IPO of POWERGRID Infrastructure Investment Trust

J. Sagar Associates (JSA) advised ICICI Securities, Axis Capital Limited, Edelweiss Financial Services Limited and HSBC Securities and Capital Markets (India) Private Limited in relation to the recently concluded initial public offering (IPO) of POWERGRID Infrastructure Investment Trust (PG InvIT).

The Final Offer Document was filed on May 6, 2021, comprising of a public issue of approximately 773.50 million units at a price of ₹ 100 per unit, aggregating to approximately ₹ 77,350 million, comprising a fresh issue of 499.35 million units aggregating to approximately ₹ 49,935 million and an offer for sale of 274.15 million units aggregating to approximately ₹ 27,415 million by Power Grid Corporation of India Limited (the Sponsor of PG InvIT).

As per news reports, the PG InvIT IPO received over 42,000 applications and an overall subscription of 4.7x (excluding anchor subscription). The units of the PG InvIT were listed on the National Stock Exchange of India Limited and the BSE Limited on May 14, 2021.

JSA has advised in 2 of the 3 InvIT IPOs in India. This is the 1st InvIT IPO by a PSU and the largest InvIT IPO in India. It is one of the seven IPOs concluded by JSA, amidst the ongoing COVID-19 pandemic.

Lead Partner – Arka Mookerjee, Partner – Siddhartha Desai and Associates – Ananth Balaji, Sourav Modi and Aniran Ghoshal.

Lead Partner – Vishnu Sudarshan, Partners – Ashish Suman and Kartikeya G.S advised on certain Power sector related aspects.