Anantam Highways Trust has launched its initial public offering through a book-built issue worth ₹400.00 crore. The offering consists entirely of a fresh issue of 4.00 crore equity shares, with the price band fixed between ₹98.00 and ₹100.00 per share.
The IPO opens for subscription on October 7, 2025 and will close on October 9, 2025. The allotment of shares is expected to be finalised on October 14, 2025, with a tentative listing date on BSE and NSE set for October 17, 2025.
Investors can participate in this IPO by applying within the specified price band during the subscription period. The issue is managed by Nuvama Wealth Management Limited, which serves as the book running lead manager, while Kfin Technologies Limited acts as the registrar of the issue.
This IPO provides an opportunity for investors to subscribe to a fresh issue of a significant infrastructure investment trust focused on highways. The entire process, from subscription to listing, is structured to allow market participants to acquire shares at the specified price range.
Refer to the Anantam Highways InvIT IPO RHP for detailed information.
Anantam Highways InvIT IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The IPO proceeds will primarily be used to provide loans to the Project SPVs for repayment or prepayment of their existing debt, including any accrued interest, amounting to ₹3,760 million.
- Remaining funds are intended for general corporate purposes, which will be specified in the final offer document.
About Anantam Highways Trust
Anantam Highways Trust is an Indian infrastructure investment trust focused on road infrastructure assets. The Trust was established by Alpha Alternatives Fund Advisors LLP, the sponsor, on July 24, 2024 and registered with SEBI on August 19, 2024 as an InvIT under the InvIT Regulations.
The sponsor is a multi-asset, multi-strategy asset management entity that creates investment solutions across various asset classes, including infrastructure, credit, real estate, equities, commodities, and fixed income.
The Trust’s initial portfolio includes seven Project SPVs, collectively covering 271.65 km (1,086.60 lane km) across five states and one union territory in India. These projects will be wholly held, directly or indirectly, by the Trust, subject to regulatory approvals.
The Projects consist of national highways operated on a Hybrid Annuity Mode (HAM), which provides a mix of EPC and annuity-based revenue. This model reduces financial risk during construction and ensures predictable revenue through annuity payments, interest on the balance of completion costs, and O&M payments linked to inflation.
The seven Projects include Dhrol Bhadra Highways, Dodaballapur Hoskote, Repallewada, Viluppuram, Narenpur Purnea, Bangalore Malur, and Malur Bangarpet Highways. They are located in Gujarat, Karnataka, Telangana, Tamil Nadu, Bihar, and Puducherry.
The combined revenue of the Project SPVs for the three months ended June 30, 2025 was ₹2,020.36 million, while fiscal revenues for 2025, 2024, and 2023 were ₹9,265.46 million, ₹25,256.92 million, and ₹25,902.24 million, respectively.
The Trust focuses on acquiring projects with stable, annuity-based cash flows, reducing exposure to traffic-related revenue fluctuations while supporting infrastructure growth across India.
Industry Outlook
- India’s GDP is projected to grow 6.5% in fiscal 2025, following a strong 8.2% growth in fiscal 2024, supported by private consumption, exports, and government spending. Services and industrial sectors remain key drivers, while agriculture provides stability.
- Despite global slowdown and trade uncertainties, India’s economy is expected to remain resilient, with steady rural consumption and industrial growth maintaining demand for infrastructure and transport projects.
- The stable economic growth and increasing industrial and services activity are likely to support road traffic volumes and toll-based revenues, directly benefiting Anantam Highways Trust’s Hybrid Annuity Mode (HAM) projects.
How To Apply for the Anantam Highways InvIT IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Anantam Highways InvIT IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Anantam Highways InvIT IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Anantam Highways Trust
Registered office: 33rd Floor, Sunshine Tower, Senapati Bapat Marg
Dadar West, Mumbai, Maharashtra, 400013
Phone: : +022 6145 8900
E-mail: anantam.cs@alt-alpha.com
Anantam Highways InvIT IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares Offered |
Not more than 75% of the Issue Size |
|
NII Shares Offered |
Not less than 25% of the Issue Size |
Anantam Highways InvIT IPO Prospectus
Anantam Highways InvIT IPO Registrar and Lead Managers
Anantam Highways InvIT IPO Lead Managers
- Nuvama Wealth Management Limited
Registrar for Anantam Highways InvIT IPO
Kfin Technologies Limited
- Contact Number: 04067162222, 04079611000
- Email Address: invitipo@kfintech.com
- Anantam Highways InvIT IPO Registrar: https://ipostatus.kfintech.com/
Financial Performance of Anantam Highways Trust
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 |
|---|---|---|
| Total Income (in ₹ million) | 9,423.64 | 25,270.45 |
| Profit/loss After Tax (in ₹ million) | 4,106.23 | (1,600.50) |
| Total Assets (in ₹ million) | 41,519.17 | 35,302.31 |
| Total Equity (in ₹ million) | 4,135.91 | 503.10 |
| Total Liabilities (in ₹ million) | 37,383.27 | 34,799.21 |
Know before investing
Strengths
5Road sector capex grew at 14% CAGR between FY2018 and FY2023.
Budget allocation for road transport doubled from ₹1,280 bn in FY2019 to ₹2,2640 bn in FY2024.
The trust holds seven projects with over 1,086.60 lane km across six regions.
Concession agreements ensure stable cash flows with 12–13 years residual life.
The HAM model reduces equity contribution to ~15% compared to ~25% in BOT.
Risks
5Newly formed Trust (July 24, 2024) with no operating history.
Acquisition of seven Project SPVs subject to pending conditions precedent.
NHAI approvals needed for ownership change and refinancing of SPVs.
Acquisitions from Alpha Entities and DBL may bring contractual risks.
Project SPVs may face penalties or claims from concession authorities.
