Raajmarg Infra Investment Trust will launch its initial public offering (IPO) of units aggregating up to ₹60,000 million (₹6,000 crore) on Wednesday, March 11, 2026.
The IPO of Raajmarg Infra Investment Trust will remain open for subscription until Friday, March 13, 2026, with the anchor investor bidding scheduled for Tuesday, March 10, 2026.
The price band for the Raajmarg Infra Investment Trust IPO has been fixed between ₹99 and ₹100 per unit. Investors can place bids for a minimum lot of 150 units and in multiples of 150 units thereafter, except for anchor investors and strategic investors.
Raajmarg Infra Investment Trust, an Infrastructure Investment Trust (InvIT) sponsored by the National Highways Authority of India (NHAI), has been established to acquire, operate, and maintain InvIT assets under concession agreements granted by NHAI to the Project Special Purpose Vehicle (SPV).
The initial portfolio of Raajmarg Infra Investment Trust includes five toll road projects located across the Indian states of Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka. These projects are being operated under the Toll Operate Transfer (TOT) model conceived by NHAI.
Also Read: BeeCorridors: NHAI’s Sustainable Push for Pollinator-Friendly Highway Plantations
Listing Plans and Approvals
The units of Raajmarg Infra Investment Trust are proposed to be listed on BSE Limited and the National Stock Exchange of India Limited (NSE). The trust has already received in-principle approvals for listing from both stock exchanges on February 13, 2026.
The National Stock Exchange of India Limited (NSE) will serve as the designated stock exchange for the listing of the units of Raajmarg Infra Investment Trust.
Utilisation of Issue Proceeds
According to the offering details, the net proceeds from the Raajmarg Infra Investment Trust IPO are proposed to be utilised for the following purposes:
- Infusion of debt and equity into the Project SPV, which will be used by the SPV to pay the concession value of the InvIT assets to NHAI
- General corporate purposes
Allocation Structure and Book Building Process
The IPO of Raajmarg Infra Investment Trust will be conducted through the Book Building Process, in accordance with the SEBI InvIT Regulations and the SEBI InvIT Master Circular.
Under the allocation structure:
- Up to 75% of the Net Issue (excluding the Strategic Investor Portion) will be available for Institutional Investors on a proportionate basis.
- Within this portion, up to 60% may be allocated to Anchor Investors on a discretionary basis by the Investment Manager in consultation with the Book Running Lead Managers.
- At least 25% of the Net Issue (excluding the Strategic Investor Portion) will be reserved for Non-Institutional Investors, subject to valid bids being received at or above the issue price.
Also Read: Cash Payments at Toll Plazas May End as NHAI Pushes Cashless Toll Collection from April 2026
Raajmarg Infra Investment Trust IPO: Application Process
All bidders, except Anchor Investors and Strategic Investors, must participate in the Raajmarg Infra Investment Trust IPO through the Application Supported by Blocked Amount (ASBA) process.
Applicants are required to provide details of their ASBA accounts and UPI ID (in the case of individual Non-Institutional Investors using the UPI bidding mechanism for bid amounts of ₹0.50 million or less).
The bid amounts will be blocked by Self Certified Syndicate Banks (SCSBs) or through the UPI mechanism, as applicable.
Key Entities Involved
The Sponsor of Raajmarg Infra Investment Trust is the National Highways Authority of India (NHAI).
Investment Manager: Raajmarg Infra Investment Managers Private Limited
Trustee: IDBI Trusteeship Services Limited
The Book Running Lead Managers to the issue are:
- SBI Capital Markets Limited
- Axis Capital Limited
- ICICI Securities Limited
- Motilal Oswal Investment Advisors Limited
