Raajmarg Infra InvIT IPO Worth ₹6,000 Crore Opens March 11, Price Band ₹99-₹100 Per Unit

Mumbai: Raajmarg Infra Investment Trust (InvIT), sponsored by the National Highways Authority of India (NHAI), will open its initial public offering (IPO) on Wednesday, March 11, 2026. The issue aims to raise ₹6,000 crore through the sale of units. The IPO will remain open for subscription until Friday, March 13, 2026. The anchor investor bidding will take place a day earlier on Tuesday, March 10, 2026. The price band for the issue has been fixed at ₹99 to ₹100 per unit. Investors can place bids for a minimum of 150 units, and in multiples of 150 units thereafter. Purpose of the Issue The funds raised from the issue will mainly be used to infuse debt and equity into the project’s Special Purpose Vehicle (SPV). The SPV will use these funds to pay the concession value for highway assets to NHAI. A portion of the proceeds will also be used for general corporate purposes. Portfolio of Toll Road Assets Raajmarg Infra InvIT has been established to acquire, operate and maintain highway assets under concession agreements granted by NHAI. The InvIT plans to begin with a portfolio of five toll road projects located across Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka. These toll roads together cover about 260.198 kilometres and are part of India’s Golden Quadrilateral highway network. These projects operate under the Toll Operate Transfer (TOT) model, where the operator gets the right to collect toll revenue, operate and maintain the highways for a fixed concession period. Listing and Allocation Structure The units are proposed to be listed on both the National Stock Exchange (NSE) and BSE Limited. The exchanges have already granted in-principle approval for listing on February 13, 2026, with NSE acting as the designated stock exchange. Under the allocation structure, up to 75% of the issue will be reserved for institutional investors, while at least 25% will be allocated to non-institutional investors, subject to valid bids. Investors will need to apply through the ASBA process, while eligible non-institutional investors may also use the UPI bidding mechanism for smaller bids. Issue Management The IPO is being managed by SBI Capital Markets, Axis Capital, ICICI Securities and Motilal Oswal Investment Advisors, who are acting as the book running lead managers. The investment manager of the trust is Raajmarg Infra Investment Managers Private Limited, while IDBI Trusteeship Services Limited acts as the trustee.