PowerGrid InvIT has garnered Rs 3,480 crore from anchor investors ahead of the IPOPowerGrid Infrastructure Investment Trust (InvIT) initial public offering (IPO) opens for subscription today i.e. April 29. The offer will close on May 3. This is the first ever infrastructure investment trust IPO to be floated by a state-owned company in the country and will be the third InvIT to be listed on the Indian bourses, following in the footsteps of IRB InvIT and India Grid Trust, which went public in the year 2017. The shares are likely to be listed on the BSE and NSE.PowerGrid Corporation of India is the owner of PowerGrid Infrastructure Investment Trust (PowerGrid InvIT).The PowerGrid Infrastructure Investment Trust IPO consists of a fresh issue of Rs 4,994 crore and an offer for sale amounting to Rs 2,741.50 crore. The IPO proceeds will be utilised for providing loans to initial portfolio assets, repayment or pre-payment of debt and for general purposes.Ahead of the IPO, PowerGrid InvIT garnered Rs 3,480 crore from anchor investors, including the likes of SBI Mutual Fund, HDFC MF, Tata MF, Tata AIA Life Insurance Company, Tata AIG General Insurance Company, SBI Life Insurance Company, UTI MF and ICICI Prudential MF.An InvIT is an investment scheme similar to a mutual fund that allows individuals and institutional investors to put money directly into infrastructure projects and earn a steady yield.ICICI Securities, Axis Capital, Edelweiss Financial Services and HSBC Securities and Capital Markets India are the lead managers to the issue, while KFintech is the registrar to the issue.