Let’s have a detailed review of the company and analytics of the Power Grid InvIT IPO release date, IPO offer price, subscription, Power Grid IPO allotment, grey market price and other details like the company’s background, its financial positions, PowerGrid Infra IPO promoters and other related things.

Face ValueRs.[●]
Price BandRs.99-100
Listing AtBSE, NSE
Min. Order Quantity1100 Eq shares
Listing Date May 17, 2021
Offer for SaleRs.2,741.51 Cr
Fresh IssueRs.4,993.48 Cr
IPO SizeRs.7,734.99 Cr
Tick SizeRs.1

Power Grid InvIT IPO is listed at a [●] premium. Check out the live share price by clicking on the below link.


Power Grid InvIT IPO – Summary

Power Grid InvIT IPO

They are an InvIT set-up to own, construct, operate, maintain and invest as an infrastructure investment trust as permissible in terms of the InvIT Regulations, including in power transmission assets in India.

They were registered with SEBI as an InvIT on January 7, 2021. Their Sponsor, Power Grid Corporation of India Limited, also acting in the capacity of their Project Manager, is a CPSE under the Ministry of Power, GoI, and is listed on BSE and NSE.

The Sponsor of the company is Power Grid Corporation of India Limited. The lead managers to the issue are ICICI Securities Limited, Axis Capital Limited, Edelweiss Financial Services Limited, HSBC Securities and Capital Markets (India) Private Limited, and the Registrar to this issue is KFin Technologies Private Limited.


Power Grid InvIT IPO Date

The opening and the closing date of IPO of Power Grid InvIT Limited is Apr 29, 2021 to May 3, 2021.


Check out Related IPO Links:

Power Grid InvIT IPO GMP
Allotment for Power Grid InvIT IPO 

Power Grid InvIT Limited IPO Subscription

Day / DateQIBNIIRIITotal Subscription
1st Day –  Apr 290.03x0.17x0.10x
2nd Day – Apr 300.38x0.83x0.61x
3rd Day – May 34.63x4.92x4.83x
Shares Offered or Net Issue232,049,400193,375,600425,425,000

The shares subscribed by the public will be updated here.


Check Power Grid InvIT IPO LIVE Subscription

For the Latest Bid details click on the above links.


Power Grid InvIT IPO Allotment Status

Here, you can find the Allotment Status of this IPO.

Allotment of Equity Shares pursuant to the Fresh Issue and transfer of the Offered Shares of the Promoter Selling Shareholders pursuant to the Offer for Sale to the successful Bidders. However, the Allotment Status is not yet disclosed.

Power Grid InvIT IPO Listing Date

Find the dates below on basis of allotment, refund, listing, and more:

Basis of Allotment FinalizationMay 10, 2021
Refunds InitiationMay 11, 2021
Credit of Shares to Demat AccountMay 11, 2021
Share Listing DateMay 17, 2021

Power Grid InvIT IPO Price Band / Cash Price

The face value of each share is Rs [●], but the price band of the IPO is Rs.99-100.


Power Grid InvIT IPO Equity Size

This Initial Public Issue of [●] Equity Shares of Rs.10 each for price band of Rs.99-100 per equity share aggregating to Rs.7,734.99 Cr


Power Grid InvIT IPO Share Offering

Fresh Issue: The Fresh Issue of [●] Equity Shares by their Company, aggregating to Rs.4,993.48 Cr

Issue Size: [●] Equity Shares of Rs.99-100 each, aggregating to Rs.7,734.99 Cr

Offer for Sale: Offer for sale consists of Up to [●] Equity Shares of the face value of Rs.99-100 each, aggregating Rs.2,741.51 Cr


Power Grid InvIT IPO – Live Performance

The listing date of this IPO is May 17, 2021. You can check the live performance of the IPO here, only after it is listed on exchanges.


Power Grid InvIT IPO Grey Market Premium

The Power Grid InvIT Limited IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X. 


Power Grid InvIT IPO – Company Overview

Their Sponsor is engaged in project planning, designing, financing, constructing, operating, and maintaining power transmission projects across India and undertakes operations in the Indian telecom infrastructure sector. As of September 30, 2020, their Sponsor also provides transmission and distribution consultancy services in India and other jurisdictions, with footprints in 21 countries (including India).

As of September 30, 2020, their Sponsor owned the Sponsor TBCB Projects. Their Sponsor, through its wholly-owned subsidiaries, is setting up, implementing and operating transmission projects at various locations in India where the right to provide transmission services is procured under the TBCB mechanism. As of September 30, 2020, eight of these ISTS SPVs had commenced commercial operations, comprising 39 transmission lines (6,398 ckm), with a total power transformation capacity of 9,630 MVA. The remaining Sponsor TBCB Projects are at different stages of development.

