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India's 1st infrastructure investment trust to hold IPO

IRB Infrastructure Developers looks to raise $784 million

MUMBAI (NewsRise) -- India's first infrastructure investment trust is set to raise funds through an initial public offering next week, more than two years after the south Asian nation allowed the creation of such entities to encourage financing of roads, ports and power generators.

IRB Infrastructure Developers, which last year received the regulatory approval to launch the IPO of its infrastructure investment trust, or InvIT, seeks to raise as much as 50.35 billion rupees ($784 million) from the sale of existing and new shares in the fund. Last year, India's capital market regulator allowed six companies, including IRB Infrastructure and billionaire Anil Ambani's Reliance Infrastructure, to list their InvITs.

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