Raajmarg Infra Investment Trust InvIT IPO Opens Today; ₹6,000 Crore Fresh Issue Targets Road Asset Acquisition

Mumbai, March 11: Raajmarg Infra Investment Trust (InvIT) will open its public issue for subscription on Wednesday, offering units worth ₹6,000 crore through a fresh issue of 60 crore units, according to the issue details released with the offer documents. The public subscription window will remain open until March 13, 2026, with listing scheduled on BSE and NSE.

The issue has been structured as a book-built InvIT offering, with a price band fixed at ₹99 to ₹100 per unit. The proceeds are intended primarily to fund acquisition-linked payments associated with the trust’s underlying road infrastructure assets.

IPO Structure, Price Band And Timeline

Raajmarg Infra Investment Trust has structured the issue entirely as a fresh issue, meaning no existing investors are selling units in the offer.

The InvIT plans to issue 60,00,00,000 units, aggregating up to ₹6,000 crore at the upper end of the price band.

Key issue milestones include:

• Issue opens: 11 March 2026
• Issue closes: 13 March 2026
• Allotment expected: 18 March 2026
• Refund initiation: 20 March 2026
• Credit of units: 23 March 2026
• Tentative listing date: 24 March 2026

The units are proposed to be listed on BSE and NSE.

SBI Capital Markets Ltd. has been appointed as the book running lead manager, while KFin Technologies Ltd. will act as the registrar to the issue.

Use Of IPO Proceeds

According to the issue disclosures, the majority of the capital raised will be directed toward funding payments linked to the InvIT’s asset acquisition structure.

The proposed utilisation includes:

• ₹5,850 crore: Infusion of debt and equity into the Project SPV to fund payment of concession value for InvIT assets to the National Highways Authority of India (NHAI)
• Remaining amount: General corporate purposes

The transaction structure indicates that the trust will channel proceeds to the Project Special Purpose Vehicle (SPV), which will then make the concession value payment to NHAI.

What Is A Project SPV?

A Special Purpose Vehicle (SPV) is a legally separate entity created to own and operate specific infrastructure assets.

In InvIT structures, SPVs typically hold road, transmission, or other infrastructure concessions, while the InvIT raises capital from public investors and deploys funds into these project entities.

Asset Portfolio And Operational Focus

Raajmarg Infra Investment Trust was registered with SEBI on December 22, 2025 as an infrastructure investment trust.

The trust has been established to acquire, operate and maintain operational toll road infrastructure assets in India.

Its initial road portfolio includes stretches such as:

• Gorhar to Barwa Adda
• Chilakaluripet – Vijayawada
• Chennai Bypass
• Chennai – Tada
• Nellore – Tada

These road assets form the operational base from which the InvIT intends to generate toll-based revenue streams.

Infrastructure Investment Trusts typically distribute a significant portion of their operational cash flows to unit holders, subject to regulatory requirements under SEBI InvIT Regulations.

InvIT Structure In India

Infrastructure Investment Trusts (InvITs) are regulated investment vehicles designed to pool capital for infrastructure projects. They allow investors to gain exposure to revenue-generating assets such as highways, power transmission lines, and pipelines.

Under regulatory norms, InvITs are required to distribute a large share of their net distributable cash flows to investors. This structure has been used in India to monetise operational infrastructure assets while raising capital for further development.

Raajmarg Infra Investment Trust’s public issue represents one of the large InvIT offerings scheduled for 2026, with proceeds aimed primarily at supporting toll road asset acquisitions through its project SPV structure.