The InvIT, set up by Alpha Alternatives Fund Advisors LLP, focuses on road infrastructure projects across multiple states and aims to provide investors with stable, long-term cash flows through toll and annuity revenues.
IPO details
The IPO is a fresh issue of 4 crore units, priced between Rs 98 and Rs 100 per unit, aggregating to Rs 400 crore. At the upper end of the price band, the minimum investment for retail and institutional investors depends on allotment criteria for InvITs, which differ from traditional equity IPOs.As per Sebi InvIT norms, up to 75% of the issue will be reserved for qualified institutional buyers (QIBs), and at least 25% will be available for non-institutional investors (NIIs).
Nuvama Wealth Management is the book-running lead manager, and Kfin Technologies serves as the registrar to the issue.
Key dates
The issue will open from October 7 and will close on October 9. The allotment date will be October 14, and the expected listing will be on October 17.
GMP signals
According to market observers, the grey market premium (GMP) for the issue is currently nil (0%), suggesting a cautious start among investors. While the infrastructure investment trust segment is still gaining traction in India, analysts believe retail participation in InvITs typically picks up closer to listing once institutional demand becomes clear.
About the InvIT
Anantam Highways Trust was established in July 2024 and registered with SEBI in August 2024. It owns a portfolio of seven highway projects spanning 271.65 km (1,086.60 lane km) across five Indian states and one union territory.
These projects — including Dhrol Bhadra Highways, Dodaballapur Hoskote Highways, Repallewada Highways, and Narenpur Purnea Highways — are operational and generate steady revenue from toll collections and annuity payments.
The trust’s Project Manager and Investment Manager is Dilip Buildcon, one of India’s leading infrastructure construction companies, known for its execution record and operational expertise.
Financial snapshot
For FY25, Anantam Highways Trust reported total income of Rs 942.36 crore and a profit after tax (PAT) of Rs 410.62 crore, compared with a loss of Rs 160.05 crore in FY24 — a turnaround attributed to better toll realisations and lower financing costs. The trust’s assets stood at Rs 4,151.92 crore as of March 2025.
Use of proceeds
The InvIT plans to utilise Rs 376 crore of the proceeds to provide loans to its project subsidiaries for repayment or pre-payment of existing borrowings, including accrued interest. The remainder will go toward general corporate purposes.
Also read: Tata Capital IPO: Why GMP fell to alarming levels despite ‘subscribe’ calls from 15 brokerages?
Industry outlook
Infrastructure investment trusts have become a preferred vehicle for investors seeking steady income streams and diversification, especially in India’s expanding roads and highways sector. With the government’s push for public-private partnerships (PPP) and growing investor appetite for yield-generating assets, InvITs like Anantam Highways are expected to play a key role in infrastructure financing.
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