Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

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<b>Established Portfolio with Stable, Long-Term Cash Flows:</b> <a href="https://smartkarma.com/entities/irb-invit-fund">IRB InvIT Fund</a> owns a portfolio of operational toll road assets with long concession periods granted by the National Highways Authority of India (NHAI), providing predictable, long-term revenue streams essential for stable distributions to unitholders.</li>
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<b>Strong Growth Trajectory via Strategic Acquisitions:</b> The Trust is actively expanding its asset base through strategic acquisitions from its sponsor, IRB Infrastructure Developers Ltd. A recent major acquisition of three high-revenue BOT assets is set to double the enterprise value to over ₹16,000 crore and extend the weighted average life of the portfolio to 17 years.</li>
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<b>Attractive Dividend Yield and Valuation:</b> As an Infrastructure Investment Trust (InvIT), it is mandated to distribute 90% of its net distributable cash flow, resulting in a consistently high dividend yield. The units trade at an attractive price-to-book ratio, suggesting a favorable valuation relative to its underlying asset value.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Established Portfolio with Stable, Long-Term Cash Flows: IRB InvIT Fund owns a portfolio of operational toll road assets with long concession periods granted by the National Highways Authority of India (NHAI), providing predictable, long-term revenue streams essential for stable distributions to unitholders.
  
Strong Growth Trajectory via Strategic Acquisitions: The Trust is actively expanding its asset base through strategic acquisitions from its sponsor, IRB Infrastructure Developers Ltd. A recent major acquisition of three high-revenue BOT assets is set to double the enterprise value to over ₹16,000 crore and extend the weighted average life of the portfolio to 17 years.
  
Attractive Dividend Yield and Valuation: As an Infrastructure Investment Trust (InvIT), it is mandated to distribute 90% of its net distributable cash flow, resulting in a consistently high dividend yield. The units trade at an attractive price-to-book ratio, suggesting a favorable valuation relative to its underlying asset value.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: IRB InvIT Fund (IRBINVIT IN) - Nov 2025

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Bharat Highways InVIT / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/bharat-highways-invit" target="_blank" data-smartkarma-citation="entities:36714:1" rel="noopener">Bharat Highways InVIT (BHINV IN)</a> is looking to raise up to US$301m in its Indian IPO.</li>
<li>Bharat Highways InVIT is an infrastructure investment trust established to acquire, manage and invest in a portfolio of infrastructure assets in India.</li>
<li>In this note, we talk about the company’s historical performance and provide our quick thoughts on valuation.</li>
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Bharat Highways InVIT (BHINV IN) is looking to raise up to US$301m in its Indian IPO.
Bharat Highways InVIT is an infrastructure investment trust established to acquire, manage and invest in a portfolio of infrastructure assets in India.
In this note, we talk about the company’s historical performance and provide our quick thoughts on valuation.


Bharat Highways InvIT IPO - Hardly Attractive Given the Lackluster Sentiment

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

PowerGrid Infrastructure Inves / Equity Capital Markets

<div><p>POWERGRID Infrastructure Investment Trust (PGIT) raised around US$1bn in its India IPO. PGIT is an investment trust setup to own transmission assets of its sponsor Power Grid Corporation of India Limited (PGCIL). PGCIL is a central public sector enterprise which has been listed since 2007. </p></div><div>We have looked at various aspects of the deal in our previous notes: <a href="https://www.smartkarma.com/insights/powergrid-invit-pre-ipo-always-going-to-be-tricky-with-a-declining-yield" target="_blank" rel="noopener">POWERGRID InvIT Pre-IPO - Always going to be tricky with a declining yield</a> and <a href="https://www.smartkarma.com/insights/powergrid-invit-ipo-assets-are-fine-declining-yield-is-not" target="_blank" rel="noopener">POWERGRID InvIT IPO - Assets Are Fine, Declining Yield Is Not.</a>
</div><div></div><div><p>In this note we will talk about the trading dynamics.</p></div>

POWERGRID Infrastructure Investment Trust (PGIT) raised around US$1bn in its India IPO. PGIT is an investment trust setup to own transmission assets of its sponsor Power Grid Corporation of India Limited (PGCIL). PGCIL is a central public sector enterprise which has been listed since 2007. We have looked at various aspects of the deal in our previous notes: POWERGRID InvIT Pre-IPO - Always going to be tricky with a declining yield and POWERGRID InvIT IPO - Assets Are Fine, Declining Yield Is Not.
In this note we will talk about the trading dynamics.

