Bharat Highways InvIT IPO Allotment Status

About the Bharat Highways InVIT IPO

The IPO of Bharat Highways Infrastructure Investment Trust InvIT was open from February 28th, 2024 to March 01st, 2024; both days inclusive. The Bharat Highways InvIT IPO has a book building price band in the range of ₹98 to ₹100 per share. The IPO of Bharat Highways Infrastructure Investment Trust InvIT will be entirely a fresh issue of shares. The fresh issue tends to bring in fresh funds into the company, but is also EPS and equity dilutive. On the other hand, OFS is just a transfer of ownership. The fresh issue portion of the IPO of Bharat Highways Infrastructure Investment Trust INVIT comprises the issue of 25,00,00,000 shares (2,500 lakh shares approximately), which at the upper price band of ₹100 per share will translate into a fresh issue size of ₹2,500 crore.

This also doubles up as the overall size of the IPO, since there is no offer for sale component in the IPO. Thus, overall IPO of Bharat Highways Infrastructure Investment Trust InvIT will comprise of the issue of 25,00,00,000 shares (2,500 lakh shares approximately) which at the upper end of the price band of ₹100 per share aggregates to total issue size of ₹2,500 crore. The IPO of Bharat Highways Infrastructure Investment Trust InvIT will be listed on the NSE and the BSE on the IPO mainboard. The fresh funds will be used to provide loans for Project SPVs for repayment and pre-payment of their outstanding loans, including accrued interest. Part of the fund will also be used for general corporate purposes. The IPO will be lead managed by ICICI Securities Ltd, Axis Bank Ltd, HDFC Bank Ltd and IIFL Securities Ltd; while KFIN Technologies Ltd will be the registrar to the IPO.

Subscription update for Bharat Highways InvIT IPO

The IPO of Bharat Highways Infrastructure Investment Trust InvIT was overall subscribed 3.12 times, with the maximum subscription coming from the HNI / NII portion, which got subscribed 4.07 times. The QIB portion followed with subscription of 2.32 times. There was no Retail quota in the IPO of Bharat Highways Infrastructure Investment Trust InvIT. Most of the QIB subscriptions came in on last day of IPO as did the HNI / NII subscription, which is the norm.

However, the subscriptions were modest at best for QIBs and even HNIs / NIIs. The IPO was open for a period of 3 working days from February 28th, 2024 to March 01st, 2024. The subscription updated as of the close of the third and final day of the IPO was relatively tepid, with the HNI portion and the QIB portion picking up some heft only on the last day of the IPO. The basis of allotment will be finalized on 04th March 2024.

Checking the allotment status on BSE website

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. You can still access the allotment status on the website of BSE India as under. Visit the BSE link for the IPO allotment by clicking on the link below. 

https://www.bseindia.com/investors/appli_check.aspx 

Once you reach the page, here are the steps to follow.
    • Under Issue Type – Select Equity Option
    • Under Issue Name – Select Bharat Highways Infrastructure Investment Trust InvIT  from the drop down box
    • Enter the Application Number exactly as in the acknowledgement slip
    • Enter the PAN (10-digit alphanumeric) number
    • Once this is done, you need to click on the Captcha to verify that you are not a robot
    • Finally click on the Search Button

In the past, while checking the allotment status on the BSE website, it was necessary to input the PAN number and the application Number. However, now BSE has modified the requirements and it is sufficient if you enter any one of these parameters.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Bharat Highways Infrastructure Investment Trust InvIT allotted into your demat account. It is always advisable to save a screenshot of the allotment status output for subsequently verifying with the demat account credits on or after 05th March 2024. The stock of Bharat Highways Infrastructure Investment Trust InvIT will appear in the demat account (if allotted) under ISIN Number (INE0NHL23019).

Checking the allotment status on KFIN Technologies Ltd (Registrar to IPO)

Visit the website of KFIN Technologies Ltd, which has been appointed as the registrar for the issue. You can access their website for IPO status by clicking on the link below:

https://ris.kfintech.com/ipostatus/

There are three things to remember. Firstly, you can just click on the hyper link given above and directly go to the allotment checking page. The second option, in case you are not able to click on the link, is to copy the link and paste in your web browser. Thirdly, there is also a way to access this page via the home page of KFIN Technologies Ltd but that pathway is slightly more complex as the website is designed more as a B2B website, so you can avoid that.

