Bharat Highways InvIT, an infrastructure investment trust, has made an initial public offering comprising an issuance of units aggregating to ₹25,000 million.

As part of the transaction, the InvIT has also acquired seven road assets, operating on a hybrid annuity model, from G R Infraprojects Limited.

ICICI Securities Limited, Axis Capital Limited, HDFC Bank Limited and IIFL Securities Limited were the Book Running Lead Managers to this IPO.

JSA advised the Book Running Lead Managers on this IPO.

The transaction team consisted of Arka Mookerjee (Lead Partner), Pracheta Bhattacharya (Partner), Sourav Modi (Senior Associate) and Jeebitesh Bhattacharya (Associate).

With the completion of this deal, JSA has now advised on three of the four publicly listed InvITs.

Trilegal advised G R Infraprojects Limited. The deal was led by our Capital Markets Partner Abhinav Maker and supported by attorneys Vinaya, Senior Associate and Veena Raghav, Associate.

Bharat Highways InvIT is only the fourth publicly listed InvIT, and the first one since 2021, and is the most subscribed public InvIT till date. This was also the first InvIT in India allowing non-institutional investors to use UPI mechanism for bidding in the Issue.

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