RaajMarg Infra Investment Trust IPO
Infrastructure Investment Trusts
Price Band
₹99 – ₹100
Lot Size
150
Minimum Bid Quantity
150
Minimum Investment
₹15000
Issue Size
₹6000Cr
Opens
2026-03-11
Closes
2026-03-13
Listing
24-03-2026
Subscription Status
Qualified Institutional Buyers
11.24 x
Non-Institutional Investor
2.55 x
Retail Individual Investor
0 x
Total
7.29 x
IPO Details
Issue Type
INVIT
Face Value
₹0
Tick Size
1
ISIN
INE2PB023011
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. Raajmarg Infra Investment Trust is an infrastructure investment trust (InvIT) registered with the Securities and Exchange Board of India (SEBI) under the InvIT Regulations. It has been established to acquire, operate, and maintain infrastructure assets in line with the terms set out in the Concession Agreements. The Trust is sponsored by the National Highways Authority of India (NHAI), an autonomous authority of the Government of India. The initial portfolio is proposed to include five toll road projects located in the states of Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka. These projects are being developed under the Toll Operate Transfer model introduced by NHAI. The toll roads will be operated and maintained by the Project SPV (Special Purpose Vehicle) under concession agreements granted by NHAI. Together, the five toll roads cover a total length of 260.198 kilometres and form part of the Golden Quadrilateral highway network. 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 the infusion of debt and equity into the Project SPV, which will be utilised by the Project SPV for the payment of concession value of the InvIT Assets to NHAI - Rs 5,850 crore. General corporate purposes
Pros
- • The Sponsor of the Trust is the National Highways Authority of India (NHAI), which is the government agency responsible for developing, maintaining, and managing national highways in India. NHAI operates under the Ministry of Road Transport and Highways and oversees projects such as the National Highways Development Project. The trust claims that NHAI has an established track record in highway development and operations, which will ultimately support the Trust’s foundation.
- • The Trust will hold a portfolio of five toll road projects in India, each with a concession period of 15 years. These projects are part of the Golden Quadrilateral highway network. The toll roads currently serve a balanced mix of passenger and commercial vehicles. The trust claims that this network will support consistent revenue generation after the transaction is completed. It claims that the diversity in traffic is likely to contribute to relatively stable cash flows.
- • The initial portfolio includes five toll roads located across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka under the Toll Operate Transfer model introduced by NHAI. Four roads are situated in southern India, while one is in eastern India. The trust states that according to some traffic studies, these corridors have recorded strong traffic growth in recent years due to improved connectivity and increasing economic activity in these regions. The Trust claims that its strategic locations in economically active states are expected to support continued traffic growth.
Cons
- • The Trust was established on November 24, 2025. As a newly formed trust, it does not have an operating track record or substantial historical financial data. This makes it difficult for investors to evaluate its expected performance and that of the Project SPV. There is no guarantee that the project SPV will generate enough cash flow from the InvIT assets to distribute returns to unitholders.
- • Future distributions, if any, will depend on several factors, including the project SPV’s future earnings, financial position, cash flows, working capital needs, and capital expenditure. The Trust’s income will also depend on dividends, interest payments, and debt repayments received from the project SPV. If the project SPV does not earn sufficient profits, the Trust’s income, cash flow, and ability to make distributions to unitholders will be adversely affected.
- • The Trust relies on the Investment Manager, the Project Manager, and the Trustee to manage its assets and operations. If any of these parties fail to perform their duties properly, it could negatively impact the Trust’s financial condition and operational results. In addition, the Trust and its unitholders may have limited rights to recover claims against these parties.
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