Raajmarg Infra Investment Trust IPO...
05 Mar, 2026
Raajmarg Infra Investment Trust IPO
The IPO is a book-built issue for a total issue size of ₹6,000 crore, entirely a fresh issue of 60 crore shares. The company filed its DRHP document with SEBI on Jan 14, 2026. The price band and dates for subscription and listing of shares will be notified in due course by the company.
However, the IPO is expected to list its shares on the BSE and NSE platforms. The issue is being managed by SBI Capital Markets Ltd., Axis Capital Ltd., ICICI Securities Ltd., and Motilal Oswal Investment Advisors Ltd. as book-running lead managers for the issue. KFin Technologies Ltd. is the registrar for the issue.
Company Background
The trust was registered as an irrevocable trust under the Indian Trusts Act on November 24, 2025 and it was registered under SEBI InvIT on December 22, 2025. The trust was created by the NHAI in August 2025 to operate and maintain operational road infrastructure assets in India.
The company is currently managing toll road assets developed under the Toll Operate and Transfer (TOT) model, where they have conveyed the exclusive right to collect tolls to their Special Vehicle (SPV). The office of the company is located in Dwarka, New Delhi and its geographical presence includes important areas of Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka.
Operations & Product Range
The activities of Raajmarg Infra Investment Trust Ltd. are centered on the seamless management, maintenance and toll collection of major national highway stretches. The key products of the trust are its 5 operational toll road assets: Gorhar to Barwa Adda, Chilakaluripet to Vijayawada, Chennai Bypass, Chennai to Tada and Nelamangala to Tumkur. These transport infrastructures solutions cater directly to daily commuters, commercial freight operators and logistics companies moving goods across the country's essential economic arteries.
Facilities & Capacity
The operational locations of the trust are embedded in its physical highway assets in 4 different states. The current capacity of the trust is based on an aggregate length of approximately 260.198 kilometers of developed toll roads that form a crucial part of the Golden Quadrilateral. Going forward, the trust has substantial growth visibility in terms of a pipeline of future assets that can be acquired from NHAI.
Brands & Market Presence
With a strong backing from NHAI, Raajmarg Infra Investment Trust Ltd. enjoys a strong brand identity related to national infrastructure development. The market presence is local in terms of exclusive concentration within India and is focused solely on the Indian transport sector. There is no export component in their business. The assets are known for their strategic location in some of the busiest and most economically important transport corridors in India.
Revenue Streams & Business Model
The primary source of revenue for the trust is the collection of toll user fees from vehicles using its managed highway stretches. The business model is based on concession agreements entered into with NHAI, giving the project SPV exclusive rights to operate and collect tolls for a specific period. The revenue streams are diversified in terms of geography for the toll plazas located in Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka. All revenue is generated within the domestic market.
Management & Shareholding
The trust is sponsored by the National Highways Authority of India (NHAI), which is an autonomous authority under the Ministry of Road Transport and Highways, Government of India. Before the IPO, the majority of ownership was in the hands of promoters and NHAI, but after the IPO, the ownership will be diluted as NHAI has to hold at least 15% of the total outstanding units of the trust.
Board & Key Management
As an infrastructure investment trust, governance is led by its trust’s investment manager, Raajmarg Infra Investment Managers Pvt. Ltd. (RIIMPL), a collaborative venture featuring equity participation from leading Indian banks and financial institutions. The management team at RIIMPL comprises qualified professionals with over two decades (20+ years) of experience in the roads and highways sector, including compliance officer Gunjan Rajpal.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Raajmarg Infra Investment Trust IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Raajmarg Infra Investment Trust IPO Details
| Detail | Description |
|---|---|
| IPO Date | 11 to 13 Mar, 2026 |
| Listing Date | Tue, Mar 24, 2026 |
| Face Value | - |
| Issue Price Band | - |
| Lot Size | - |
| Sale Type | Fresh capital only |
| Total Issue Size | 60,00,00,000 shares (agg. up to ₹6,000 Cr) |
| Reserved for Market Maker | - |
| Fresh Issue(Ex Market Maker) | - |
| Offer for Sale | - |
| Net Offered to Public | - |
| Issue Type | Bookbuilding InvIT |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | - |
| Share Holding Post Issue | - |
Raajmarg Infra Investment Trust IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wed, Mar 11, 2026 |
| IPO Close Date | Fri, Mar 13, 2026 |
| Tentative Allotment | Wed, Mar 18, 2026 |
| Initiation of Refunds | Fri, Mar 20, 2026 |
| Credit of Shares to Demat | Mon, Mar 23, 2026 |
| Tentative Listing Date | Tue, Mar 24, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Raajmarg Infra Investment Trust IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | - | - | - |
| Individual investors (Retail) (Max) | - | - | - |
| S-HNI (Min) | - | - | - |
| S-HNI (Max) | - | - | - |
| B-HNI (Min) | - | - | - |
Raajmarg Infra Investment Trust IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| Promoter Holding Pre Issue | - |
| Promoter Holding Post Issue | - |
Competitive Strength:
- • NHAI has a proven track record of growth and expertise in operating and maintaining road assets in India.
- • The asset base consists of diverse, long-term toll roads across states.
- • Key economic corridors, locations for toll roads and the Golden Quadrilateral provide a stable traffic base and cash flows.
Raajmarg Infra Investment Trust IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| - | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | - |
| ROCE | - |
| Debt/Equity | - |
| RoNW | - |
| PAT Margin | - |
| EBITDA Margin | - |
| Price to Book Value | - |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | ||
| P/E (x) |
IPO Objectives
The company intends to utilize the proceeds from the Raajmarg Infra Investment Trust IPO for strategic purposes:
- • Funding the capital expenditure of the project SPV
- • Funding the general corporate purposes
Conclusion
The Raajmarg Infra Investment Trust IPO provides a planned opportunity to invest in a growing highway network in India with a sovereign-linked sponsor. With a diversified portfolio of operating toll roads on key economic routes, it has laid a strong base for earning a steady toll stream. The major objective of this particular issue is to concentrate on efficient asset management, toll optimization and leveraging the opportunity of upcoming infrastructure assets to deliver execution excellence in the infrastructure sector.
RHP:
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Frequently Asked Questions (FAQs)
-
What is the total issue size of the Raajmarg Infra Investment Trust IPO?
The total issue size is a fresh issue of shares worth up to ₹6,000 Cr.
-
What is the price band for the Raajmarg Infra Investment Trust IPO?
The price band of this issue is set between ₹99 and ₹100 per share.
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When will the Raajmarg Infra Investment Trust IPO open for subscription?
The subscription will be open from March 11 to 13, 2026.
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Who is the sponsor of the Raajmarg Infra Investment Trust Ltd.?
The trust is sponsored by the National Highways Authority of India (NHAI).
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Where are the toll road assets of the Raajmarg Infra Investment Trust Ltd. located?
The operational assets are located in the states of Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka.
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Who are the lead managers for the Raajmarg Infra Investment Trust IPO?
The book-running lead managers (BRLMs) are SBI Capital Markets Ltd., Axis Capital Ltd., ICICI Securities Ltd. and Motilal Oswal Investment Advisors Ltd.