Power Grid InvIT – Network and Growth

Of the Sponsor TBCB Projects, they propose to acquire five projects initially with a total network of 11 power transmission lines of approximately 3,698.59 ckm and three substations having 6,630 MVA of aggregate transformation capacity, as of September 30, 2020, across five states in India (the “Initial Portfolio Assets”).

They have been given a credit rating of Provisional [ICRA] AAA (Stable), CARE AAA (Is); Stable and Provisional CCR
AAA/Stable by ICRA Limited, CARE Ratings Limited and CRISIL Ratings Limited, respectively.


Power Grid InvIT IPO – Financial Statements

A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:

Financial Summary:

Amount (in INR & Crs)
Sep 20Mar 2031-Mar 19Mar 18
*Total Assets68,727.2868,212.1670,002.6265,048.81
Total Revenue6,745.7213,340.949,841.203,455.99
Total Expense3,076.928,466.706,360.842,170.74
Profit After Tax2,089.013,788.252,480.631,141.34

Earnings per Equity Share (in Crs)

Mar 2031-Mar 19Mar 18
Basic & Diluted7.447.576.98

From FY 2017-18 to FY 2019-2020, as per the Restated Financial Statements

  • Their revenue from operations for the six months ended September 30, 2020 and the Fiscals 2020, 2019 and 2018, was Rs.6,613.93 Cr, Rs.13,242.87 Cr, Rs.9,771.56 Cr and Rs.3,435.69 Cr, respectively. Their profit for the period for the six months ended September 30, 2020 and the Fiscals 2020, 2019 and 2018, was Rs.2,089.01 Cr, Rs.3,788.25 Cr, Rs.2,480.63 Cr and Rs.1,141.34 Cr, respectively.

Power Grid InvIT Limited IPO – Promoters

The Sponsor of the company is Power Grid Corporation of India Limited

List of Related Parties (Key Managerial Personnel)

  • Purshottam Agarwal, Chief Executive Officer
  • Anjana Luthra, Company Secretary
  • Amit Garg, Chief Financial Officer

Power Grid InvIT: Competitive Strength

  • Strong lineage and support from their Sponsor and Project Manager
  • Consistent and stable cash flows from assets with long term visibility and low counterparty risks
  • Strong financial position
  • Government support and an established regulatory framework
  • Strategic and critical nature of power transmission infrastructure with low risk of emergence of alternate transmission infrastructure
  • Skilled and experienced Investment Manager with having strong corporate governance philosophy

Power Grid IPO Offer Details or Issue Details

 Particulars No. Of Equity Shares
 Equity Shares Offered Up to [●] Equity Shares aggregating up to Rs.7,734.99 Cr
of which:
Fresh issueUp to [●] Equity Shares aggregating up to Rs.4,993.48 Cr
Offer For Sale
Up to [●] Equity Shares aggregating up to Rs.2,741.51Cr
Less:
Strategic Investor PortionUp to [●] Equity Shares aggregating up to Rs.[●]
Cr
The Offer (excluding Strategic Investor Portion)Up to [●] Equity Shares aggregating up to Rs.[●]
Cr
Of which: 
Institutional Investor PortionNot more than [●] Equity Shares
Non-Institutional Investor PortionNot less than [●] Equity Shares

Power Grid InvIT IPO Issue Object

The proceeds of the Fresh Issue will be up to Rs.4,993.48 Cr. The Offer Proceeds will be utilized towards the following
objects:

  • providing loans to the Initial Portfolio Assets for repayment or pre-payment of debt, including any accrued interest,
    availed by the Initial Portfolio Assets; and
  • general purposes.

Power Grid InvIT IPO – Basis of the Offer Price

The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.

Qualitative factors are:

They believe that some of the qualitative factors which form the basis for computing the Issue Price are as follows:

  • Strong lineage and support from their Sponsor and Project Manager
  • Consistent and stable cash flows from assets with long term visibility and low counterparty risks
  • Strong financial position
  • Government support and an established regulatory framework
  • Strategic and critical nature of power transmission infrastructure with low risk of emergence of alternate transmission infrastructure
  • Skilled and experienced Investment Manager with having strong corporate governance philosophy

The relevant quantitative factors are:

Basic EPSRONW (%)NAV (Rs.)
31-Mar-20[●][●][●]
Mar-19[●][●][●]
31-Mar-18[●][●][●]

Power Grid Infra IPO: Competitive Peers

Listed PeersNAV per Unit (₹)*Premium / (Discount to NAV)%**
Power Grid InvIT Limited*[●][●]
Listed Peers
India Grid Trust109.5612%

