India’s road infrastructure sector has experienced strong growth over the past decade, driven by increasing government investment in highways and transportation networks. Programs such as the National Infrastructure Pipeline and initiatives by the Ministry of Road Transport and Highways have accelerated the development of high quality road infrastructure across the country.
Infrastructure Investment Trusts (InvITs) have emerged as an important investment vehicle that allows investors to participate in income generating infrastructure assets. InvITs enable investors to gain exposure to infrastructure projects such as roads, power transmission assets and renewable energy facilities while receiving potential income through distributions.
Against this backdrop, Raajmarg Infra Investment Trust is set to open its IPO on March 11, 2026. Here is a detailed insight into Raajmarg Infra Investment Trust, its IPO, and the industry outlook.
About Raajmarg Infra Investment Trust
Raajmarg Infra Investment Trust was incorporated as an Infrastructure Investment Trust (InvIT) and registered with SEBI under the InvIT Regulations on December 22, 2025.
The trust has been established to acquire, operate and maintain operational road infrastructure assets in India.
The trust is sponsored by the National Highways Authority of India (NHAI) under the Ministry of Road Transport and Highways, Government of India.
The InvIT’s toll road portfolio includes five operational toll road stretches:
• Gorhar to Barwa Adda
• Chilakaluripet – Vijayawada
• Chennai Bypass
• Chennai – Tada
• Nelamangala – Tumkur
These toll roads are part of the Golden Quadrilateral highway network, one of the most important transportation corridors in India.
The portfolio consists of five operational road assets with an aggregate length of approximately 260.198 km, located across the states of:
• Jharkhand
• Andhra Pradesh
• Tamil Nadu
• Karnataka
These assets operate under concession agreements executed with NHAI under the Toll Operate Transfer (TOT) model.
The project special purpose vehicle (SPV) holds exclusive rights to:
• Operate the toll road assets
• Manage and maintain the highway infrastructure
• Collect toll user fees on the respective stretches
Competitive Strengths
• Attractive infrastructure sector supported by favourable government policies
• Sponsorship by National Highways Authority of India (NHAI)
• Portfolio of operational toll road assets generating revenue
• Strategically located road assets on key economic corridors
• Visibility of future growth through pipeline infrastructure assets
• Low counterparty risk due to concession agreements with NHAI
• Experienced management team with infrastructure sector expertise
Raajmarg Infra Investment Trust IPO Details
Raajmarg Infra Investment Trust IPO is a book building issue of ₹6,000 crore.
The issue consists entirely of a fresh issue of 60 crore shares.
The price band for the IPO is ₹99 to ₹100 per share.
The IPO is managed by a consortium of book running lead managers including:
• SBI Capital Markets Ltd.
• Axis Capital Ltd.
• ICICI Securities Ltd.
• Motilal Oswal Investment Advisors Ltd.
The registrar to the issue is Kfin Technologies Ltd.
Important IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | March 11, 2026 |
| IPO Close Date | March 13, 2026 |
| Allotment Date (Tentative) | March 18, 2026 |
| Initiation of Refunds | March 20, 2026 |
| Credit of Shares to Demat | March 23, 2026 |
| Listing Date (Tentative) | March 24, 2026 |
| Anchor Investor Bid Date | March 10, 2026 |
Key IPO Details
| Particular | Details |
|---|---|
| Face Value | ₹10 per share |
| Price Band | ₹99 to ₹100 per share |
| Issue Type | Bookbuilding IPO |
| Total Issue Size | 60 crore shares (₹6,000 Cr) |
| Fresh Issue | 60 crore shares |
| Listing At | BSE, NSE |
| Market Cap (Pre IPO) | To be announced |
IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 28,91,63,400 (56.46%) |
| QIB (Ex Anchor) | 11,63,63,400 (22.72%) |
| NII / Retail Category | 9,69,69,750 (18.93%) |
| Anchor Investors | 17,28,00,000 (33.74%) |
| Total Shares Offered | 51,21,33,150 |
Anchor Investors
Raajmarg Infra Investment Trust IPO raised ₹1,728 crore from anchor investors.
The anchor investor bidding date was March 10, 2026.
Raajmarg Infra Investment Trust: Industry Outlook
• Increasing government investment in highways and road infrastructure across India.
• Infrastructure Investment Trusts gaining popularity as a vehicle for infrastructure financing.
• Rising demand for efficient transportation networks supporting economic growth.
• Expansion of highway networks and toll roads across major economic corridors.
• Growing participation of institutional investors in infrastructure assets.
Conclusion
Raajmarg Infra Investment Trust provides investors with an opportunity to gain exposure to operational toll road infrastructure assets backed by the National Highways Authority of India. The portfolio includes strategically located highways that form part of the Golden Quadrilateral network, an important transportation corridor in India.
As infrastructure investment continues to grow in India, InvITs are expected to play an important role in financing and operating infrastructure assets. However, investors should carefully evaluate factors such as traffic growth, toll revenue sustainability and long term infrastructure risks before making investment decisions.