Here you are given the choice to select 5 servers viz. Link 1, Link 2, Link 3, Link 4, and Link 5. There is nothing to be confused, as these are just server backups in case one of the servers is experiencing too much traffic. You can select any of these 5 servers and in case you are finding problems accessing one of the servers, then try the other one. There is no difference, which server you select.

A small thing to remember here. Unlike on the BSE website, where the names of all IPOs are there on the drop-down menu, the registrar will only provide of the IPOs managed by them and where the allotment status is already finalized.

Also, for simplicity, you can either choose to see all IPOs or just recent IPOs. Choose the latter, as that reduces the length of the list of IPOs you need to search through. Once you click on Recent IPOs, the dropdown will only show the recent active IPOs, so once the allotment status is finalized, you can select Bharat Highways Infrastructure Investment Trust InvIT from the drop-down box. In this case, the name of Bharat Highways Infrastructure Investment Trust InvIT will be available on the dropdown from 04th March 2024, when the basis of allotment is finalized.   

• There are 3 options. You can either query the allotment status based on PAN, Application Number or Demat Account (DPID-Client ID combination).

• To Query by PAN, check the appropriate box and follow these steps.
        ◦ Enter the 10-digit PAN number
        ◦ Enter the 6-digit Captcha Code
        ◦ Click on Submit button
        ◦ Allotment status gets displayed on screen

• To Query by Application Number, check the appropriate box and follow these steps.
        ◦ Enter the Application Number as it is
        ◦ Enter the 6-digit Captcha Code
        ◦ Click on Submit button
        ◦ Allotment Status gets displayed on screen

In the past, the first step was to select Application Type (ASBA or Non-ASBA) before inputting your application number. Now, that step has been done away with.

    • To Query by Demat Account, check the appropriate box and follow these steps.
        ◦ Select the depository (NSDL / CDSL)
        ◦ Enter the DP-ID (Alphanumeric for NSDL and Numeric for CDSL)
        ◦ Enter the Client-ID
        ◦ In the case of NSDL, the Demat account is 2 strings
        ◦ In the case of CDSL, the Demat account is just 1 string
        ◦ Enter the 6-digit Captcha Code
        ◦ Click on Submit button
        ◦ Allotment Status gets displayed on screen

It is always advisable to retain a saved screenshot of the allotment status output for future reference. The same can be tallied with the demat account credit subsequently after the demat allocation is completed by the end of 05th March 2024. The demat credit to the extent of shares allotted in the IPO would be visible in your demat account mandate provided in the IPO application. Nowadays, the refunds are issued and the demat allocation is also down on the same day, so there is not time lag and you can check both the data points from demat account and bank account on the same day.

Allocation quota for Bharat Highways InvIT  

The table below captures the quota allocated to various categories, in terms of the number of shares and also the percentage of the total share capital raised. For investors it is the quota for the retail and the HNI that really matters. There is no retail quota here.

Source: NSE

We now turn to how the various categories of investors in the IPO of Bharat Highways Infrastructure Investment Trust InvIT put in their bids. The ratio of subscription also makes a big difference to the allotment chances.
Subscription levels for Bharat Highways Infrastructure Investment Trust InvIT  

The table below captures the extent of oversubscription for each of the categories as well as the overall subscription for Bharat Highways Infrastructure Investment Trust InvIT.

Data Source: NSE
The response to the IPO of Bharat Highways Infrastructure Investment Trust InvIT  was modest across the QIB investors and the HNI / NII investors. The HNI portion has been subscribed 4.07 times which is relatively low by anecdotal standards. However, it is best to wait for the basis of allotment to be finalized by the end of 04th March 2024. 

Key dates for Bharat Highways Infrastructure Investment Trust InvIT IPO

The issue opened for subscription on 28th February 2024 and closed for subscription on 01st March 2024 (both days inclusive). The basis of allotment will be finalized on 04th March 2024 and the refunds will be initiated on 05th March 2024.

In addition, the demat credits are expected to also happen on 05th March 2024 and the stock will list on 06th March 2024 on the NSE and the BSE. Bharat Highways Infrastructure Investment Trust InvITwill test the appetite for such hospitality stocks in India. The credits to the demat account to the extent of shares allotted will happen by the close of 05th March 2024 under ISIN (INE0NHL23019).