.
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The trust was started in September 2023
Capital Infra Trust was founded by Gawar Construction in September 2023 as an infrastructure investment trust. Its main objective is to acquire, manage and invest in nine completed and revenue generating initial portfolio assets. These are owned and operated by project SPVs in seven states of India.
In addition to the Initial Portfolio Assets, the Trust will also have the right to acquire new projects through the Investment Manager Gawar Investment Manager, through a Right of First Offer with its Sponsor in accordance with the Right of First Offer Agreement.
How will the IPO money be used?
Capital Infra Trust will use the funds raised from issuing new units in its IPO to repay the loans taken from financial lenders and sponsors. Axis Trustee Services has been appointed as the sole trustee of the Trust. The book running lead managers handling the IPO of Capital Infra Trust are SBI Capital Markets and HDFC Bank.
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Capital Infra Trust’s revenue from operations of initial portfolio assets in FY 2024 stood at Rs 1,485 crore. This is much less than the revenue of Rs 2,033 crore in the previous financial year. Profit dropped significantly to Rs 125.8 crore in FY 2024, which was Rs 497.2 crore in FY 2023. Profit for the six-month period ending September 2024 was Rs 115.4 crore and revenue was Rs 705.4 crore.
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