Raajmarg InvIT, an infrastructure investment trust backed by the National Highways Authority of India (NHAI), has filed for a Rs 60 billion initial public offering (IPO). The issue will open for subscription on March 11, 2026, and aims to raise funds primarily through a fresh issuance of units worth Rs 50 billion, with the remaining Rs 10 billion offered by selling shareholders.
The trust manages a portfolio of 10 national highway concessions spanning over 7,800 lane kilometers across states like Uttar Pradesh, Madhya Pradesh, Rajasthan, and Gujarat. These assets generate stable annuity-based revenues, supported by long-term concessions averaging 17 years remaining. NHAI holds a 44 per cent stake, providing strong government backing.
Proceeds will help repay debts and support general corporate purposes, strengthening the trust’s balance sheet. The IPO is being led by book-running lead managers including ICICI Securities, Axis Capital, and IIFL Capital Services. Raajmarg InvIT follows in the footsteps of successful NHAI-backed InvITs like IRB InvIT and National Highways Infra Trust, tapping into growing investor interest in infrastructure yields.
The minimum application size is 15 units at Rs 100 each, with allotment expected by March 13 and listing on BSE and NSE shortly after.