Raajmarg Infra InvIT IPO will open for subscription on March 11, 2026 and close on March 13, 2026. The infrastructure investment trust plans to raise approximately ₹6,000 crores through a book build issue. The IPO consists of a fresh issue of ₹6,000 crores with a face value of ₹10 per unit.
The price band for the issue is fixed at ₹99 to ₹100 per unit. The investor allocation includes 75% for Qualified Institutional Buyers (QIB) and 25% for Non-Institutional Investors (HNI/NII). There is no retail investor quota in this InvIT issue. The allotment is expected to be finalized on March 18, 2026 and the units are scheduled to list on BSE and NSE on March 24, 2026.
Contents
Raajmarg Infra InvIT IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | March 11, 2026 |
| IPO Close Date | March 13, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹99 to ₹100 Per Share |
| Issue Size | Approx ₹6,000 Crores |
| Fresh Issue | Approx ₹6,000 Crores |
| Issue Type | Book build Issue |
| IPO Listing | BSE, NSE |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Rajputana Stainless IPO
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Exchange: NSE BSE
Raajmarg Infra InvIT IPO Review
Raajmarg Infra Investment Trust operates in the infrastructure investment trust segment, which focuses on owning and managing operational infrastructure assets. The trust is sponsored by the National Highways Authority of India and aims to hold and operate revenue-generating toll road assets across India.
InvIT structures generally offer investors exposure to long-term infrastructure projects with potential steady cash flow through toll collections. However, investors should note that InvITs are structured differently from traditional equity IPOs and their returns largely depend on traffic volumes, toll revenues, and asset performance.
Since this issue does not offer a retail investor quota and the financial track record details are limited, investors should carefully evaluate the asset portfolio and yield expectations before making an investment decision.
Raajmarg Infra InvIT IPO Market Lot
The minimum market lot for Raajmarg Infra InvIT IPO is 150 shares with an application amount of ₹15,000.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 150 | ₹15,000 |
| Retail Maximum | – | – | ₹- |
| S-HNI Minimum | – | – | ₹- |
| S-HNI Maximum | – | – | ₹- |
| B-HNI Minimum | – | – | ₹- |
IPO Reservation
| Investor Category | Share Offered | Shares (%) |
|---|---|---|
| Anchor Investor | 17,28,00,000 Shares | 33.74% |
| QIB (Ex. Anchor) | 11,63,63,400 Shares | 22.72% |
| NII Shares Offered | 9,69,69,750 Shares | 18.93% |
| Retail Shares Offered | – Shares | -% |
| Strategic Investor Shares Offered | 12,60,00,000 Shares | 24.60% |
Raajmarg Infra InvIT IPO Anchor Investors
| Particular | Details |
|---|---|
| Anchor Bidding Date | March 10, 2026 |
| Anchor Investors List | View PDF |
| Shares Offered | 17,28,00,000 Shares |
| Anchor Size | ₹1,728.00 Cr. |
| Lock-in Period End Date (50% Shares – 30 Days) | April 17, 2026 |
Raajmarg Infra InvIT IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | March 11, 2026 |
| IPO Close Date | March 13, 2026 |
| Basis of Allotment | March 18, 2026 |
| Refunds | March 20, 2026 |
| Credit to Demat Account | March 20, 2026 |
| IPO Listing Date | March 24, 2026 |
| IPO Bidding Cut-off Time | March 13, 2026 – 5 PM |
Promoters and Holding Pattern
Promoter details are yet to be updated.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | – | -% |
| Promoter Holding Post Issue | – | -% |
Objects of the Issue
The proceeds from the IPO will primarily be used to fund the infrastructure assets under the InvIT structure. Around ₹5,850 crores will be infused as debt and equity into the project special purpose vehicle (SPV). The SPV will utilize these funds to pay the concession value of the InvIT assets to the National Highways Authority of India (NHAI).
This funding structure allows the trust to acquire and operate the toll road projects while generating revenue through toll collections over the concession period. The remaining funds will be used for general purposes associated with the InvIT operations.
About Raajmarg Infra InvIT
Raajmarg Infra Investment Trust is a SEBI-registered infrastructure investment trust established to acquire, operate, and manage revenue-generating road infrastructure assets in India. The trust is sponsored by the National Highways Authority of India (NHAI), which operates under the Ministry of Road Transport and Highways, Government of India.
The trust’s toll road portfolio includes several operational highway stretches such as Gorhar–Barwa Adda, Chilakaluripet–Vijayawada, Chennai Bypass, Chennai–Tada, and Nelamangala–Tumkur. These assets are important transportation corridors that generate revenue through toll collections.
