Citius Transnet InvIT IPO Sees 67% Booking on Day 1: Key Details Emerge

Citius Transnet InvIT IPO Sees Decent Demand on Day 1

The initial public offering (IPO) of Citius Transnet InvIT opened for bidding on Friday, 17 April, and will close on Tuesday, 21 April. The book-built issue is entirely a fresh share sale of 11.05 crore shares worth ₹1,105 crore.

As of 4 pm, Citius Transnet InvIT IPO has garnered bids for 4,10,02,050 shares as against 6,13,88,850 shares on offer, resulting in a total subscription of 67%. The offer reserved for institutional investors was booked 30% so far, and the quota for other investors, which included corporates and individuals, was subscribed 1.11 times.

Citius Transnet InvIT Raises ₹497.25 Crore from Anchor Investors

Ahead of the offer, the company raised ₹497.25 crore from anchor investors. The InvIT garnered participation from a range of investors, including Prazim Trading and ASKWA Income Opportunities Fund, as well as pension and provident funds such as HDFC Pension, SBI Pension, ICICI Prudential Pension, DSP Pension and Larsen & Toubro Provident Fund, according to a PTI report.

IPO Details

The Citius Transnet InvIT IPO price band has been fixed at ₹99 to ₹100 per share. Since the offer is entirely a fresh issue of shares, all proceeds will be received by the company, which it plans to use for partial or full acquisition of securities of SRPL Roads Private Ltd and certain identified project special purpose vehicles, including Thrissur Expressway Ltd, Jorabat Shillong Expressway Ltd, Dhola Infra Projects Private Ltd and Dibang Infra Projects Private Ltd, as well as for general corporate purposes.

Book-Running Lead Managers

Axis Capital, Ambit and ICICI Securities are the book-running lead managers to the issue.

About Citius TransNet InvIT

Citius TransNet Investment Trust is a transport-focused infrastructure investment trust set up to acquire, manage and invest in road and other transport assets across India. According to its offer document, the Trust's portfolio spans 3,406.71 lane-kilometres, comprising seven toll assets covering over 3,043.22 lane-km and three annuity assets covering more than 363.49 lane-km, spread across nine states. The Trust is sponsored by Epic TransNet Infrastructure Pvt. Ltd., which is wholly owned by funds under Infrastructure Yield Trust— namely, Infrastructure Yield Plus II, Infrastructure Yield Plus IIA and India Infrastructure Yield Plus II. These funds are managed by EAAA India Alternatives Ltd.

Grey Market Trend

Citius TransNet IPO is witnessing a tepid trend in the grey market as its GMP is nil as of today, 17 April. At current levels, Citius TransNet IPO listing could occur at par with the offer price.