POWERGRID InvIT IPO Trading - Not a Bad Subscription Result

<p>POWERGRID Infrastructure Investment Trust (PGIT) aims to raise around US$1bn in its India IPO. PGIT is an investment trust setup to own transmission assets of its sponsor Power Grid Corporation of India Limited (PGCIL). PGCIL is a central public sector enterprise which has been listed since 2007. </p><p>PGIT will initially own five assets with a total network of 11 power transmission lines of approximately 3,698.59 ckm and three substations having 6,630 Megavolt amperes (MVA) of aggregate transformation capacity, as of Sep 2020, across five states in India. The total valuation of the assets was INR105bn (US$1.4bn) as of Sep 2020. </p><p>These assets were awarded to PGCIL on a  build-own-operate-maintain (BOOM) basis. Therefore, the assets are operated under a long 35 years service agreement with largely pre-fixed revenue based on availability. In that sense, they will provide stable returns. However, its revenue terms are structured in such a way that its yield will continue to decline, while its sponsor’s government ownership will mean that it's unlikely to diversify away from transmission assets with declining yield.</p><p>Our previous coverage of the IPO:</p><ul><li dir="ltr" aria-level="1"><p><a href="https://www.smartkarma.com/insights/powergrid-invit-pre-ipo-always-going-to-be-tricky-with-a-declining-yield" target="_blank" rel="noopener">POWERGRID InvIT Pre-IPO - Always going to be tricky with a declining yield</a></p></li></ul>

POWERGRID Infrastructure Investment Trust (PGIT) aims to raise around US$1bn in its India IPO. PGIT is an investment trust setup to own transmission assets of its sponsor Power Grid Corporation of India Limited (PGCIL). PGCIL is a central public sector enterprise which has been listed since 2007. PGIT will initially own five assets with a total network of 11 power transmission lines of approximately 3,698.59 ckm and three substations having 6,630 Megavolt amperes (MVA) of aggregate transformation capacity, as of Sep 2020, across five states in India. The total valuation of the assets was INR105bn (US$1.4bn) as of Sep 2020. These assets were awarded to PGCIL on a  build-own-operate-maintain (BOOM) basis. Therefore, the assets are operated under a long 35 years service agreement with largely pre-fixed revenue based on availability. In that sense, they will provide stable returns. However, its revenue terms are structured in such a way that its yield will continue to decline, while its sponsor’s government ownership will mean that it's unlikely to diversify away from transmission assets with declining yield.Our previous coverage of the IPO:POWERGRID InvIT Pre-IPO - Always going to be tricky with a declining yield

