Raajmarg Infra InvIT IPO
Raajmarg Infra Investment Trust IPO was a ₹6,000 crore Mainboard book-built issue comprising entirely of a fresh issue of 60 crore units. The price band was fixed at ₹99 to ₹100 per unit, with a minimum lot size of 150 units. The IPO opened on March 11, 2
Raajmarg Infra InvIT IPO Details
The Raajmarg Infra InvIT IPO is a 6,000.00 of 60,00,00,000 . It opens on Mar 11, 2026 and closes on Mar 13, 2026, with a price band of ₹99–₹100 per share. The minimum lot is 150 shares, a minimum retail investment of ₹15,000. Shares are proposed to list on BSE, NSE on Mar 24, 2026.
Raajmarg Infra InvIT IPO Timeline (Tentative)
The Raajmarg Infra Investment Trust IPO timeline covers the opening and closing of the issue, basis of allotment, refund initiation, credit of units to Demat accounts, and listing. The IPO opened on March 11, 2026, and closed on March 13, 2026. The units were listed on the BSE and NSE on March 24, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Wed, Mar 11, 2026 |
| IPO Close Date | Fri, Mar 13, 2026 |
| Basis of Allotment | Wed, Mar 18, 2026 |
| Initiation of Refunds | Fri, Mar 20, 2026 |
| Credit of Shares to Demat | Mon, Mar 23, 2026 |
| Listing Date | Tue, Mar 24, 2026 |
| IPO Opens | March 11, 2026 |
| IPO Closes | March 13, 2026 |
| Basis of Allotment | March 18, 2026 |
| Initiation of Refunds / Unblocking | March 20, 2026 |
| Units Credited to Demat Accounts | March 20, 2026 |
| IPO Listing Date | March 24, 2026 |
Raajmarg Infra InvIT IPO Lot Size
The Raajmarg Infra InvIT IPO lot size was fixed at 150 units. At the upper price band of ₹100 per unit, the minimum investment required was ₹15,000.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 150 | 15,000 |
| Retail (Max) | 13 | 1,950 | 1,95,000 |
| S-HNI (Min) | 14 | 2,100 | 2,10,000 |
| S-HNI (Max) | 66 | 9,900 | 9,90,000 |
| B-HNI (Min) | 67 | 10,050 | 10,05,000 |
Raajmarg Infra InvIT IPO Subscription
The Raajmarg Infra Investment Trust IPO received an overall subscription of 7.49 times by the close of bidding on March 13, 2026. The issue was divided between Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs), with no retail quota.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| Retail | N/A |
| Total | 7.49x |
About Raajmarg Infra InvIT
Incorporated as an infrastructure investment trust, Raajmarg Infra Investment Trust (“Trust”) is a registered with SEBI under the InvIT Regulations on December 22, 2025. The Trust has been established to acquire, operate, and maintain operational road infrastructure assets in India.
The toll road portfolio comprises the stretches:
- Gorhar to Barwa Adda
- Chilakaluripet – Vijayawada
- Chennai Bypass
- Chennai – Tada
- Nelamangala – Tumkur
The Trust is sponsored by the National Highways Authority of India (NHAI), under the Ministry of Road Transport and Highways, Government of India.
Its Toll road portfolio comprises five operational toll road assets developed under NHAI’s Toll Operate Transfer (TOT) model. These assets are located across the states of Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka, forming part of the Golden Quadrilateral network, with an aggregate length of approximately 260.198 km.
These road assets are operated and maintained pursuant to concession agreements executed with NHAI. The Project SPV holds the exclusive right to operate, manage, maintain, and collect toll user fees on the respective stretches from the appointed date, subject to concession terms.
Competitive Strengths
- Attractive industry sector with strong underlying fundamentals and favourable government policies
- Experienced Sponsor with consistent track record in operating and maintaining projects in the roads and highways sector in India
- Sizeable portfolio of diversified long-term revenue generating Toll Road assets
- Portfolio of strategically located assets catering to key economic corridors of the country
- Significant growth visibility through a defined pipeline of future assets
- Concession Agreement terms with low counterparty risk
- Experienced management team with industry experience
Strengths
- Strong government-backed sponsor: Raajmarg Infra Investment Trust is sponsored by NHAI, providing strong institutional backing and credibility.
