Synopsis: Raajmarg Infra Investment Trust InvIT is launching a ₹6,000 crore IPO to fund toll road assets under NHAI’s TOT model. The issue opens on March 11, 2026, offering investors exposure to India’s road infrastructure sector.
Raajmarg Infra Investment Trust InvIT is launching its Initial Public Offering (IPO) to raise funds for infusing debt and equity into the Project SPV to pay the concession value of the InvIT assets to NHAI. The ipo size aggregates up to Rs. 6,000 crore, comprising an entirely fresh issue of 60 crore equity shares totaling Rs. 6,000 crore.
Raajmarg Infra Investment Trust InvIT’s IPO price band is set at Rs. 99 to Rs. 100 per share. The IPO opens for subscription on March 11, 2026, and closes on March 13, 2026. The shares will be listed on NSE and BSE on Tuesday, March 24, 2026. Here’s everything you need to know.
GMP of Raajmarg Infra Investment Trust InvIT
As of March 10th, 2026, the shares of Raajmarg Infra Investment Trust InvIT in the grey market were trading at zero percent premium. Indicating that the issue and the listing price could be the same.
Overview of Raajmarg Infra Investment Trust InvIT
Raajmarg Infra Investment Trust is an infrastructure investment trust established to own and manage operational road assets in India. The trust was registered with SEBI under the InvIT Regulations on December 22, 2025. It focuses on acquiring, operating, and maintaining toll road infrastructure that generates revenue through user fees collected from vehicles.
The trust’s toll road portfolio includes five operational highway stretches. These roads are Gorhar to Barwa Adda, Chilakaluripet–Vijayawada, Chennai Bypass, Chennai–Tada, and Nelamangala–Tumkur. Together, these assets cover around 260.198 kilometers across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka. Many of these roads are part of the important Golden Quadrilateral highway network.
Raajmarg Infra Investment Trust is sponsored by the National Highways Authority of India (NHAI) under the Ministry of Road Transport and Highways. The roads were developed under NHAI’s Toll Operate Transfer (TOT) model. The trust operates and maintains these highways through concession agreements with NHAI, and the project SPV has the right to manage the roads and collect toll fees during the concession period.
Promoters of Raajmarg Infra Investment Trust InvIT
The sponsor of Raajmarg Infra Investment Trust is the National Highways Authority of India (NHAI). The sponsor must hold at least 15 percent of the total units after the IPO. NHAI is a government agency responsible for developing and managing national highways in India. Its involvement provides operational expertise and credibility to the InvIT structure.
Raajmarg Infra Investment Trust InvIT Selling Shareholders
The IPO mainly includes fresh units issued by the trust to raise capital. The sponsor will also subscribe to units to maintain minimum post-issue ownership requirements. The sponsor contribution ensures regulatory compliance and aligns sponsor interests with investors.
Lead Managers of Raajmarg Infra Investment Trust InvIT IPO
Several financial institutions manage the Raajmarg Infra Investment Trust InvIT IPO process. The book-running lead managers include SBI Capital Markets Limited, Axis Capital Limited, ICICI Securities Limited, and Motilal Oswal Investment Advisors Limited. These institutions handle marketing, pricing, and investor participation during the IPO process. KFin Technologies Limited acts as the registrar to the issue.
Objectives of the IPO Offer
Raajmarg Infra Investment Trust InvIT’s IPO proposes to utilize the net proceeds primarily for funding its road infrastructure assets. The trust will allocate around Rs. 5,850 crore for the infusion of debt and equity into the Project SPV.
These funds will be used by the Project SPV to pay the concession value of the InvIT assets to the National Highways Authority of India (NHAI). This payment relates to the operational toll road assets acquired under the Toll Operate Transfer (TOT) model.
The remaining funds will be used for general corporate purposes. These may include operational expenses, financial strengthening, and supporting the trust’s overall business activities.
Raajmarg Infra Investment Trust InvIT vs Peers
Raajmarg Infra Investment Trust InvIT operates in the infrastructure investment trust sector, which includes several road-focused InvITs in India. These trusts primarily generate income from operational highway assets and distribute cash flows to investors.
Among the listed peers, Cube Highways Trust reported a Net Asset Value (NAV) of Rs. 142.70 per unit and trades at a discount of 1.89 percent to its NAV. Vertis Infrastructure Trust has a NAV of Rs. 103.35 per unit and trades at a premium of 5.47 percent.
Similarly, Interise Trust reported a NAV of Rs. 104.18 per unit with a premium of 5.35 percent, while National Highways Infra Trust has a NAV of Rs. 145.80 per unit with a premium of 6.31 percent. In comparison, IRB InvIT Fund reported a NAV of Rs. 79.50 per unit and trades at a discount of 22.19 percent.
This comparison highlights the valuation levels of road-focused InvITs in India and helps investors evaluate Raajmarg Infra Investment Trust InvIT relative to its industry peers.
Strengths of Raajmarg Infra Investment Trust InvIT
- Strong sponsor backing from the National Highways Authority of India enhances credibility and operational expertise.
- Portfolio includes operational highway assets generating predictable toll revenue from long-term concession agreements.
- Infrastructure InvIT structure allows regular cash distributions to investors through stable operating cash flows.
- Diversified highway assets across multiple states reduce dependency on a single project revenue stream.
- Growing infrastructure demand in India supports long-term traffic growth and revenue expansion potential.
Weaknesses of Raajmarg Infra Investment Trust InvIT
- Revenue depends heavily on traffic volumes and toll collections from underlying highway projects.
- Economic slowdown or fuel price increases may reduce traffic movement and affect toll revenues.
- Infrastructure projects involve regulatory approvals and policy changes that could impact operations.
- High capital intensity and maintenance requirements may affect future profitability and distributions.
- Interest rate increases may raise borrowing costs and reduce net distributable cash flows.
Raajmarg Infra Investment Trust InvIT IPO offers investors exposure to India’s expanding road infrastructure sector. The trust benefits from government-backed sponsorship and operational highway assets.
However, investors should evaluate traffic risks, financial metrics, and peer comparisons before investing. Careful analysis of long-term infrastructure demand and cash flow stability remains essential before subscribing to the IPO.
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