Raajmarg InvIT IPO: Check issue details, bidding details, anchor book, GMP & expert views

The initial public offering (IPO) of Raajmarg Infra Investment Trust (InvIT) opens for bidding on Wednesday, March 11. The Ministry of Road Transport and Highways entity shall be offering its units in the price band of Rs 99-100 apiece to raise a total of Rs 6,000 crore. The issue will close for subscription on Friday, March 13.

Raajmarg Infra Investment Trust IPO is entirely a fresh issue of 60,00,00,000 units amounting to Rs 6,000 crore. Ahead of its issue, Raajmarg InvIT raised a total of Rs 1,728 crore from 73 anchor investors including multiple domestic insurance players, mutual funds and public & private pension funds.

Incorporated as an infrastructure investment trust, Raajmarg Infra Investment Trust is a registered with SEBI under the InvIT Regulations on December 22, 2025, sponsored by the National Highways Authority of India (NHAI). It has been established to acquire, operate, and maintain operational road infrastructure assets in India.

On the Financial front, the InvIT is expected to generate steady operating cash flows driven by toll collections, with projected revenue and operating cash flows increasing post commencement of operations as traffic volumes expand and operational efficiencies improve, said BP Equities

"The InvIT appears well-positioned to benefit from India’s long-term infrastructure growth story, supported by strategic asset locations, predictable concession-based revenue streams, and strong government-backed sponsorship. We, thus, recommend a 'subscribe' rating for this issue," it added.

Net proceeds from the issue, amounting to Rs 5,850 crore, shall be utilized towards 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 rest for general corporate purposes.

The primary 'product' of the InvI is operational toll road projects. It acquires highways and earns revenue through toll collection rights under concession agreements. It earns revenue through toll user fees collected from vehicles using these highways, said Kunwarji Wealth Solutions.

"Apart from toll collection, the trust is responsible for Highway maintenance and repairs, Traffic management and safety systems, toll plaza management and technology systems. We recommend to subscribe for this InvIT for the view of long term investment", it said.

It has reserved 75 per cent of the units for qualified institutional bidders (QIBs), while remaining 25 per cent units are earmarked for strategic investors. Investors need to apply for a minimum of 150 units valued at Rs 14,850-15,000 at the lower and upper end of the price band respectively. Also, there is not much actively in the grey market for the issue.

Raajmarg InvIT benefits from India’s structured highway asset monetization ecosystem, where mature and revenue-generating road projects are transferred to InvIT platforms for long-term management and capital recycling. With operational highways forming the core of its portfolio, the trust aims to generate stable cash flows supported by traffic movement, periodic toll rate revisions, and long concession agreements, said Ventura.

Ventura has cited an operational toll road portfolio with stable annuity-like cash flows, sponsor-backed infrastructure platform with experienced project management. and long-term concession assets providing predictable revenue visibility as key strength, while it sees high leverage typical to infrastructure and InvIT structures and regulatory & concession agreement related policy risks as key concerns. It has not rated the issue.

SBI Capital Markets,  Axis Capital, ICICI Securities and Motilal Oswal Investment Advisors are the book running lead managers of the Raajmarg InvIT and Kfin Technologies. is the registrar of the issue. Units of the issue shall be listed on both BSE and NSE on Tuesday, March 24.