India Grid IndiGrid completed the country's second infrastructure investment trust InvIT on Friday, but struggled to build an outsized order book thanks to the lacklustre trading debut of the sector's first deal for IRB Infrastructure Developers.
IndiGrid began book building on Wednesday and bankers said the deal got off to a promising start, but then lost momentum after IRB InvIT listed on Thursday. InvITs are spin-offs by developers of completed infrastructure projects, intended to free up much-needed capital to boost the country's infrastructure drive.
IRB InvIT had been trading at a 10% premium in the grey market, said...
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