Citius TransNet InvIT opens at ₹104.50, raises ₹1,105 cr
Business
Citius TransNet InvIT kicked off its stock market journey with a bang, opening at ₹104.50, about 4.5% above its IPO price of ₹100 per unit.
The IPO raised ₹1,105 crore and saw massive demand, getting oversubscribed by more than 10 times.
Investors bid nearly 64 cr units
Investors rushed in, bidding for nearly 64 crore units when only about 6.14 crore were available, a clear sign of confidence in Citius TransNet's game plan.
The trust manages a mix of toll and annuity road projects across nine states, but despite this big network, it reported a net loss recently due to high costs.
Even so, traffic on their roads has grown steadily (up 7% over two years), and the weighted average residual concession life of the toll assets is 12.93 years.