Raajmarg Infra Investment Trust IPO

Raajmarg Infra Investment Trust is launching an IPO through the book-building route with a total issue size of ₹6,000 crore. The offering consists entirely of a fresh issue of 60 crore shares, with no offer-for-sale component.

The IPO will open for subscription on March 11, 2026, and close on March 13, 2026. The allotment of shares is expected to be finalised on March 18, 2026. Following the allotment process, the units are scheduled to be listed on both the BSE and NSE, with a tentative listing date of March 24, 2026.

The price band for the IPO has been fixed between ₹99 and ₹100 per share.

SBI Capital Markets Ltd is acting as the book running lead manager for the issue, while Kfin Technologies Ltd has been appointed as the registrar. Refer to Raajmarg Infra Investment Trust IPO RHP for complete details.

Raajmarg Infra Investment Trust IPO Objectives 

The company plans to utilise the Net Proceeds from the issue for the following purposes:

• Infusion of debt and equity into the Project SPV: ₹58,500.00 million, which will be utilised by the Project SPV to pay the concession value of the InvIT assets to the National Highways Authority of India (NHAI).
• For general purposes.

About Raajmarg Infra Investment Trust Limited 

Raajmarg Infra Investment Trust (the “Trust”) has been incorporated as an infrastructure investment trust and was registered with SEBI under the InvIT Regulations on December 22, 2025. The Trust has been set up with the objective of acquiring, operating and maintaining operational road infrastructure assets across India.

The Trust’s toll road portfolio includes the following stretches: Gorhar to Barwa Adda, Chilakaluripet – Vijayawada, Chennai Bypass, Chennai – Tada, and Nelamangala – Tumkur.

Raajmarg Infra Investment Trust is sponsored by the National Highways Authority of India (NHAI), which operates under the Ministry of Road Transport and Highways, Government of India.

The portfolio consists of five operational toll road assets developed under NHAI’s Toll Operate Transfer (TOT) model. These assets are spread across the states of Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka, and form part of the Golden Quadrilateral network. The total length of the road portfolio is approximately 260.198 km.

These assets are operated and maintained under concession agreements executed with NHAI. Under these agreements, the Project SPV holds exclusive rights to operate, manage, maintain and collect toll user fees on the respective road stretches from the appointed date, subject to the terms of the concession agreements.

Industry Outlook

1. Road InvIT assets under management (AUM) have grown significantly from ₹0.65 trillion in FY22 to ₹2.44 trillion in FY25, registering a CAGR of 55%. The AUM is expected to reach around ₹3.27 trillion by FY26, supported by NHAI’s strong asset monetisation pipeline and the transfer of mature operational toll road assets.
2. Funds raised through InvITs have increased sharply from ₹325.9 billion in FY20 to ₹1,879.4 billion in the first seven months of FY26. This reflects growing investor confidence, a supportive regulatory environment, and increasing acceptance of InvITs as a key infrastructure financing vehicle.
3. The government’s National Monetisation Pipeline 2 (NMP-2) targets ₹10 trillion in asset monetisation, with NHAI expected to contribute around ₹3.6 trillion. To support this, NHAI plans to launch an additional public InvIT, enabling greater retail investor participation in infrastructure assets.

How To Apply for the Raajmarg Infra Investment Trust IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Raajmarg Infra Investment Trust IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. 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 Raajmarg Infra Investment Trust IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

Contact Details of Raajmarg Infra Investment Trust Limited 

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

Phone: 2507 4100-1524

Email Id: compliance@riimpl.in

Raajmarg Infra Investment Trust IPO Reservation

Raajmarg Infra Investment Trust IPO Registrar and Lead Managers

Raajmarg Infra Investment Trust IPO Lead Managers

• SBI Capital Markets Ltd
• Axis Capital Ltd
• ICICI Securities Ltd
• Motilal Oswal Investment Advisors Ltd

Registrar for Raajmarg Infra Investment Trust IPO

Kfin Technologies Ltd

• Phone Number: 04067162222, 04079611000
• Email Address: riimpl.invit@kfintech.com

Strengths and Opportunities of Raajmarg Infra Investment Trust Limited

1. Operates in India’s rapidly growing infrastructure sector, supported by strong government policies and increasing budget allocations for road development.
2. Sponsored by the National Highways Authority of India (NHAI), which has extensive experience in developing, operating, and maintaining national highways.
3. Portfolio includes operational toll road assets that generate long-term and stable revenue through toll collection rights under concession agreements.
4. Assets are located across key economic corridors in Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, supporting steady traffic growth.
5. Part of the Golden Quadrilateral network, which connects major economic centres and ensures consistent passenger and commercial vehicle movement.
6. Strong growth potential through a pipeline of around 1,500 km of additional highway assets expected to be offered by the sponsor in the coming years.
7. Concession agreements provide rights to operate, maintain, and collect tolls for defined periods, offering predictable cash flow visibility.
8. Backed by an experienced management and investment team with expertise in infrastructure development, operations, and asset monetisation.

Risks and Threats of Raajmarg Infra Investment Trust Limited

1. The Trust is newly established with no operating history or historical financial performance, making it difficult for investors to evaluate its future prospects.
2. The Project SPV has not yet executed concession agreements for the InvIT assets with NHAI, creating uncertainty around the acquisition and operation of the toll roads.
3. Any delay or failure in securing concession rights from NHAI could impact the IPO process and the Trust’s ability to operate the proposed assets.
4. The Trust must comply with strict InvIT regulatory investment and borrowing limits, and any breach could lead to penalties, asset divestment, or potential delisting.
5. The ability of the Trust to make or maintain consistent distributions to unitholders depends on the financial performance and profitability of the Project SPV.
6. The Trust relies heavily on the Investment Manager, Project Manager, and Trustee, and poor performance by any of these entities may negatively impact operations and cash flows.
7. Limited liability clauses in agreements with the Investment Manager, Project Manager, and Trustee may restrict investors’ ability to recover claims.
8. The evolving regulatory framework for InvITs in India could affect investor participation, operational flexibility, and the Trust’s long-term financial performance.