NHAI-backed Raajmarg InvIT to launch ₹6,000-crore IPO on March 11

The IPO issue will close on March 13, with anchor investor bidding on March 10

To monetise operational highway assets of the National Highways Authority of India, Raajmarg Infra Investment Trust (InvIT) will launch its ₹6,000-crore IPO on Wednesday (March 11, 2026), with a price band of ₹99-100 per unit.

Accordingly, the NHAI uses mechanisms such as InvITs and the Toll Operate Transfer (ToT) model to lease operational toll roads to investors for upfront payments.

The move helps the authority unlock capital tied up in completed projects, which is then reinvested in building new highways.

Besides, this strategy reduces debt pressure while also attracting long-term institutional investment into the road sector, enabling faster infrastructure expansion.

The infrastructure investment trust has been formed to acquire, operate and maintain the InvIT Assets pursuant to the terms of the concession agreements granted by NHAI to the project SPV.

Furthermore, the IPO issue will close on March 13, with anchor investor bidding on March 10.

Road assets

The InvIT will hold five toll road assets across Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka under the ToT model.

Meanwhile, investors can bid for a minimum of 150 units. The units are proposed to be listed on the National Stock Exchange of India and BSE, which have already granted in-principle approval for listing, with NSE acting as the designated stock exchange.

According to an InvIT official, the net proceeds from the issue are proposed to be utilised for infusion of debt and equity into the project special purpose vehicle (SPV), which will use the funds to pay the concession value of the InvIT assets to the NHAI, besides meeting general purposes.

The issue is being made through the book-building process in compliance with the InvIT regulations and the SEBI InvIT master circular.

Investor allocation

Under the allocation structure, up to 75 per cent of the net issue (excluding the strategic investor portion) will be available for allocation to institutional investors, while not less than 25 per cent will be reserved for non-institutional investors.

Additionally, the official said that Employees’ Provident Fund Organisation (EPFO) and SBI Life Insurance will come in as strategic investors by picking up stakes in the InvIT.

The EPFO will be investing ₹1,000 crore, while SBI Life Insurance will pump in ₹260 crore.

Published on March 9, 2026