Citius Transnet Investment Trust IPO
Real Estate Investment Trusts
Price Band
₹99 – ₹100
Lot Size
150
Minimum Bid Quantity
150
Minimum Investment
₹15000
Issue Size
₹1105Cr
Opens
2026-04-17
Closes
2026-04-21
Listing
29-04-2026
Subscription Status
Qualified Institutional Buyers
8.54 x
Non-Institutional Investor
11.75 x
Retail Individual Investor
0 x
Total
10 x
IPO Details
Issue Type
INVIT
Face Value
₹0
Tick Size
1
ISIN
INE2Q7823014
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Note: As per regulations, application cancellation is not allowed for any category. CITIUS is a transport sector-focused infrastructure investment trust that acquires, manages, and invests in transport infrastructure assets, primarily road projects in India. It operates through a portfolio of toll and annuity-based road assets held via project special purpose vehicles (SPVs) and holding companies. It is responsible for managing these assets, including toll collection, annuity income, and maintenance through a project manager. Subject to completion of the formation transactions, its initial portfolio is proposed to comprise 10 toll and annuity road projects spanning 3,406.71 lane-kilometres across nine Indian states. The trust was registered with SEBI as an infrastructure investment trust (InvIT) on August 1, 2025, and operates through its sponsor group, with an investment manager overseeing investment activities and a project manager responsible for operations, maintenance, and compliance with concession agreements. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: For partial or full acquisition (or as applicable, redemption) of securities of a) SRPL; and b) certain identified Project SPVs, namely TEL, JSEL, Dhola and Dibang — Rs 1,000 crore General corporate purposes
Pros
- • The trust claims to have a relatively large and diversified portfolio of road assets, comprising both toll and annuity-based projects across multiple states. These assets have a relatively long operational history, with some toll projects operating for more than 10 years. This provides visibility into traffic trends and asset performance over time.
- • The trust claims to benefit from a right of first offer (ROFO) arrangement for the acquisition of additional road assets from the EAAA platform. (EAAA TransInfra Managers Limited is the investment manager to the Trust.) This includes a pipeline of hybrid annuity model (HAM) projects across multiple states. Such arrangements may support future portfolio expansion, subject to the execution of these acquisitions.
- • The asset portfolio is positioned across different geographies and is connected to key economic and industrial corridors. A significant portion of toll revenue is derived from economically active states, indicating exposure to regions with higher traffic movement. The portfolio also handles a mix of passenger and commercial traffic, with freight vehicles contributing a larger share.
Cons
- • The trust has reported losses before tax of Rs 214.42 crore, Rs 415.53 crore, Rs 738.14 crore, and Rs 633.83 crore in the nine months ended December 31, 2025, and FY25, FY24, and FY23, respectively. It has also reported losses for the period of Rs 219.05 crore, Rs 417.75 crore, Rs 774.12 crore, and Rs 654.01 crore during the same periods. Any continuation of such losses in the future may adversely affect the trust’s business, financial condition, and cash flows.
- • A significant portion of the trust’s revenue is concentrated in a few Project SPVs. Three SPVs, namely AMTPL, SRTPL, and SBGTPL, collectively contributed Rs 984.64 crore (49.55%) of revenue from operations in FY25, Rs 908.97 crore (48.53%) in FY24, and Rs 822.68 crore (46.39%) in FY23. Any adverse developments affecting these SPVs, including lower traffic volumes, regulatory changes, or operational disruptions, could materially impact the trust’s revenue, cash flows, financial condition, and its ability to make distributions to unitholders.
- • A portion of the trust’s revenue is dependent on annuity income and related payments from government authorities. Certain Project SPVs operate on an annuity basis, where fixed bi-annual payments, along with interest on unpaid annuities and O&M payments, are received from authorities such as NHAI and MoRTH. Any delay, reduction, or non-receipt of such annuity income or compensation payments could adversely affect the trust’s cash flows, financial condition, and its ability to make distributions to unitholders.
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