Capital Infra InvIT IPO – Review
Capital Infra InvIT – an Infrastructure Investment Trust (sponsored by Gawar Construction Limited) is planning to raise INR 1578 Crore via IPO [Fresh Issue 1077 Crore + OFS 501 Crore]
Capital infra invit ipo price is INR 99 – 100 per share
Capital Infra InvIT: History
Capital Infra Trust (formerly known as National Infrastructure Trust) was established in 2023 to carry out activities and make investments in line with the SEBI (Securities and Exchange Board of India) InvIT Regulations.
Capital Infra InvIT: Business
The company’s sponsor (Gawar Construction Limited) is an infrastructure development and construction company (with more than 15 years of experience) in India.
The Company 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 –
- National Highways Authority of India (NHAI),
- Ministry of Road Transport & Highways (MoRTH),
- Mumbai Metropolitan Regional Development Authority (MMRDA), and
- Central Public Works Department (CPWD)
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The Company primarily intend to acquire, manage, and invest in the 9 completed and revenue generating IPA (Initial Portfolio Assets) (aggregating to approximately 682.425 kms), operated and maintained pursuant to concessions granted by the NHAI and are owned and operated by the Project SPVs.
These roads are located in the states of Bihar, Haryana, Himachal Pradesh, Madhya Pradesh, Rajasthan, Uttarakhand, and Karnataka.
Capital Infra InvIT: Portfolio
As of September 2024, the sponsor company’s (Gawar Construction Ltd) portfolio includes 26 road projects (out of which 11 are completed projects and 15 are under construction) under the HAM (Hybrid Annuity Model) with the National Highways Authority of India.
Competitive Strengths
- Sizeable portfolio of steady revenue-generating assets that offer stability without the risk associated with construction, ensuring long-term cash flows
- Diverse geographical road asset portfolio and income stream
- Attractive industry sector with strong fundamental elements and supportive government policies
- Opportunities for growth and the potential to expand assets through acquisitions from the Sponsor’s portfolio and external projects
- Strong support from our Sponsor company, Investment Manager, and the Project Manager
- Consistent track record of the Project Manager in operating and maintaining projects in the infrastructure sector in India
- Adapt and experienced management team dedicated to corporate governance
- Hedge against adverse interest rate movements
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Company Sponsor
Gawar Construction Limited
IPO Details
Capital infra invit ipo date = 7 Jan to 9 Jan 2025
Minimum Amount = INR 15,000
Face Value (FV) = INR 10
Minimum Bid = 150 Shares
Listing On = NSE, BSE
Book Running Lead Managers
SBI Capital Markets Limited
Hdfc Bank Limited
FINANCIALS
CONCLUSION
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