NHAI-Sponsored Raajmarg Infra InvIT Announces ₹6,000 Crore IPO; Bidding Opens Wednesday

Mumbai, March 9, 2026: Raajmarg Infra Investment Trust, an Infrastructure Investment Trust (InvIT) sponsored by the National Highways Authority of India (NHAI), has announced its plans to launch an initial public offering (IPO) of units this week. The issue, which includes a Sponsor Contribution, aims to aggregate up to INR 60,000.00 million (INR 6,000 crore). The trust has fixed a price band of INR 99 to INR 100 per unit, with the formal bidding process set to open on Wednesday, March 11, 2026. Anchor investors will have the opportunity to bid a day earlier, on Tuesday, March 10, while the general issue is scheduled to close on Friday, March 13, 2026, the company said in a press statement. 

Established to acquire, operate, and maintain road assets under the Toll Operate Transfer (TOT) model, Raajmarg Infra Investment Trust currently holds an initial portfolio of five toll roads spanning the states of Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka. The trust operates pursuant to concession agreements granted by the NHAI to the Project SPV. Investors looking to participate in the offering must bid for a minimum lot of 150 units, with subsequent bids allowed in multiples of 150 units, excluding those units earmarked for anchor and strategic investors.

The proceeds from the INR 6,000 crore issue are earmarked for specific strategic goals. According to the trust’s filing, the net proceeds will be utilized for “(i) Infusion of debt and equity into the Project SPV, which shall be utilized by the Project SPV for the payment of concession value of the InvIT Assets to NHAI and (ii) for General Purposes.” This capital infusion is a critical step in the NHAI’s broader strategy to monetize operational highway assets and recycle capital into new infrastructure projects across the country.

The units are slated for listing on both the National Stock Exchange of India Limited (NSE) and BSE Limited, with the NSE designated as the primary exchange for the issue. Both exchanges granted in-principle approval for the listing on February 13, 2026. The offering is being conducted through a book-building process in strict compliance with SEBI’s InvIT Regulations. Under this framework, not more than 75% of the net issue will be available for institutional investors, though the investment manager may allocate up to 60% of that portion to anchor investors on a discretionary basis. Conversely, “not less than 25.00% of the Net Issue (excluding the Strategic Investor Portion) shall be available for allocation on a proportionate basis to Non-Institutional Investors.”

To ensure a streamlined financial process, all bidders—excluding anchor and strategic investors—must use the Application Supported by Blocked Amount (ASBA) mechanism. For individual non-institutional investors bidding up to INR 0.50 million, the UPI mechanism is also available. Under these systems, bid amounts are blocked by Self Certified Syndicate Banks (SCSBs) until allotment is finalized. Notably, anchor investors are prohibited from using the ASBA process for their portion of the issue.

The institutional backbone of the trust includes the NHAI as the Sponsor, Raajmarg Infra Investment Managers Private Limited as the Investment Manager, and IDBI Trusteeship Services Limited acting as the Trustee. The high-profile offering is being managed by a consortium of book-running lead managers, including SBI Capital Markets Limited, Axis Capital Limited, ICICI Securities Limited, and Motilal Oswal Investment Advisors Limited.