The ₹6,000 crore initial public offering (IPO) of Raajmarg Infra Investment Trust (InvIT) - the first public infrastructure investment trust sponsored by the National Highways Authority of India (NHAI) - drew strong investor interest on the final day of bidding, with the issue subscribed 13.88 times overall.

The NHAI-backed InvIT managed to attract institutional investors and high-net-worth individuals despite heightened volatility in the secondary market this week amid escalating geopolitical tensions in the Middle East. Foreign institutional investors (FIIs) have withdrawn ₹56,883 crore from Indian equities so far this month.

The robust response to the IPO was largely driven by institutional participation. The qualified institutional buyers (QIB) segment was subscribed 19.34 times, while the non-institutional investor (NII) portion saw 7.33 times subscription. The issue was not open to retail investors, meaning demand was largely concentrated among institutional and high-net-worth participants.

The Raajmarg InvIT issue comprises a fresh issue of 60 crore units, which opened for subscription on March 11 and closed on March 13, with the price band fixed at ₹99-₹100 per unit.

The allotment of units is expected to be finalised on March 18, while the InvIT units are scheduled to list on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on March 24.

GMP remains flat

Despite the strong subscription numbers, the grey market premium (GMP) for Raajmarg InvIT has remained largely flat, signalling limited expectations of listing gains.

The InvIT was commanding a GMP of ₹3.75 in the unlisted market as of March 13.

Market participants attribute the subdued grey market sentiment to the sharp correction in the secondary market. Benchmark indices Sensex and Nifty have declined more than 5% this week, marking their steepest weekly drop in four years, as geopolitical tensions in West Asia dampened investors’ appetite for riskier assets.

The conflict in the region has now entered its second week without clear signs of de-escalation, keeping global financial markets volatile and weighing on investor sentiment.

Raajmarg to become 7th public listed InvIT

Infrastructure Investment Trusts (InvITs) have been gaining traction in India as a vehicle for investing in infrastructure assets.

As of March 2026, there are 29 InvITs registered with the Securities and Exchange Board of India (SEBI), of which 24 are listed on stock exchanges.

Among these, six InvITs are publicly listed and open to retail investors. These include India Grid Trust (IndiGrid), IRB InvIT Fund, PowerGrid Infrastructure Investment Trust (PGInvIT), National Highways Infra Trust (NHAI InvIT), Bharat Highways Infrastructure Investment Trust, and Anantam Highways Trust. With its listing, Raajmarg Infra InvIT will become the seventh publicly listed InvIT in the country.

The remaining 18 listed InvITs, including Oriental InfraTrust, Cube Highways Trust, and Sustainable Energy Infra Trust, are privately placed and largely held by institutional investors, resulting in relatively lower trading volumes.

Raises ₹1,728 cr from anchor investors

Ahead of the IPO launch, the NHAI-backed InvIT raised ₹1,728 crore from anchor investors by allocating 17.28 crore units at ₹100 per unit.

The anchor book saw participation from a wide range of institutional investors, including pension funds, insurance companies, mutual funds, provident funds, and alternative investment funds.

Raajmarg Infra InvIT was registered with SEBI in December 2025 and has been established to acquire, operate, and maintain operational highway infrastructure assets across India.

The InvIT’s portfolio consists of five toll road stretches developed under NHAI’s Toll Operate Transfer (TOT) model. These include the Gorhar–Barwa Adda, Chilakaluripet–Vijayawada, Chennai Bypass, Chennai–Tada, and Nelamangala–Tumkur stretches.

Together, these assets span around 260 km across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, with several of these corridors forming part of the Golden Quadrilateral highway network.

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