NHAI-backed Raajmarg Infra InvIT to launch ₹6,000 crore IPO on March 11; anchor book to open tomorrow

Raajmarg Infra Investment Trust (InvIT), sponsored by the National Highways Authority of India (NHAI), is set to launch a ₹6,000 crore initial public offering (IPO) on March 11. This will be the first public issue by NHAI designed specifically to allow retail and public participation in highway infrastructure assets through a public InvIT structure.

The anchor book of Raajmarg Infra Investment Trust (RIIT) will open for a day on March 10. The issue will remain open for subscription until 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 is scheduled to list on the BSE and NSE on March 24.

The offering is entirely a fresh issue comprising 60 crore units. The InvIT plans to use the proceeds primarily to finance its portfolio of toll road assets and meet concession obligations to NHAI.

According to the red herring prospectus (RHP), about ₹5,850 crore from the net proceeds will be infused as debt and equity into the project special purpose vehicle (SPV), which will then be used to pay the concession value of the underlying highway assets to NHAI.

Raajmarg Infra InvIT was registered with the Securities and Exchange Board of India (SEBI) in December 2025 and has been established to acquire, operate and maintain operational highway infrastructure assets across the country.

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 approximately 260 km and are located across Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka. Several of these corridors form part of the Golden Quadrilateral highway network.

Under concession agreements signed with NHAI, the project SPV holds the right to operate, manage and maintain the road stretches, as well as collect toll user fees for the duration of the concession period.

The public offering marks a significant step in the government’s broader asset monetisation strategy, which aims to unlock value from operational infrastructure projects and recycle capital for new investments in the sector.

This will be NHAI’s second InvIT platform. The authority had earlier launched the National Highways Infra Trust (NHIT), which was privately placed with institutional investors. The Raajmarg InvIT, however, is structured as a public issue, enabling participation from retail and domestic investors.

The IPO comes at a time when equity markets are experiencing heightened volatility amid rising geopolitical tensions in the Middle East and sharp movements in global crude oil prices. Analysts say infrastructure investment trusts generally see less price volatility compared with growth-oriented equity offerings because their valuations are anchored in predictable cash flows.

SBI Capital Markets is acting as the book-running lead manager for the issue, while KFin Technologies has been appointed as the registrar.

The InvIT’s investment manager, Raajmarg Infrastructure Investment Manager Pvt Ltd (RIIMPL), is backed by a consortium of major financial institutions, including State Bank of India, Punjab National Bank, NaBFID, Axis Bank, Bajaj Finserv Ventures, HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank and YES Bank.