Power Grid Infra IPO Lead Managers

Lead Managers

ICICI Securities Limited,

Axis Capital Limited,

Edelweiss Financial Services Limited,

HSBC Securities and Capital Markets (India) Private Limited

PowerGrid InvIT IPO Registrar to offer

Registrar to the Offer
KFin Technologies Private Limited
Selenium Tower B, Plot No. 31 & 32, Financial District,
Nanakramguda, Serilingampally,
Hyderabad 500 032
Tel: +91 40 6716 2222
Fax: +91 40 2343 1551
E-mail: powergrid.invit@kfintech.com
Investor grievance e-mail: einward.ris@kfintech.com
Website: www.kfintech.com
Contact Person: M Murali Krishna
SEBI Registration No. :INR000000221

Power Grid InvIT IPO – Other Details

  • Statutory Auditor – S.K. Mittal & Co.
  • Legal Counsel to the Company – Cyril Amarchand Mangaldas
  • Bankers to the Company –  [●]


Power Grid InvIT IPO Review by Top 10 Stock Brokers

Top Stock Brokers ReviewCompany ReputationCompetitive EdgeFinancial StatementPopularity IndexPromoters Reputation
Angel Broking7.5/107.4/108.5/108.1/107.1/10
Sharekhan7.2/107.1/108.6/108.1/107.2/10
Kotak Securities7.3/107.5/108.4/108.1/107.3/10
ICICI Direct7.3/107.3/108.7/108.1/107.1/10
IIFL7.5/107.2/108.8/108.0/107.1/10
Edelweiss7.5/107.4/108.4/108.3/107.2/10
Zerodha7.4/107.1/108.5/108.1/107.0/10
5Paisa7.1/107.1/108.4/108.1/107.1/10
Karvy7.4/107.3/108.2/108.1/107.1/10
Motilal Oswal7.1/107.1/108.6/108.3/107.2/10

 


Power Grid  IPO News

News 1 – Power Grid InvIT Limited IPO DOD Download

News 2 – Power Grid InvIT Limited IPO RHP Download


PowerGrid InvIT IPO Review FAQs

Ques – What is the Issue Size of PowerGrid InvIT IPO?

Answer – The Company is making an initial public offer of X Eq Shares. We vividly portray the aspects of the issue in this article. You can check the stats on the fresh issue, Offer for sale, and net issue.

Ques – What is the Price Band of PowerGrid InvIT IPO?

Answer – The price band for this particular IPO ranges between Rs 99 to 100 per equity share. As far as the face value of the share is of concern, it is Rs.10 per share.

Ques – What is the PowerGrid InvIT IPO Open Date?

Answer – The opening and closing dates for the IPO have been updated. The IPO is set to open on Apr 29, 2021, while the closing date is set at May 3, 2021.

Ques – What is the Allotment Date of PowerGrid InvIT IPO?

Answer – We also have the news regarding the respective allotment dates. The basis of Allotment finalization is on May 10, 2021, refund initiation is on May 11, 2021, credit of shares is on May 11, 2021, and share listing date is on May 17, 2021.

Ques – What is the PowerGrid InvIT IPO Listing Date?

Answer – Shares of this company shall be listed in the exchanges on May 17, 2021. The date when the listing would be done is stagnant on May 17, 2021.

Ques – Who is the Registrar of this IPO?

Answer – One of the reputed registrars is managing the issue of this IPO, i.e. KFintech Private Limited. Their website will help you regarding the further information you are on the lookout for.

Ques – Who is the Promoter of this Company?

Answer – Here are the promoters of this company – The Sponsor of the company is Power Grid Corporation of India Limited. You can refer to the RHP for further information on the promoter. You will find the link to RHP in the article.

Ques – What is GMP of PowerGrid InvIT IPO?

Answer – We have obtained the GMP of this IPO and it is Rs NA. Further insights of Kostak rate and subject to sauda or SS are as well included in this report.

Ques – Is PowerGrid InvIT IPO good for Investment?

Answer – We have further provided the financial status of the company in this article, from the past few years. You can refer to the same, and also check the line of operations they are into and then decide to invest in the IPO.

Ques – What is the PAT of this Company?

Answer – We have the information of company financials, and according to that, we have the figures from the last few years to provide. Their revenue from operations for the six months ended September 30, 2020 and the Fiscals 2020, 2019 and 2018, was Rs.6,613.93 Cr, Rs.13,242.87 Cr, Rs.9,771.56 Cr and Rs.3,435.69 Cr, respectively. Their profit for the period for the six months ended September 30, 2020 and the Fiscals 2020, 2019 and 2018, was Rs.2,089.01 Cr, Rs.3,788.25 Cr, Rs.2,480.63 Cr and Rs.1,141.34 Cr, respectively.


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