PowerGrid InvIT IPO share allotment status: Shares to list on May 17; check listing day strategy

The Powergrid infrastructure Investment Trust is newly set up and as such it does not have any established operating history which makes it difficult to analyse the future growth prospects, said an analyst

PowerGrid Infrastructure Investment Trust (InvIT) is likely to announce the IPO share allotment next week on May 10, 2021. According to the PowerGrid Infrastructure Investment Trust’s (InvIT) prospectus, the initiation of refunds or unblocking of funds from ASBA accounts will take place on May 11, 2021. PowerGrid Infrastructure Investment Trust (InvIT) will make its stock market debut on May 17, 2021. The issue was subscribed 4.83 times on the last day of the subscription. The Rs 7,735-crore issue received bids for 205 crore units against 42 crore units on offer. The portion reserved for the institutional investors was subscribed 4.63 times and other investors 5.07 times.

The issue comprised a fresh issue of shares worth Rs 4,993.48 crore and an offer for sale (OFS) to the tune of Rs 2,741.50 crore by selling shareholders. It was sold in the price band of Rs 99-100 per unit. This is the first Infrastructure Investment Trust (InvIT) in the country to be floated by a public sector company. The units of the Trust are proposed to be listed on BSE and NSE. The Powergrid infrastructure Investment Trust is newly set up and as such it does not have any established operating history which makes it difficult to analyse the future growth prospects, said an analyst. “However, the sponsor has a ‘Maharatna’ status from GoI. Also, PGIT has stable credit ratings from leading agencies. The instrument being suitable for long term investors we may not see considerable gains/losses on listing,” Abhay Doshi, Founder, UnlistedArena.com, dealing in Pre-IPO & Unlisted Shares, told Financial Express Online.

Even though Powergrid InvIT IPO has met with a strong response due to Government backing and its predictable cash flow model, it remains a short-term buy only, said AR Ramachandran, Co-founder & Trainer, Tips2Trades. “On listing day, subscribed investors should book 75 per cent of profits and reallocate in better sectors like IT and consumer for potentially higher returns,” Ramachandran told Financial Express Online

How to check PowerGrid InvIT share allotment status via KFin Tech Private Ltd website

Investors can check the allotment status on KFin Technologies website under the IPO Status section (https://ris.kfintech.com/ipostatus/) when it gets declared. After that, select the IPO and enter either your application number or DPID/Client ID or PAN. In the case of the application number box, select application type and enter the application number. If the DPID/Client ID box is chosen, select the depository from the drop-down menu, enter DPIP, Client ID. If the PAN option box was chosen, enter the permanent account number. In the last step, enter the given captcha and click submit. If the provided information by an investor is correct, then the units applied for and units allocated will be displayed on the screen.

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