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HomeIPOCitius Transnet Investment Trust InvIT

About Citius Transnet Investment Trust InvIT

Citius Transnet Infrastructure Investment Trust (Trust) is a trust formed for investing primarily in transport infrastructure projects. The trust acquires, operates and makes investments in transport infrastructure like road assets. As at the date of this Draft Offer Document, the total infrastructure portfolio consists of 3,406.71 lane kilometers across nine states of India comprising seven toll infrastructure projects with respect to over 3,043.22 lane kilometers and three annuity infrastructure projects with respect to over 363.49 lane kilometers.

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National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
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Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Citius Transnet Investment Trust InvIT

Citius Transnet Investment Trust InvIT

Open Date

Apr 17, 2026

Close Date

Apr 21, 2026

listed

Min Investment

₹15,000

Lot Size

150 Shares

Issue Size

₹1105 Cr

Price Range

₹99 - ₹99

Listing Date

Apr 29, 2026

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹3(+3.03%)GMP
3%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Citius Transnet Investment Trust InvIT IPO - Issue Objectives

₹1,000cr will fund debt repayment and stake buyouts in SRPL and its SPVs. Part of the IPO proceeds will be used for general corporate purposes and issue expenses

Funding for acquisition

90.5%

General corporate purposes

9.5%

1

Funding for acquisition

₹1,000cr will fund debt repayment and stake buyouts in SRPL and its SPVs.

90.50%
2

General corporate purposes

Part of the IPO proceeds will be used for general corporate purposes and issue expenses

9.50%

IPO Subscription Status

QIB
23.45x
Individual
0.00x
Total
20.63x

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

Financials of Citius Transnet Investment Trust InvIT

In Cr.

Key Performance Indicator31-Dec-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue1,570.392,165.622,038.531,885.30
EBITDA
Expenses
Profit After Tax-219.05-417.75-774.12-654.01
Assets8,074.348,371.0410,307.8911,396.95
Net Worth
Reserves
Borrowing

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Scaled and diversified portfolio

The firm makes use of the extensive portfolio of its 10 project SPVs covering a total of 3,406.71 lane km of highway network in 9 states, comprising seven toll and three annuity-based projects. The assets have very mature characteristics with an average maturity period of around 10.13 years and a residual lifespan of around 12.93 years, which is higher compared to its peer average. Its diversification strength has been supplemented with the inclusion of low concentration risk due to the presence of the largest project, amounting to just around 26.11% of its enterprise value, and also a relatively lower HHI level of 40.01.

02

High growth visibility through the ROFO pipeline

The company is in possession of a ROFO pipeline of 11 HAM assets that have 2,366.81 lane kms in 6 different states. It provides good visibility for inorganic growth. Out of this, five assets with 1,175.93 lane kms are currently operating with an average life expectancy of 10.58 years. Additionally, the company has acquired six assets. With full execution, its total portfolio will consist of 21 assets and 5,773.52 lane-km.

03

De-risked revenue model with predictable cash flows

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Accounting losses persistently

While having positive operating cash flows of ₹782.01 crore for 9MFY26, losses have persisted in the amount of ₹219.05 crores for 9MFY26 and ₹417.75 crores for FY25 due to substantial depreciation and financial expenses. This might have an adverse effect on the value of the company.

02

High exposure to large revenue-generating units

The largest SPVs (3 project SPVs) represent a substantial 51.67% share of 9MFY26 revenues at ₹773.22 crores. Underperformance, regulation shifts, or any problems in these units would affect the Trust’s performance and distributions.

Contact Details

Citius Transnet Investment Trust InvIT

Plot 294/3, Edelweiss House, Off CST Road, Kalina, Santacruz East, Mumbai, Maharashtra - 400098.

+91224019470
Compliance_Citius@eaaa.in
https://www.citiustransnet.in/

Registrar Contact Details

Kfin Technologies Ltd.

04067162222
citius.invit@kfintech.com
https://ipostatus.kfintech.com/

Citius Transnet Investment Trust InvIT IPO - FAQs

Citius Transnet Investment Trust InvIT IPO is a Mainboard IPO. The issue is priced at 99-₹100. The minimum order quantity is 150 Shares. The IPO opens on 17 Apr, and closes on 21 Apr. Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-04-15
  • Bidding Starts2026-04-17
  • Bidding Ends2026-04-21
  • Allotment Finalisation2026-04-24
  • Release of Funds2026-04-27
  • Demat Transfer2026-04-27
  • Listing2026-04-29

The company operates on a well-balanced combination of toll and annuity revenues (i.e., toll accounts for 82.3%, while annuity makes up 17.7%). Toll assets experience growth due to higher car penetration and increased logistics volume, whereas annuity assets are free from traffic risks because they bring fixed income with support from the government. Some important counterparties are NHAI & MoRTH.

04

Strong backing by the EAAA platform

The company operates on the EAAA platform that holds AUM of ₹68,175 crores with over 15 years of experience. The platform has made the acquisition of 32 infrastructure assets, including roads, renewable energy, and transmission. There is good evidence of deal execution capability with the platform having credit ratings upgraded to AAA, and interest rate costs being reduced from 30–175 basis points. With more than 115 years of collective experience, the financial team is responsible for ₹11,280 crore debt management.

03

Revenue sensitive to traffic

The company's revenue is highly dependent on traffic volumes and economic activity. Traffic volumes can be reduced due to fuel price hikes, monsoons, pandemics, or other events. Moreover, there can be a toll stop for whatever reason. All that impacts the company negatively.

04

Restrictive regulation on fees

Toll collection fees can only be increased based on WPI and by approximately 3%. Hence, the company cannot fully pass through all expenses. Moreover, toll fees can be reduced due to government decisions such as mandatory GNSS collection, annual passes, etc.

05

Execution risk in asset acquisition

Formation transactions completion and Pipeline (ROFO) assets acquisition are contingent on certain factors such as approvals, funding, and timing.