POWERGRID InvIT IPO - Assets Are Fine, Declining Yield Is Not

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<p><a href="https://www.smartkarma.com/entities/powergrid-infrastructure-investment-trust" target="_blank" data-smartkarma-citation="entities:33025:1" rel="noopener">Powergrid Infrastructure Investment Trust (1883964D IN)</a>/PGInvIT is an infrastructure investment trust which will acquire a 74.0% stake in five assets which are Powergrid Vizag Transmission Limited (PVTL), Powergrid Kala Amb Transmission Limited (PKATL), Powergrid Parli Transmission Limited (PPTL), Powergrid Warora Transmission Limited (PWTL) and Powergrid Jabalpur Transmission Limited (PJTL) from <a href="https://www.smartkarma.com/entities/power-grid-corporation-of-india-limited" target="_blank" data-smartkarma-citation="entities:12621:1" rel="noopener">Power Grid Corporation Of India (PWGR IN)</a>, the sponsor.</p><p>PGInvIT is seeking to raise up to Rs77.3 billion ($1 billion). The offer has a primary/secondary split of 65%/35%. The book-building will run from 29 April to 3 May, with anchor investor allocation to be announced on 28 April. </p><div class="content-highlight"><p>Infrastructure Investment Trusts (InvITs) essentially aim to create a pool of assets that throw up a stable stream of cash flows for investors. There are relatively rare and PGInvIT will only be the third-listed InvIT after <a href="https://www.smartkarma.com/entities/india-grid-trust" target="_blank" data-smartkarma-citation="entities:23732:1" rel="noopener">India Grid Trust (INDIGRID IN)</a> and <a href="https://www.smartkarma.com/entities/irb-invit-fund" target="_blank" data-smartkarma-citation="entities:23698:1" rel="noopener">IRB InvIT Fund (IRBINVIT IN)</a>. The post-IPO performance of the two listed InvITs are mixed, with India Grid Trust up 28% and IRB InvIT down 46% from the issue price. Overall, we believe that PGInvIT offers an attractive proposition for investors willing to invest in a niche asset class.</p></div>

Powergrid Infrastructure Investment Trust (1883964D IN)/PGInvIT is an infrastructure investment trust which will acquire a 74.0% stake in five assets which are Powergrid Vizag Transmission Limited (PVTL), Powergrid Kala Amb Transmission Limited (PKATL), Powergrid Parli Transmission Limited (PPTL), Powergrid Warora Transmission Limited (PWTL) and Powergrid Jabalpur Transmission Limited (PJTL) from Power Grid Corporation Of India (PWGR IN), the sponsor.PGInvIT is seeking to raise up to Rs77.3 billion ($1 billion). The offer has a primary/secondary split of 65%/35%. The book-building will run from 29 April to 3 May, with anchor investor allocation to be announced on 28 April. Infrastructure Investment Trusts (InvITs) essentially aim to create a pool of assets that throw up a stable stream of cash flows for investors. There are relatively rare and PGInvIT will only be the third-listed InvIT after India Grid Trust (INDIGRID IN) and IRB InvIT Fund (IRBINVIT IN). The post-IPO performance of the two listed InvITs are mixed, with India Grid Trust up 28% and IRB InvIT down 46% from the issue price. Overall, we believe that PGInvIT offers an attractive proposition for investors willing to invest in a niche asset class.

POWERGRID Infrastructure Investment Trust IPO Initiation: The Art of Power

India

IRB InvIT Fund operates as an infrastructure investment trust. The Company offers infrastructure development and construction services. IRB InvIT Fund serves customers in India.

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IRB InvIT Fund (IRBINVIT IN)

Primer: IRB InvIT Fund (IRBINVIT IN) - Nov 2025

Established Portfolio with Stable, Long-Term Cash Flows: IRB InvIT Fund owns a portfolio of operational toll road assets with long concession...

αSK

Bharat Highways InvIT IPO - Hardly Attractive Given the Lackluster Sentiment

Bharat Highways InVIT (BHINV IN) is looking to raise up to US$301m in its Indian IPO. In this note, we talk about the company’s historical...

Ethan Aw

POWERGRID InvIT IPO Trading - Not a Bad Subscription Result

POWERGRID Infrastructure Investment Trust (PGIT) raised around US$1bn in its India IPO. In this note, we will talk about the trading dynamics.

Sumeet Singh

POWERGRID InvIT IPO - Assets Are Fine, Declining Yield Is Not

POWERGRID Infrastructure Investment Trust aims to raise around US$1bn in its India IPO. PGIT is an investment trust setup to own transmission...

Sumeet Singh

POWERGRID Infrastructure Investment Trust IPO Initiation: The Art of Power

PGInvIT is seeking to raise up to Rs77.3 billion ($1 billion). Overall, we believe that PGInvIT offers an attractive proposition for investors...

Arun George

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52-week Range

Market Cap (USDm)

P/E

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