IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

Equity Capital Markets

PowerGrid Infrastructure Inves / Equity Capital Markets

<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

POWERGRID Infrastructure Investment Trust operates as an infrastructure investment trust. The Company owns, constructs, operates, maintains, and invests in power transmission. POWERGRID Infrastructure Investment Trust serves customers in India.

PowerGrid Infrastructure Inves (PGINVIT IN)

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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