- Operational highway assets: The initial portfolio consists of five operational highway assets, reducing construction and project-development risk compared with greenfield road projects.
- Diversified road portfolio: The assets cover around 260 km across four states, providing exposure to multiple highway corridors.
- Visibility of toll-based cash flows: The InvIT generates revenue from operational toll-road assets, giving investors exposure to infrastructure-linked cash flows.
- Potential portfolio expansion: NHAI has indicated plans to add further road assets to Raajmarg InvIT, creating potential for long-term portfolio growth.
- Inflation-linked toll revisions: Toll rates generally have an inflation-linked component, which can support revenue growth over the long term.
Risks to Consider
- Traffic volume risk: Toll collections depend heavily on traffic volumes. Lower-than-expected traffic can negatively affect revenue and distributions.
- New InvIT operating-history risk: Raajmarg InvIT is a newly established public InvIT, so investors have limited historical performance available for evaluating its long-term track record.
- Concentration in highway assets: The initial portfolio consists of only five road assets, so operational issues affecting individual projects could have a meaningful impact on overall performance.
- Long-term concession risk: The cash flows depend on the continued operation of the underlying highway concessions and compliance with applicable concession agreements.
- Regulatory risk: Changes in toll regulations, government policies, concession terms or infrastructure regulations could affect the Trust's cash flows.
- Interest-rate and financing risk: Changes in interest rates and financing costs can affect the Trust's debt-servicing requirements and distributions to unitholders.
- Expansion execution risk: Future growth through additional road assets depends on successful acquisition, integration and operation of those assets.
- Distribution is not guaranteed: Although InvITs are designed to distribute cash flows to unitholders, the actual distribution can vary depending on the cash generated by the underlying assets.
Objects of the Issue
Raajmarg Infra Investment Trust's IPO was a fresh issue of units. The principal objective was to raise funds for the acquisition and development of its highway assets under the Toll-Operate-Transfer (TOT) model.
- The net proceeds from the issue were primarily proposed to be utilised for:
- Infusion of debt and equity into the Project SPV for payment of the concession value of the InvIT assets to NHAI under the TOT model.
- Issue-related expenses and other permitted purposes, as specified in the Offer Document.
- Approximately ₹5,850 crore was proposed for infusion into the Project SPV for payment of the concession value.
Promoters, Lead Managers & Registrar
Raajmarg Infra Investment Trust is sponsored by the National Highways Authority of India (NHAI). The Trust's investment manager is Raajmarg Infra Investment Managers Private Limited, while IDBI Trusteeship Services Limited acts as the trustee. The sponsor was required to maintain at least 15% of the post-issue unit capital in accordance with the InvIT Regulations.
Promoters
Lead Managers (BRLM)
Raajmarg Infra InvIT IPO Review
Raajmarg Infra Investment Trust provides investors with exposure to operational highway assets through an InvIT structure. Its key strength is the backing of NHAI, together with a portfolio of operational road assets and a business model based on toll collections.
The Trust is different from a conventional operating-company IPO because investors are buying units in an infrastructure investment trust. Therefore, toll collections, traffic growth, operating costs, debt, cash flows and distributions to unitholders are important factors to monitor.
The major risks include dependence on traffic volumes, toll collections, the long-term performance of the underlying highway assets, financing requirements and the regulatory environment. Investors should also understand that InvIT returns are not guaranteed and can vary according to the cash flows generated by the underlying assets.
How to Apply
Through UPI
- Log in to your registered stockbroker's app or website.
- Go to the IPO section and select Raajmarg Infra Investment Trust IPO.
- Enter the required number of units/lots.
- Enter your UPI ID linked to your bank account.
- Submit the IPO application.
- Open your UPI application and approve the UPI mandate request.
- The application amount will be blocked in your bank account.
- If units are allotted, the required amount will be debited.
- If units are not allotted, the blocked amount will be released.
For UPI applications, SEBI requires the UPI ID and bank account to belong to the investor; third-party UPI IDs or bank accounts are not considered for allotment.
Last updated Aug 11, 2026.