Road infrastructure major IRB Infrastructure Developers is all set to raise Rs 5,035 crore through an initial public offering (IPO) of its infrastructure investment trust IRB InvIT Fund. This will be the first Indian InvIT to be listed on the exchanges. The issue will open on May 3 and close on May 5. It will have a price band of Rs 100 to Rs 102 per unit.
The bid can be made for a minimum of 10,000 units and in multiples of 5,000 units thereafter. The IPO will consist of a fresh issue aggregating up to Rs 4,300 crore and an offer for sale of up to 34,761,770 units, by the unit holders.
An InvIT is a trust that owns and manages income-generating infrastructure projects. It allows public investors to directly invest in such projects and returns a portion of the income to the investors.