A first wave of Indian infrastructure developers have begun spinning off their completed projects into initial public offerings, freeing up much needed capital for the country’s infrastructure drive.
Rating agency ICRA recently estimated that infrastructure investment trusts, known as InvIT’s, could raise about $3 billion from the IPO market over the coming year-and-a-half. However, this estimate may prove to be an undershoot given the first four deals alone hope to raise just shy of $2 billion between them.
All four are at various stages of marketing their offerings, with IRB Infrastructure InvIT likely to launch first since it filed its red herring last September...
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