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HomeIPOAnantam Highways Trust InvIT

About Anantam Highways Trust InvIT

Anantam Highways Trust is an Indian invIT that invests in road infrastructure. It was established by Alpha Alternatives Fund Advisors LLP ('the Sponsor') on July 24, 2024, and registered with SEBI as an InvIT on August 19, 2024.The Sponsor is a multi-strategy asset management firm that invests in various asset classes including infrastructure, credit, real estate, equities, commodities, and fixed income. It is a subsidiary of Alpha Alternatives Holdings Private Limited.The Trust has a portfolio of seven highways projects that span a total distance of 271.65 km (1,086.60 lane km) in five Indian states and one union territory. Its project portfolio consists of Dhrol Bhadra Highways (DBHL), Dodaballapur Hoskote Highways (DHHL), Repallewada Highways (RHL), Viluppuram Highways (VHL), Narenpur Purnea Highways (NPHL), Bangalore Malur Highways (BMHL), and Malur Bangarpet Highways (MBHL).

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Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
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Anantam Highways Trust InvIT

Anantam Highways Trust InvIT

Open Date

07 Oct 2025

Close Date

09 Oct 2025

listed

Min Investment

₹15000

Lot Size

1 Shares

Issue Size

₹400 Cr

Price Range

₹98 - ₹100

Listing Date

Oct 16, 2025

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Anantam Highways Trust InvIT IPO - Issue Objectives

The Trust will loan ₹376 crore to project SPVs to repay their debt. Manager can use net IPO proceeds for Trust operations at will.

Loan to Project SPVs

94%

General purposes

6%

1

Loan to Project SPVs

The Trust will loan ₹376 crore to project SPVs to repay their debt.

94.00%
2

General purposes

Manager can use net IPO proceeds for Trust operations at will.

6.00%

IPO Subscription Status

Total
5.74x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Anantam Highways Trust InvIT

In Cr.

Key Performance Indicator31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue942.362,527.052,591.87
EBITDA
Expenses
Profit After Tax410.62-160.05-178.48
Assets4,151.923,530.232,425.48
Net Worth
Reserves
Borrowing

Anantam Highways Trust InvIT - Promoter(s)

Anantam Highways Trust Inv

Pre Issue Share Holding

N/A

Post Issue Share Holding

N/A

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Stable revenue-generating assets

The Trust has a sizable initial portfolio of seven completed road projects spanning 1,086.60 lane km across six regions, including Karnataka, Telangana, Gujarat, Bihar, Tamil Nadu and Puducherry. Each project operates under long-term concession agreements with NHAI, having concession periods of 17 years, comprising two years of construction and operational periods of 15 years, ensuring predictable annuity inflows. As of June 30, 2025, the residual concession life ranges from 12.65 to 13.42 years, offering long-term visibility of cash flows while transferring traffic risk to NHAI under the HAM framework.

02

Growth visibility through ROFO pipeline

Through multiple ROFO agreements, the Trust has a right of first offer on a pipeline of future assets, including 11 identified projects from DBL, 3 from Build India Infrastructure Fund, and the DPJ Pollachi HAM project. This ensures access to a steady pipeline of acquisition opportunities, providing long-term growth potential and portfolio expansion while maintaining alignment with its sponsor’s robust development pipeline.

03

Strong O&M support through DBL

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Lack of established operating history

The Trust was established only in July 2024 and has no prior operating history, making it difficult to assess performance consistency. This could make it difficult for investors to assess the future performance of the Trust. Any delays in formation transactions or inability to consummate acquisitions could materially impact future growth prospects.

02

Conditions on acquisition and refinancing of SPVs

The Trust’s proposed acquisition of 100% equity in seven Project SPVs is subject to stringent conditions precedent, including approvals from the National Highways Authority of India (NHAI). Additionally, certain SPV shares are pledged as loan security, requiring release by lenders within agreed timelines. Any delay in approvals or release of these securities could derail or postpone the acquisition process.

Registrar Contact Details

Kfin Technologies Ltd

33rd Floor, Sunshine Tower, Senapati Bapat Marg, Dadar West, Mumbai, Maharashtra, 400013

0226145890004067162222
anantam.invitipo@kfintech.com
http://www.anantamhighways.com/

Anantam Highways Trust InvIT IPO - FAQs

Anantam Highways Trust InvIT IPO is a Mainboard IPO. The issue is priced at ₹98-100 per equity share. The minimum order quantity is 1 Shares. The IPO opens on 7 Oct, and closes on 9 Oct. Kfin Technologies Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2025-10-06
  • Bidding Starts2025-10-07
  • Bidding Ends2025-10-09
  • Allotment Finalisation2025-10-14
  • Release of Funds2025-10-16
  • Demat Transfer2025-10-16
  • Listing2025-10-16

The Trust benefits from the operational expertise of Dilip Buildcon Limited (DBL), which has been appointed or is proposed to be appointed as the Operations & Maintenance (O&M) contractor across all project SPVs. DBL was not only the original bidder but also the EPC contractor responsible for constructing these projects, ensuring strong alignment of interest in their long-term performance.

04

Hedge against Interest rate risks

HAM-based projects provide a built-in protection against interest rate fluctuations. Under concession agreements, annuity payments include interest components linked to prevailing benchmark rates (Bank rate of 3% above the prevailing rate or 1.25% over the average one-year MCLR. This mechanism safeguards cash flows from rising financing costs, thereby reducing earnings volatility and ensuring stable returns for investors.

03

Dependence on NHAI for annuity revenues

The Trust’s revenues are almost entirely dependent on annuity inflows from NHAI under the hybrid annuity model (HAM). Payments are made biannually, comprising fixed annuity amounts plus interest linked to benchmarks like RBI’s bank rate or MCLR of top five banks. Any delay, reduction, or dispute in NHAI payments would directly affect distributions to unitholders.

04

Government policy and regulatory risk

The road infrastructure sector is highly dependent on central and state government policies, budgetary allocations, and regulatory frameworks. The Trust also faces compliance with InvIT regulations, environmental and labour laws, and concession terms with NHAI. Regulatory changes such as stricter environmental standards or modifications in InvIT taxation can increase costs or reduce investor returns.