Thursday, 18 May 2017

India's first infrastructure investment trust dips on debut

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India's first infrastructure investment trust (InvIT) fell in its trading debut on Thursday, potentially acting as a dampener for similar listings in coming months of high-yield securities that are tapping investors' appetite for stronger returns.

IRB InvIT Fund fell 0.8 percent in early morning trade, reversing gains of as much as 2.9 percent shortly after opening. It traded at 101.20 Rupees, compared with the 102 rupees initial public offering price.

The fund, which owns, operates and maintains a portfolio of six toll-road assets, raised $782 million in an IPO that was oversubscribed and priced at the top of expectations.

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