IRB Infrastructure Private Limited files draft offer document for IPO

IRB Infrastructure Private Limited has filed a draft red herring prospectus with SEBI to raise Rs 43 billion through an initial public offering (IPO) of its infrastructure investment trust’s (InvIT) units. IRB Infrastructure Private Limited is a wholly-owned subsidiary of IRB Infrastructure Developers Limited and is the investment manager of the trust. IRB Infrastructure Developers Limited is the sponsor of the IRB InvIT Fund. The IPO consists of a fresh issue of units aggregating to Rs 43 billion by the trust, and an offer for sale by IRB Infrastructure Developers and some of its subsidiaries – Modern Road Makers Private Limited, Aryan Toll Road Private Limited, ATR Infrastructure Private Limited and Ideal Road Builders Private Limited. The investment manager reserves the option to retain oversubscription of up to 25 per cent of the issue size in accordance with InvIT regulations. The IPO would be India’s first listing of an InvIT after SEBI unveiled rules that provided a regulatory framework to set up and list these structures in 2014.