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Bookbuilding for IRB InvIT Fund's Rp46.5bn ($727.4m) IPO is having a slow start despite the hype surrounding India's first infrastructure investment trust.
Books were just 0.08x covered as at 11am India time on Thursday, the second of its three-day public bookbuild, according to stock exchange data. This is however not unusual for Indian IPOs, where investors often rush in on the last day.
In the anchor tranche, the shares were a huge hit. Joint global co-ordinators and bookrunners Credit Suisse, ICICI Securities and IDFC sold...