Bharat Highways InvIT IPO

Bharat Highways Infrastructure Investment Trust InvIT

₹14,700 /150 sharesMinimum Investment

Bharat Highways InvIT IPO Listing Details

Listed OnIssue PriceListing PriceListing Gains
BSE & NSE₹100.00₹101.00₹1.00 (1.00%)

Bharat Highways InvIT IPO Details

Bidding DatesMin. InvestmentLot SizePrice Range
28 Feb ‘24 - 1 Mar ‘24₹14,700150₹98 - ₹100
Issue SizeIPO Doc
2500.00Cr
RHP PDF

About Bharat Highways InvIT

Bharat Highways Infrastructure Investment is established as an infrastructure investment trust. It focuses on acquiring, managing, and investing in a portfolio of infrastructure assets in India. Operating under SEBI InvIT Regulations, the company's portfolio includes seven roads, all operated on a HAM (Hybrid Annuity Model) basis in various Indian states. These roads, granted concession rights by NHAI, are owned by Project SPVs, wholly owned by GRIL. All of the InvIT Assets are HAM projects awarded by NHAI and the InvITs revenue stream is primarily through annuity payments from the NHAI. The Trust has received provisional ratings from CRISIL, CARE Ratings Limited, and India Ratings and Research.;
Parent Organisation
Bharat Highways Infrastructure Investment Trust InvIT
Founded
2022
Managing Director
Mr. Pradeep Kumar Malhotra
https://www.youtube.com/watch?v=ROSti69eqcc

Strengths & Risks

  • The trust has stated that it has stable revenue-generating assets without construction risk. The initial portfolio comprises seven InvIT Assets, collectively spanning approximately 497.292 km, located on national networks across five states in India.
  • The InvIT Assets consist of seven operational HAM assets located across five states of India. The Concession Agreements of the Project SPVs are expected to expire at different times.
  • The trust’s associate NMHPL is a road engineering and construction company has over six years of experience in executing various road projects, particularly in Rajasthan. NMHPL has been involved in the development and augmentation of road projects in Rajasthan through two-laning/intermediate laning on an annuity basis.
  • The trust’s Sponsor has experience in assessing road project conditions to determine appropriate maintenance activities. The Sponsor will also serve as the Project Manager for the InvIT.
  • The InvIT was set up as an infrastructure investment trust on August 3, 2022. Since it is a newly settled trust and does not have an established operating history, it could be difficult to accurately assess its future growth prospects.
  • All of the InvIT’s revenues from assets are dependent on receiving consistent annuity income from NHAI. All assets are operated on hybrid annuity basis. A fixed amount is paid semi-annually as annuity by NHAI. Any reduction or non-receipt of annuity income from NHAI may adversely affect the InvIT’s distributions.
  • If any of its InvIT Assets are terminated prematurely, it may not receive payments due and this could result in a material adverse effect on its financial condition.
  • If the InvIT fails to maintain the roads constructed by it as per the relevant contractual requirements, it may be subject to penalties or even termination of contracts, which may have a material adverse effect on its reputation, business, financial condition, results of operations and cash flows.
  • Some of the Project SPVs and Associates of the Investment Manager along with the Trustee are involved in certain legal and other proceedings. There is no assurance that these legal proceedings and regulatory matters will be decided in favour of the respective entities.
  • The InvIT’s ability to maintain consistency in distributions to unitholders is dependent on the financial performance of the Project SPVs and their profitability.
  • The Project SPVs’ concessions are illiquid in nature. Therefore, it could be difficult for the InvIT to realize, sell or dispose of its non-performing assets.

Financials

*All values are in Rs. Cr
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Application details

Apply asPrice bandApply upto
Regular98 - 100₹2 Lakh
High Networth Individual98 - 100₹2 - 5 Lakh
For Bharat Highways InvIT IPO, eligible investors can apply as Regular.
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