NHAI-backed Raajmarg InvIT lists at 8% premium over IPO price

Shares of National Highways Authority of India (NHAI)-sponsored Raajmarg Infra Investment Trust (InvIT) made a strong debut on domestic bourses on Tuesday, buoyed by positive market sentiment. The Raajmarg InvIT listed at ₹108 per unit on the BSE, marking a 8% premium over its issue price of ₹100. On the NSE, the InvIT debuted at ₹107 per unit, with a market capitalisation of ₹6,393 crore.

The ₹6,000 crore IPO, the first publicly listed infrastructure investment trust sponsored by the state-owned NHAI, witnessed robust investor interest, getting subscribed 13.88 times. Investor participation remained strong despite heightened volatility in the secondary markets amid escalating geopolitical tensions in the Middle East. The qualified institutional buyers (QIB) portion was subscribed 19.34 times, while the non-institutional investor (NII) segment saw a 7.33 times subscription.

The issue, comprising a fresh issuance of 60 crore units, was open for subscription from March 11 to March 13, with a price band of ₹99-₹100 per unit.

Ahead of the IPO, the InvIT raised ₹1,728 crore from anchor investors through the allocation of 17.28 crore units at ₹100 per unit. The anchor book saw participation from a diverse set of institutional investors, including pension funds, insurance companies, mutual funds, provident funds, and alternative investment funds.

Raajmarg becomes the seventh publicly listed InvIT

With this listing, Raajmarg Infra InvIT becomes the seventh publicly listed InvIT in India, highlighting the growing appeal of the structure as an investment vehicle for infrastructure assets.

As of March 2026, 29 InvITs are registered with the Securities and Exchange Board of India (SEBI), of which 24 are listed on stock exchanges. Six InvITs are currently accessible to retail investors: India Grid Trust (IndiGrid), IRB InvIT Fund, PowerGrid Infrastructure Investment Trust (PGInvIT), National Highways Infra Trust, Bharat Highways Infrastructure Investment Trust, and Anantam Highways Trust.

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

Registered with Sebi in December 2025, Raajmarg Infra InvIT has been established to acquire, operate, and maintain operational highway assets across India. Its initial portfolio comprises five toll road assets developed under NHAI’s Toll Operate Transfer (TOT) model: Gorhar–Barwa Adda, Chilakaluripet–Vijayawada, Chennai Bypass, Chennai–Tada, and Nelamangala–Tumkur.

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

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