The InvIT plans to manage five operational toll road projects located across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, covering a combined length of around 260 kilometres. The trust is managed by professionals with over two decades of experience in the road and highways sector.
Business Analysis and Financial Health
Raajmarg Infra Investment Trust operates under the InvIT framework, which allows investors to participate in operational infrastructure assets that generate stable cash flows. The trust focuses on toll road assets transferred from the National Highways Authority of India, ensuring long-term infrastructure exposure backed by government-linked assets.
These roads are critical transport corridors with established traffic demand. InvITs typically distribute a significant portion of their income to investors, making them suitable for income-focused investors. However, returns depend on toll traffic growth, concession agreements, and asset management efficiency.
While the trust benefits from NHAI sponsorship and operational assets, detailed financial performance data is currently limited. Investors should analyze yield expectations, concession duration, and asset quality before considering participation in the InvIT offering.
Raajmarg Infra InvIT IPO Company Financial Report
Amount ₹ in Crores
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | ₹- | ₹- | ₹- | ₹- |
| 2024 | ₹- | ₹- | ₹- | ₹- |
| 2025 | ₹- | ₹- | ₹- | ₹- |
Raajmarg Infra InvIT IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE | -% |
| ROCE | -% |
| EBITDA Margin | -% |
| PAT Margin | -% |
| Debt to Equity Ratio | – |
| Earning Per Share (EPS) | ₹- |
| Price/Earning P/E Ratio | N/A |
| Return on Net Worth (RoNW) | -% |
| Net Asset Value (NAV) | ₹- |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| Cube Highways Trust | – | – | -% | 142.70 | – Cr |
| Vertis Infrastructure Trust | – | – | -% | 103.35 | – Cr |
| Interise Trust | – | – | -% | 104.18 | – Cr |
| National Highways Infra Trust | – | – | -% | 145.80 | – Cr |
| IRB Invit Fund | – | – | -% | 79.50 | – Cr |
IPO Lead Managers aka Merchant Bankers
| Lead Managers |
|---|
| SBI Capital Markets Ltd. |
| Axis Capital Ltd. |
| ICICI Securities Ltd. |
| Motilal Oswal Investment Advisors Ltd. |
Company Address
| Particular | Details |
|---|---|
| Company Name | Raajmarg Infra Investment Trust |
| Address | G – 5 & 6, Sector 10, Dwarka, New Delhi – 110075 |
| Phone | 2507 4100-1524 |
| compliance@riimpl.in | |
| Website | https://www.raajmarginfratrust.in |
IPO Registrar
| Particular | Details |
|---|---|
| Registrar | Kfin Technologies Ltd. |
| Phone | 04067162222, 04079611000 |
| riimpl.invit@kfintech.com | |
| Website | https://ipostatus.kfintech.com |
Raajmarg Infra InvIT IPO FAQs
What is Raajmarg Infra InvIT IPO?
Raajmarg Infra InvIT IPO is a mainboard infrastructure investment trust offering through which the trust aims to raise around ₹6,000 crores. The issue price band is ₹99 to ₹100 per unit.
When will Raajmarg Infra InvIT IPO open for subscription?
The IPO will open on March 11, 2026 and close on March 13, 2026.
What is the investor allocation in Raajmarg Infra InvIT IPO?
The allocation is 75% for QIB investors and 25% for Non-Institutional Investors. There is no retail investor quota in this issue.
How can investors apply for Raajmarg Infra InvIT IPO?
Investors can apply through the ASBA facility via their bank accounts or through UPI using stock brokers. Offline applications through brokers are also available.
What is the issue size of Raajmarg Infra InvIT IPO?
The total issue size is approximately ₹6,000 crores.
What is the price band of Raajmarg Infra InvIT IPO?
The IPO price band is ₹99 to ₹100 per unit.
What is the minimum lot size for Raajmarg Infra InvIT IPO?
The minimum bid size is 150 units with an investment amount of ₹15,000.
When will the Raajmarg Infra InvIT IPO allotment be finalized?
The allotment is expected to be finalized on March 18, 2026.
When will Raajmarg Infra InvIT IPO list on the stock exchange?
The InvIT units are expected to list on BSE and NSE on March 24, 2026.
Expert Comment
Raajmarg Infra Investment Trust offers exposure to operational toll road assets backed by the National Highways Authority of India. Infrastructure InvITs typically provide long-term income opportunities through stable infrastructure assets with predictable cash flows.
However, this issue is structured primarily for institutional participation with no retail allocation. Investors should carefully evaluate the toll asset portfolio, concession tenure, and expected distribution yield before investing.
For institutional investors seeking infrastructure-backed income assets, this InvIT could provide diversification, but long-term performance will depend on traffic growth and efficient asset management.
