NHAI-backed Raajmarg InvIT raises ₹1,728 crore from anchor investors; ₹6,000-cr IPO opens today

Raajmarg Infrastructure Investment Trust (InvIT), the first public infrastructure investment trust sponsored by the National Highways Authority of India (NHAI), has raised ₹1,728 crore from anchor investors ahead of the opening of its ₹6,000-crore initial public offering (IPO) on Wednesday.

Raajmarg InvIT allocated 17.28 crore units to anchor investors at ₹100 per unit, the company said in an exchange filing last night.

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. Among the prominent investors were Life Insurance Corporation of India (LIC), ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance, Bajaj Life Insurance, Axis Max Life Insurance, and Aditya Birla Sun Life Insurance, each committing significant allocations.

Several National Pension System (NPS) funds also participated, including schemes managed by SBI Pension Fund, UTI Pension Fund, ICICI Prudential Pension Fund, and Kotak Pension Fund.

Mutual fund participation included schemes from HDFC Mutual Fund, Nippon India Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life Mutual Fund, Kotak Mutual Fund, DSP, Invesco, Quant, Baroda BNP Paribas, WhiteOak Capital, Edelweiss, and Mahindra Manulife.

The anchor book also drew investments from provident funds and institutional investors, including the Larsen & Toubro Officers and Supervisory Staff Provident Fund, Indian Oil Corporation employees’ provident funds, and the Sebi Employees Provident Fund.

In addition, alternative and real asset funds such as 360 ONE Real Assets Development Fund, Infrastructure and Real Assets Fund, Neo Alternatives Investment Trust, and Nuvama Multi Asset Strategy Return Fund were allotted units.

The anchor allocation represents about 28.8% of the total IPO size, providing early momentum ahead of the public subscription.

Key things to know about Raajmarg InvIT IPO

This is the first public issue by NHAI designed specifically to allow retail and public participation in highway infrastructure assets through a public InvIT structure. The offering is entirely a fresh issue comprising 60 crore units, being offered at a price band of ₹99-100 per unit.

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.