Roads-focused Capital Infra Trust today said it will launch an INR 15.8bn (USD 184m) initial public offering for institutional and non-institutional investors on 7 January.

The IPO is priced between INR 99 and INR 100 per unit and comprises of a fresh issue of units worth up to INR 10.8bn and an offer for sale for units worth INR 5bn by the sponsor, Gawar Construction.

There are nine operational, revenue-generating roads in the trust, with an average remaining concession of 11.7 years, CEO Manish Satnaliwala said at a Mumbai press briefing. The assets are spread across seven states, aggregating to 684.2km.

The proceeds from the IPO will be used to repay project-level debt and loans from the sponsor, Satnaliwala said.

Gawar proposes to list the trust on the BSE and the National Stock Exchange.

The trust has the right of first refusal for 17 more assets that are owned by Gawar, with a total bid project cost of a little more than INR 170bn.

The lead managers for the issue are SBI Capital Markets and HDFC Bank.

Gawar Construction has over 15 years of experience and has completed more than 100 road projects since 2008.