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Shares of Capital Infra Trust made a flat listing at Dalal Street on Friday as the stock was listed at par at ₹99, at the issue price on NSE. The public issue of Capital Infra Trust (formerly Infrastructure Trust) is the first InvIT IPO of 2025.
The issue was open for public bidding from January 7 to January 9. The company raised about ₹1,578 crore by offering its units in the public offer.
The company had a fixed price band of ₹99-100 per unit for its IPO, which comprised a fresh issue of units aggregating up to ₹1,077 crore and an offer for sale (OFS) of units valued up to ₹501 crore by the sponsor selling unitholder.
Ahead of the issue launch, the company raised ₹703 crore from 27 institutional investors through its anchor book.
Domestic institutions who participated in the anchor book includes i) Insurance companies & Pension Funds such as SBI Life insurance, SBI Pension Fund, HDFC Life & Axis Max Life Insurance ii) Mutual Funds such as HDFC Mutual Fund, ICICI Prudential, Quant Mutual Fund, Axis Mutual Fund, Kotak Mutual Fund and BoB Mutual Fund iii) Other Institutions such as Nuvama AIF, Kotak AIF, PICO Capital & NAVI Finserv.
The net proceeds from the fresh issue will be used by the company towards providing loans to the project special purpose vehicles (SPVs) for repayment/pre-payment of external borrowings, in part or in full, from the financial lenders and loans to the project SPVs for repayment of unsecured loans availed by the project SPVs from the sponsor.
The sponsor, Gawar Construction, is primarily engaged in the construction of road and highway projects across 19 states in India for various government and semi-government bodies and statutory authorities, including NHAI, Ministry of Road Transport & Highway, Mumbai Metropolitan Regional Development Authority (MMRDA) and Central Public Works Department (CPWD).
Since 2008, the company has undertaken more than 100 road construction projects.
The company’s sponsor has a portfolio of 26 road projects on a hybrid annuity mode (HAM) with NHAI, of which 11 are completed projects, including the five acquired assets, which were erstwhile owned by Sadbhav Infrastructure Project Ltd, and 15 under-construction projects.
Capital Infra Trust was established in September 2023 and registered with SEBI in March 2024 with the objective to acquire, manage and invest in a portfolio of infrastructure assets in the country.
On the financial performance front, for the last three fiscals, the company has (on a special purpose combined basis) posted a total income of ₹1,981 crore, ₹2,518 crore and ₹1,543.51 crore, respectively. For the first half of FY25, it earned a net profit of ₹115.43 crore on a total income of ₹792.27 crore.
SBI Capital Markets Ltd, Hdfc Bank Ltd were the book running lead managers of the Capital Infra Trust Invit, while Kfin Technologies Ltd was the registrar.
