Capital Infra Trust Lists at Par, Shows Stable Trading on NSE & BSE

resr 5paisa Research Team

Last Updated: 17th January 2025 - 12:47 pm

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Capital Infra Trust, an infrastructure investment trust sponsored by Gawar Construction Limited and established in September 2023, marked its entry into the public markets on Friday, January 17, 2025. The InvIT, which focuses on road and highway projects across 19 states in India through its sponsor's portfolio of 26 HAM projects, commenced trading on both NSE and BSE with a stable debut.

 

Capital Infra Trust Listing Details

The InvIT's market debut reflected measured investor confidence in its business model and growth prospects:

  • Listing Time & Price: When trading commenced at market open, Capital Infra Trust units debuted at ₹99 on both NSE and BSE, listing flat at the lower end of the price band. This stable opening reflects the market's rational assessment of the InvIT's infrastructure portfolio and income-generating potential.
  • Issue Price Context: The units were priced in a narrow band between ₹99 and ₹100, ultimately listing at the lower band of ₹99. This pricing approach successfully balanced yield expectations with stable valuation metrics for long-term infrastructure investors.
  • Price Evolution: By 11:00 AM IST, the units traded at ₹99.02, representing a marginal gain of 0.02% over the listing price, after touching an intraday high of ₹99.20, demonstrating stable trading interest throughout the early session.
     


Capital Infra Trust First-Day Trading Performance 

The trading activity showed substantial participation and balanced investor interest:

  • Volume and Value: Within the first few hours, 21.08 lakh units changed hands, generating a turnover of ₹20.88 crore. Notably, 100% of traded units were marked for delivery, indicating pure investment interest rather than speculative trading.
  • Demand Dynamics: The trading pattern showed balanced activity with buy orders for 5.43 lakh units against sell orders for 11.96 lakh units, reflecting measured participation at current levels.
     


Capital Infra Trust Market Sentiment and Analysis

  • Market Reaction: Stable opening with sustained trading levels
  • Subscription Rate: The Capital Infra Trust IPO was oversubscribed 2.8 times
  • Pre-listing Interest: Anchor investors demonstrated strong confidence by investing ₹710.10 crore before the public issue

 

Capital Infra Trust Growth Drivers and Challenges

Expected drivers of future performance:

  • Strong sponsor track record in infrastructure
  • Portfolio of 26 HAM road projects
  • Presence across 19 states
  • Mix of operational and under-construction assets
  • CRISIL AAA/Stable rating
  • Stable annuity-based revenues
  • Government counterparty strength

 

Potential challenges:

  • Execution risks in under-construction projects
  • Interest rate sensitivity
  • Regulatory changes
  • Infrastructure sector cyclicality
  • Project completion timelines
     

Utilisation of IPO Proceeds 

The ₹1,578 crore raised (₹1,077 crore fresh issue) will be used for:

  • Providing loans to Project SPVs for external debt repayment
  • Repayment of unsecured sponsor loans to Project SPVs

 

Capital Infra Trust Financial Performance 

The trust has shown steady results:

  • Revenue decreased to ₹1,543.51 crore in FY2024 from ₹2,518.92 crore in FY2023
  • H1 FY2025 (ended September 2024) showed revenue of ₹792.27 crore with PAT of ₹115.43 crore
  • Asset base of ₹4,905.26 crore as of September 2024

 

As Capital Infra Trust begins its journey as a listed entity, market participants will closely monitor its ability to manage its infrastructure portfolio and generate stable returns. The measured listing and steady trading suggest balanced investor perspective on the InvIT's prospects in the infrastructure sector, particularly given its strong sponsor backing and diversified project portfolio, while also factoring in the yield expectations typical of infrastructure investment trusts.
 

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