The Raajmarg Infra Investment Trust InvIT IPO has drawn steady attention from investors as the subscription window reached its final stage. The public issue, backed by the National Highways Authority of India, is part of the broader effort to monetise operational highway assets through infrastructure investment trusts.
As the initial public offering progressed toward its closing day, subscription numbers crossed the offered size, reflecting active participation from institutional and non-institutional investors.
The Raajmarg Infra Investment Trust InvIT IPO is one of the significant infrastructure listings currently in focus in India’s primary market.
Market Performance: Raajmarg Infra Investment Trust InvIT IPO Subscription
The subscription window for the Raajmarg Infra Investment Trust InvIT IPO opened on March 11 and will close on March 13.
During the third day of the issue, the initial public offering recorded full subscription.
Key subscription details so far
- Total subscription: 1.05 times
- Non-institutional investors (NII) portion: 1.56 times subscribed
- Qualified institutional buyers (QIB) portion: 62% subscribed
The demand indicates steady interest across investor categories as the offering moves toward completion.
According to available data recorded at 11:29 IST, bids were received for:
- 22,30,37,100 units
Against the total offer of:
- 21,33,33,150 units
This pushed the overall subscription of the Raajmarg Infra Investment Trust InvIT IPO beyond the total number of units available.
Main News: Anchor Investors Commit ₹1,728 Crore Ahead of IPO
Before the public issue opened, the Raajmarg Infra Investment Trust had already secured strong institutional participation through its anchor book.
The trust raised ₹1,728 crore from anchor investors ahead of the initial public offering.
Important highlights from the anchor allocation:
- 17.28 crore units allotted to anchor investors
- Allocation price: ₹100 per unit
The anchor book included a wide mix of institutional investors such as:
- Pension funds
- Insurance companies
- Mutual funds
- Provident funds
- Alternative investment funds
Among the participating investors were major insurance companies, including:
- Life Insurance Corporation of India
- ICICI Prudential Life Insurance
- Kotak Mahindra Life Insurance
- Bajaj Life Insurance
- Axis Max Life Insurance
- Aditya Birla Sun Life Insurance
The participation of these institutions reflects the level of interest in the Raajmarg Infra Investment Trust InvIT IPO.
Key IPO Details Investors Are Tracking
The Raajmarg Infra Investment Trust InvIT IPO has been structured as a large infrastructure-focused public offering.
Key issue details
- Issue size: ₹6,000 crore
- Earlier proposed size: ₹5,700 crore
- Price band: ₹99 – ₹100 per unit
Investor allocation
- 75% reserved for Qualified Institutional Buyers (QIB)
- 25% reserved for Non-Institutional Investors (NII)
The public issue structure shows a strong institutional focus, with the majority of the units earmarked for large investors.
Listing Timeline for the InvIT IPO
Once the subscription window closes, the process moves toward allotment and listing.
Tentative timeline of the initial public offering:
- Basis of allotment expected: March 18
- Refund initiation: March 20
- Units credited to demat accounts: March 20
- Proposed listing date: March 24
The units of Raajmarg Infra Investment Trust are expected to list on both BSE Ltd and National Stock Exchange of India.
Company Details: Raajmarg Infra Investment Trust
The Raajmarg Infra Investment Trust is an infrastructure-focused investment trust created to manage and operate highway assets in India.
The trust received registration from the Securities and Exchange Board of India on December 22, 2025, under InvIT regulations.
The objective of the trust is to:
- Acquire operational highway assets
- Manage infrastructure projects
- Maintain road networks across India
The investment manager for the trust is Raajmarg Infra Investment Managers Pvt Ltd, which was established by the National Highways Authority of India.
The entity was created to manage the infrastructure investment trust and oversee its portfolio of highway assets.
Toll Road Portfolio and Infrastructure Assets
The trust’s portfolio includes operational toll road assets built under the Toll Operate Transfer (TOT) model introduced by the National Highways Authority of India.
These projects are located across multiple states in India.
Key toll road stretches include:
- Gorhar to Barwa Adda
- Chilakaluripet to Vijayawada
- Chennai Bypass
- Chennai to Tada
- Nelamangala to Tumkur
Together, these projects span approximately:
- 260.198 km of highway network
These roads are part of the Golden Quadrilateral highway network, which connects major economic corridors across the country.
The projects are spread across:
- Jharkhand
- Andhra Pradesh
- Tamil Nadu
- Karnataka
Institutional Support Behind the Investment Manager
The investment manager Raajmarg Infra Investment Managers Pvt Ltd has backing from several banks and financial institutions.
Institutions involved include:
- State Bank of India
- Punjab National Bank
- NaBFID
- Axis Bank
- Bajaj Finserv Ventures Ltd
- HDFC Bank
- ICICI Bank
- IDBI Bank
- IndusInd Bank
- Yes Bank
The participation of these institutions reflects the collaborative structure supporting the trust.
Summary
The Raajmarg Infra Investment Trust InvIT IPO has crossed full subscription with demand reaching 1.05 times the total units offered.
The initial public offering aims to raise ₹6,000 crore, with a price band set between ₹99 and ₹100 per unit. Ahead of the issue opening, the trust secured ₹1,728 crore from anchor investors, with 17.28 crore units allocated at ₹100 per unit.
The infrastructure investment trust is designed to manage operational highway assets developed under the Toll Operate Transfer (TOT) model of the National Highways Authority of India, covering around 260.198 km of road projects across several states in India.
With institutional participation and subscription crossing the offer size, the Raajmarg Infra Investment Trust InvIT IPO has become one of the key infrastructure listings currently progressing in India’s primary market.
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