National Infrastructure Trust Files Draft for Rs 1,600 Crore IPO with SEBI

National Infrastructure Trust is planning a Rs 1,600 crore IPO, filed with SEBI. The funds will support SPVs and general purposes. Gawar Construction Limited sponsors the issue. The trust focuses on infrastructure investments, including 683.875 km of roads across various states.

National Infrastructure Trust has submitted its Draft Offer Document to the Securities and Exchange Board of India (SEBI) on August 26, aiming to raise Rs 1,600 crore via a public issue of units. The Initial Public Offering (IPO) will comprise a fresh issue worth Rs 1,200 crore and an offer for sale by the sponsor, totaling Rs 400 crore.

The units will be issued through a book-building process, with 75% of the units designated for institutional investors and the remaining 25% for non-institutional investors. Proceeds will be utilized to provide loans to Project Special Purpose Vehicles (SPVs) for loan repayments and other general purposes. These units will be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Gawar Construction Limited, the sponsor, will acquire 15% of the post-issue unit capital to fulfill sponsor lock-in requirements. Axis Trustee Services Limited will act as the Trustee, while Gawar Investment Manager Private Limited will serve as the Investment Manager for the issue.

Established on September 25, 2023, National Infrastructure Trust aims to acquire, manage, and invest in infrastructure assets as per SEBI InvIT Regulations. Its initial portfolio includes nine completed and revenue-generating infrastructure assets, comprising 683.875 kilometers of roads managed under National Highways Authority of India (NHAI) concessions, located across multiple states like Haryana, Rajasthan, Bihar, Uttarakhand, Himachal Pradesh, Madhya Pradesh, and Karnataka.

Gawar Construction Limited, with over 15 years of experience in infrastructure development, has a robust portfolio of road construction projects. To date, the firm has executed more than 100 projects across 19 states. Revenues for the related SPV were Rs 1,485 crore in Fiscal 2024, Rs 2,033 crore in Fiscal 2023, and Rs 1,908 crore in Fiscal 2022. Future cash flows are projected to be Rs 582 crore for FY25, Rs 662 crore for FY26, and Rs 585 crore for FY27. SBI Capital Markets Limited and HDFC Bank Limited are the lead managers for the issue, and KFin Technologies Ltd will serve as registrar.

(With inputs from agencies.)