Units priced at ₹99–₹100; minimum bid lot set at 150 units
Bilkul Bazaar
Ahmedabad | 07 March 2026
₹6,000 Crore Raajmarg InvIT IPO Opens March 11
NHAI-sponsored trust to offer units at ₹99–₹100 with a minimum bid lot of 150 units
Raajmarg Infra Investment Trust, an infrastructure investment trust sponsored by the National Highways Authority of India (NHAI), will open its ₹6,000 crore initial public offering on Wednesday, March 11, 2026. The issue will close on Friday, March 13, while the anchor investor bidding is scheduled for March 10.
The price band for the issue has been fixed at ₹99 to ₹100 per unit. Investors can bid for a minimum of 150 units and in multiples of 150 units thereafter. The units are proposed to be listed on the National Stock Exchange (NSE) and BSE, both of which granted in-principle approval for the listing on February 13, 2026.
Officials associated with the issue were in Ahmedabad on Friday, where they interacted with the media and announced details of the IPO. Those present included NRVVMK Rajendra Kumar, Member Finance (NHAI) and MD & CEO of RIIMPL; Arnab Chaudhury from SBI Capital; Manish Trivedi, Development Director at Translink Infrastructure Consultants Pvt Ltd; Sanjay Sethia, Senior Vice President – Debt Capital Market at SBI Capital Markets; and Rohan Gopinath from Axis Capital Ltd.
Speaking on the occasion, NRVVMK Rajendra Kumar said, “The Raajmarg InvIT is a significant step in monetising operational highway assets and strengthening investor participation in India’s road infrastructure sector.” Sanjay Sethia added that the InvIT structure provides investors an opportunity to participate in a diversified portfolio of operational toll road assets with the potential for stable long-term returns.
Raajmarg Infra Investment Trust has been established to acquire, operate and maintain highway assets. Its initial portfolio includes five toll road projects located across Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka under NHAI’s Toll Operate Transfer (TOT) model.
Proceeds to Fund Toll Road Concession Payments
The net proceeds from the issue will mainly be used to infuse debt and equity into the project special purpose vehicle (SPV), which will use the funds to pay the concession value of the InvIT assets to NHAI. A portion of the proceeds will also be utilised for general corporate purposes.
The issue will be conducted through the book building process in accordance with SEBI’s InvIT regulations. Up to 75% of the net issue will be allocated to institutional investors, with the investment manager having the option to allocate up to 60% of this portion to anchor investors. At least 25% of the issue will be reserved for non-institutional investors.
Applications must be made through the ASBA process, while individual non-institutional investors bidding up to ₹5 lakh can apply through the UPI mechanism.
The sponsor of the trust is NHAI, with Raajmarg Infra Investment Managers Private Limited serving as the investment manager and IDBI Trusteeship Services Limited acting as the trustee. The issue is being managed by SBI Capital Markets, Axis Capital, ICICI Securities and Motilal Oswal Investment Advisors as the book running lead managers.
Snapshot
Issue Size: ₹6,000 crore
Price Band: ₹99–₹100 per unit
Issue Opens: March 11, 2026
Issue Closes: March 13, 2026
Anchor Investor Day: March 10, 2026
Minimum Bid: 150 units (and multiples thereafter)
Sponsor: National Highways Authority of India (NHAI)
Listing: NSE and BSE
NHAI-Backed Raajmarg InvIT Set to Launch ₹6,000 Crore IPO
India’s infrastructure investment space is set to see another significant listing as Raajmarg Infra Investment Trust, an InvIT sponsored by the National Highways Authority of India (NHAI), prepares to open its ₹6,000 crore initial public offering. The issue will give investors an opportunity to participate in a portfolio of operational toll roads across multiple Indian states under NHAI’s Toll Operate Transfer (TOT) model.
Issue Details
The IPO will open for subscription on Wednesday, March 11, 2026, and close on Friday, March 13, 2026. The anchor investor bidding date is March 10, 2026, one working day prior to the issue opening.
The price band for the issue has been fixed at ₹99 to ₹100 per unit. Investors can apply for a minimum lot of 150 units, with bids allowed in multiples of 150 units thereafter for non-anchor and non-strategic investors.
The units are proposed to be listed on both the National Stock Exchange (NSE) and BSE. The exchanges granted in-principle approval for the listing on February 13, 2026, with NSE acting as the designated stock exchange.
Portfolio of Toll Road Assets
Raajmarg Infra Investment Trust has been established to acquire, operate and maintain road infrastructure assets. The InvIT’s initial portfolio consists of five toll road projects located in Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka. These assets have been developed under NHAI’s Toll Operate Transfer (TOT) model, which allows private participation in operating and maintaining public highway assets.
Utilisation of Proceeds
The net proceeds from the issue will primarily be used for infusing debt and equity into the project special purpose vehicle (SPV). The SPV will use the funds to pay the concession value of the InvIT assets to NHAI. A portion of the proceeds will also be used for general corporate purposes.
Allocation Structure
The issue will follow the book building process in compliance with SEBI’s InvIT regulations. Up to 75% of the net issue (excluding the strategic investor portion) will be allocated to institutional investors. Within this category, the investment manager may allocate up to 60% to anchor investors on a discretionary basis.
At least 25% of the net issue will be reserved for non-institutional investors, subject to valid bids being received at or above the issue price.
Application Process
All bidders, except anchor and strategic investors, must apply through the Application Supported by Blocked Amount (ASBA) process. Individual non-institutional investors with bids of ₹5 lakh or less can apply through the UPI mechanism, with the bid amount blocked in their bank accounts until allotment.
Key Stakeholders
The sponsor of the trust is the National Highways Authority of India.
The investment manager is Raajmarg Infra Investment Managers Private Limited, while the trustee is IDBI Trusteeship Services Limited.
The issue is being managed by SBI Capital Markets Limited, Axis Capital Limited, ICICI Securities Limited and Motilal Oswal Investment Advisors Limited, who are acting as the Book Running Lead Managers.
With the backing of NHAI and a portfolio of operational toll assets, the Raajmarg InvIT offering could attract investors seeking stable infrastructure-linked cash flows. As India continues to monetise its highway network through InvIT structures, this IPO represents another step in expanding investor participation in the country’s road infrastructure sector.
Disclaimer: Investment in equity shares involves a high degree of risk. Investors are advised to refer to the “Risk Factors” section in the Red Herring Prospectus before making an investment decision.