The National Infrastructure Trust, a Gurugram-based firm, has submitted its preliminary papers with the market regulator SEBI. The company is planning to raise Rs 1,600 through its upcoming IPO. This IPO contains both fresh value and offer-for-sale(OFS). Sponsor Selling Unitholder may sell up to ₹400 crore sales in offering through OFS and fresh issue contains sales up to ₹1,200 crore.
The Book running lead managers of the offering are HDFC Bank Limited and SBI Capital Markets Limited while KFin Technologies Limited is serving as the registrar. The shares are proposed to be listed on both, the BSE and NSE. Institutional Investor Portion will not include more than 75% of the Offer while the Non-Institutional Investor Portion of the Offer will be not less than 25% of the Offer.
Gawar Investment Manager Private Limited is serving as the investment manager while Axis Trustee Services Limited is the Trustee for this offering.
National Infrastructure Trust is planning to use the proceeds to provide loans to the Project SPVs for the repayment or prepayment of external borrowings. Additionally, funds will be allocated to repay unsecured loans that the Project SPVs had previously obtained from the Sponsor.
It is an infrastructure investment trust established by Gawar Construction Limited (GCL) with over 15 years of experience in road and highway construction across 19 Indian states. The trust has undertaken over 100 road construction projects since 2008 and has a portfolio of 26 road projects on a hybrid annuity mode with NHAI.
The Trust is looking forward to buying, controlling as well as investing & securing funding in nine already constructed and income-generating assets that compose its Initial Portfolio which has an aggregate length of around 683.875 km and has been constructed following the terms laid down by NHAI. These roads can be found in such states as Rajasthan, Haryana, Uttarakhand, Bihar, Madhya Pradesh, Himachal Pradesh, and Karnataka.
Operations revenue for the SPV was ₹1,485 crore in FY 2024; this has decreased from ₹2,033 crore in FY 2023 and the previous FY 2022’s ₹1,908 crore revenue generation. The estimated cash flows for FY25, FY26 and FY27 are ₹582 crores, ₹662 crores and ₹585 crores respectively. According to DRHP as of June 30, 2024, the initial portfolio is projected to yield annuities aggregating to ₹6,020.10 crores by the end of its concession period with ₹464.53 crores received so far.
National Infrastructure Trust IPO Prospectus:
| DRHP Draft Prospectus: | Click Here |
| RHP Draft Prospectus: | To be Updated Soon |
National Infrastructure Trust Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | Profit After Tax |
| 2022 | ₹19,1.42 | ₹1813.34 | ₹125.56 |
| 2023 | ₹2518.93 | ₹1853.84 | ₹497.19 |
| 2024 | ₹1543.51 | ₹1368.64 | ₹125.77 |
National Infrastructure Trust IPO Valuation – FY2024
National Infrastructure Trust IPO valuations detail like Earning Per Share (EPS), Price/Earning P/E Ratio, Return on Net Worth (RoNW), and Net Asset Value (NAV) details.
| Earning Per Share (EPS): | ₹- (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | -% |
| Net Asset Value (NAV): | ₹- |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| IRB InvIT Fund | – | – | – | 98.32 | – Cr. |
| Bharat Highways InvIT | – | – | – | 114.12 | – Cr. |
Objects of the Issue
- Providing loans to the Project SPVs for repayment/pre-payment of external borrowings, in part or in full, from the financial lenders (including any accrued interest and prepayment penalty);
- Providing loans to the Project SPVs for repayment of unsecured loans availed by the Project SPVs from the Sponsor
IPO Lead Managers aka Merchant Bankers
- SBI Capital Markets Limited
- HDFC Bank Limited
