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HomeIPORaajmarg Infra Investment Trust InvIT

About Raajmarg Infra Investment Trust InvIT

Raajmarg Infra Investment Trust (Trust) has been incorporated as an infrastructure investment trust and has registered with SEBI under the InvIT Regulations on December 22, 2025. It has been formed for the acquisition, operation, and maintenance of existing road infrastructure assets located in India. The toll roads of the Trust consist of the following stretches of toll roads: Gorhar to Barwa Adda Chilakaluripet – Vijayawada Chennai Bypass Chennai – Tada Nelamangala – Tumkur The Trust has been sponsored by the National Highways Authority of India (NHAI), which is an autonomous authority under the Ministry of Road Transport and Highways, Government of India. It has also appointed the Investment Manager, who has a team of qualified professionals with over two decades of experience in the roads and highways sector. The Trust has planned an initial portfolio of five existing toll road assets, which have been developed under the Toll Operate Transfer model of the National Highways Authority of India. These toll roads are located in the states of Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, forming part of the Golden Quadrilateral, with a total length of approximately 260.198 km.

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Issue Size22561.57 Cr
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Issue Price₹ 1700.00
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29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Raajmarg Infra Investment Trust InvIT

Raajmarg Infra Investment Trust InvIT

Open Date

Mar 11, 2026

Close Date

Mar 13, 2026

listed

Min Investment

₹15,000

Lot Size

150 Shares

Issue Size

₹6000 Cr

Price Range

₹99 - ₹99

Listing Date

Mar 24, 2026

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₹3(+3.03%)GMP
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Raajmarg Infra Investment Trust InvIT IPO - Issue Objectives

₹5,850 crore will be used by SPV to pay NHAI for InvIT asset concession values. Part of the IPO proceeds will be used for general corporate purposes and issue expenses

Debt Funding

97.5%

General corporate purposes

2.5%

1

Debt Funding

₹5,850 crore will be used by SPV to pay NHAI for InvIT asset concession values.

97.50%
2

General corporate purposes

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

2.50%

IPO Subscription Status

QIB
19.14x
Individual
0.00x
Total
13.74x

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

Financials of Raajmarg Infra Investment Trust InvIT

In Cr.

Key Performance Indicator31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)31-Mar-22 (In Cr.)
Revenue
EBITDA
Expenses
Profit After Tax
Assets
Net Worth
Reserves
Borrowing

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Well-positioned portfolio on the Golden Quadrilateral

The Trust's first portfolio includes five busy toll road projects that cover 260.198 kilometres in Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka. These assets are very important to the Golden Quadrilateral, which is India's most important long-distance transportation network that connects major economic centres like Delhi, Kolkata and Chennai. The Trust makes sure that there is a healthy mix of captive short-distance and long-distance commercial traffic on these established corridors. This is important for keeping toll collections steady and revenue stable over the long term.

02

Strong future asset pipeline

The trust has a clear plan for expanding its operations that has been approved by the Chairman of NHAI. NHAI has said that it may give the Trust about 1,500 kilometres of new national highways to use over the next 3-5 years. This pre-defined pipeline lets the Trust follow a disciplined plan for growth, which could increase its asset base by almost 6 times its original size. This provides investors a rare mix of short-term yield and big long-term growth potential.

03

Inflation-hedged revenue model

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Pending legal rights to toll assets

At present, the Trust does not possess the legal rights for the 5 highway projects that the Trust intends to operate. Even though the NHAI has accepted the base offer of the concession fee of ₹9,500 crores, the agreements are yet to be finalised. Until the agreements are signed, the Trust cannot legally collect any revenue from the highway assets. The delay in the signing of the agreements may affect the IPO and the overall business plan of the Trust.

02

Competition from other transport infrastructure

Future infrastructural projects like high-speed rail and inland waterways may impact the traffic movement on the Trust’s road network. For example, the proposed Chennai-Hyderabad High-Speed Rail will be a 778 km stretch aiming at reducing the journey time from 12 hours to almost 3 hours. This may result in reduced traffic movement of passenger vehicles on stretches like the Chennai-Tada stretch. Further, the development of the 2,900 km National Waterway-4 will improve the transportation of bulk goods like coal and cement through river routes. This may result in reduced traffic movement of heavy trucks on the highway, thereby impacting the revenue generated from the toll collection of multi-axle and 3-axle vehicles.

Contact Details

Raajmarg Infra Investment Trust InvIT

G - 5 & 6, Sector 10 Dwarka New Delhi, New Delhi, 110075

250741001524
compliance@riimpl.in
https://www.raajmarginfratrust.in/

Registrar Contact Details

Kfin Technologies Ltd.

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

Raajmarg Infra Investment Trust InvIT IPO - FAQs

Raajmarg Infra 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 11 Mar, and closes on 13 Mar. Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.

IPO Timeline

  • Pre Apply2026-03-10
  • Bidding Starts2026-03-11
  • Bidding Ends2026-03-13
  • Allotment Finalisation2026-03-18
  • Release of Funds2026-03-20
  • Demat Transfer2026-03-23
  • Listing2026-03-24

NHAI fee rules have been framed based on the mechanism of changing the toll rates in such a way that the revenue model of the Trust remains protected from the vagaries of inflation. Every year, the toll rates increase by a fixed amount of 3% plus 40% of the change in the Wholesale Price Index (WPI).

04

Strong backing of NHAI

As the sponsor of NHAI, an autonomous organisation under the Ministry of Road Transport and Highways, the Trust benefits from an unusually high level of institutional support. This is highlighted by the commitment of NHAI to hold at least 15% of the units for a period of at least 3 years, an indicator of an unusually high level of alignment with public investors. The Trust benefits from an unusually low level of counterparty risk, coupled with an enviable level of competitive advantage in an environment that is both highly regulated.

03

Exposure to interest rates and debt

The Trust plans to raise up to ₹4,060 crore through bank loans, which means it will carry a significant amount of debt. With an estimated total valuation of around ₹9,298.7 crore and a weighted average cost of capital (WACC) of about 10.1%, any rise in market interest rates could increase financing costs. Meanwhile, toll rates are mainly regulated by government policy and are only partially adjusted based on changes in the Wholesale Price Index (WPI). As a result, the Trust may lack the flexibility to raise toll rates to cover higher interest expenses.

04

Traffic fluctuation and policy risks

Toll revenue relies fully on the number and type of vehicles using the roads, which can change due to economic conditions, government policies, or unexpected events. For example, toll collections were temporarily halted during the nationwide lockdown in 2020. Recently, new policies, like the introduction of an annual toll pass system starting August 15, 2025, which caps toll charges for certain vehicles, may lower the average revenue.