The IPO has been priced in a band of Rs 99 to Rs 100 per unit, with the issue consisting entirely of a fresh issuance of 60 crore units. Since the offering is a fresh issue, the proceeds will be used to fund the trust’s infrastructure assets and related obligations.
SBI Capital Markets is acting as the book-running lead manager to the issue, while Kfin Technologies has been appointed as the registrar.
Raajmarg Infra Investment Trust has been established to acquire, operate and maintain operational road infrastructure assets in India. The trust was registered with the Securities and Exchange Board of India (SEBI) under the InvIT regulations in December 2025.
The InvIT is sponsored by the National Highways Authority of India (NHAI) under the Ministry of Road Transport and Highways. It is designed as a vehicle to monetise operational highway assets developed under the government’s Toll Operate Transfer (TOT) model.
The portfolio of assets proposed to be held by the trust comprises five operational toll road stretches located across multiple states. These include the Gorhar–Barwa Adda, Chilakaluripet–Vijayawada, Chennai Bypass, Chennai–Tada, and Nelamangala–Tumkur corridors.
Together, the road network spans approximately 260 km across Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka, forming part of key sections of India’s Golden Quadrilateral highway network.Under the concession agreements with NHAI, the project special purpose vehicle (SPV) associated with the InvIT will have the exclusive right to operate, manage, maintain and collect toll revenue from these road assets for the duration of the concession period.
The trust plans to utilise a majority of the proceeds from the issue to fund its highway portfolio. According to the offer documents, around Rs 5,850 crore from the net proceeds will be infused as debt and equity into the project SPV. The SPV will use the funds to pay the concession value for the InvIT assets to NHAI, while a small portion of the proceeds will be used for general corporate purposes.
Infrastructure investment trusts have emerged as an important mechanism for monetising operational infrastructure assets in India. These vehicles allow sponsors to recycle capital while providing investors access to long-term infrastructure cash flows.
The Raajmarg InvIT portfolio benefits from strategic locations along key economic corridors and a diversified set of toll road assets. The trust also expects visibility on future growth through a pipeline of potential assets under the government’s highway monetisation programme.
Given the nature of infrastructure projects and concession-based revenue models, such investments are generally considered suitable for investors with a long-term horizon.