NHAI’s infrastructure investment trust eyes $656 million amid mixed listing market

The National Highways Authority of India’s infrastructure investment trust is preparing to list its units through an initial public offering that may fetch as much as 60 billion rupees ($656 million), testing the strength of the nation’s market for new listings after some lukewarm debuts recently. Raajmarg Infra Investment Trust has set a price range of 99 rupees to 100 rupees a unit for the IPO, according to an advertisement. The company plans to take bids from anchor investors on March 10, and receive orders from the broader public from March 11 to March 13. The trust proposes to have an initial portfolio of five toll rodes in the states of Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka, spanning more than 260 kilometers (162 miles), the company’s offering document showed. Indian IPOs have seen subdued demand this year following two consecutive years of record first-time share sales. Shares of companies that went public in the country so far this year saw a weighted-average decline of 0.7% since their listings, according to data compiled by Bloomberg. The shares of Clean Max Enviro Energy Solutions Ltd. tumbled 18% on Monday, their first day of trading after a $341 million IPO. SBI Capital Markets Ltd., Axis Bank Ltd., ICICI Securities Ltd. and Motilal Oswal Investment Advisors Ltd. are advising on the Raajmarg offering. This report is auto-generated from Bloomberg news service. ThePrint holds no responsibility for its content. Also Read: charcha 2025 is building India’s next infrastructure: the capacity to work together Support Our Journalism India needs fair, non-hyphenated and questioning journalism, packed with on-ground reporting. ThePrint – with exceptional reporters, columnists and editors – is doing just that. Sustaining this needs support from wonderful readers like you. Whether you live in India or overseas, you can take a paid subscription by clicking here. Support Our Journalism