| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹99 to ₹100 | 17th Apr, 2026 – 21st Apr, 2026 | ₹1,105 Cr |
Citius Transnet Investment Trust
The Citius Transnet Investment Trust is a transport sector-focused infrastructure investment trust (the Trust), established with the objective of acquiring, managing, and investing in a portfolio of transport infrastructure assets, including roads, in India. The Trust was settled through a trust deed by its sponsor and was registered as an InvIT with Securities and Exchange Board of India on August 1, 2025, in accordance with the provisions of the InvIT Regulations. The sponsor of the Trust is Epic TransNet Infrastructure Private Limited (the “Sponsor”). The sponsor is wholly owned by schemes of the Infrastructure Yield Trust, namely Infrastructure Yield Plus II, Infrastructure Yield Plus IIA and India Infrastructure Yield Plus II, an alternative investment fund managed by EAAA India Alternatives Limited (EAAA). As of March 31, 2025, EAAA managed three out of the 16 funds focused on infrastructure investments and ranked third among infrastructure investment managers by total assets under management (AUM), according to a CRISIL report. EAAA operates a diversified, multi-strategy platform across large, under-penetrated and fast-growing alternative asset classes, with a focus on providing income and yield solutions to a diversified client base, including global pension funds, insurance companies and ultra-high net worth individuals. During FY25, toll collections stood at ~Rs. 15,632.3 million, while annuity revenues were ~Rs. 3,362.0 million, contributing 82.3% and 17.7% of cash receipts, respectively, reflecting a balanced revenue mix. The portfolio combines toll, annuity, and HAM assets, providing a mix of growth and stability, with toll assets benefiting from economic activity and inflation-linked revisions, while annuity and HAM assets ensure predictable cash flows. The traffic profile is well balanced, with commercial vehicles contributing ~62.2% of PCU mix and ~74.0% of toll revenues, supporting resilience given the relatively lower volatility of freight traffic.
Objective of Citius Transnet Investment Trust
The company proposes to utilise net proceeds from the issue towards the following objects:
- Partial or full acquisition (or as applicable, redemption) of securities of a) SRPL; and b) certain identified Project SPVs namely TEL, JSEL, Dhola and Dibang; and
- General expenses.
Rationale To Citius Transnet Investment Trust
Investment Rationale
Diversified, mature portfolio with strong growth visibility through ROFO pipeline
The Citius Transnet Investment Trust benefits from a large and well-dispersed portfolio of 10 Project SPVs, spanning ~3,406.7 lane-kilometers across nine states, with a strong operational track record and significant residual concession life. The portfolio comprises a balanced mix of seven toll and three annuity assets, contributing 82.3% and 17.7% of cash revenues, respectively, and has scaled materially over time with asset size increasing more than 9x between FY21 and FY25. The assets are relatively mature, with toll roads demonstrating an average operational history of over 10.1 years and a residual concession life of ~12.9 years, providing strong visibility on cash flows. In addition, portfolio concentration risk remains moderate, with the largest asset contributing ~26.1% of total enterprise value, while traffic growth has remained resilient, with AUM-weighted PCU growth of 7.1% between FY23-25. This strong base portfolio is complemented by a visible and sizeable growth pipeline through 11 Identified ROFO Assets under NHAI concessions, aggregating ~2,366.8 lane-kilometers across six states. Of these, five assets are already operational and held by the EAAA platform, while six are under acquisition, providing near to medium-term expansion opportunities. In the event of acquisition of all ROFO assets, the portfolio could scale to ~5,773.5 lane-kilometers across 21 assets, significantly enhancing diversification and scale. Notably, these ROFO assets are primarily HAM (Hybrid Annuity Model) projects, which provide stable and predictable cash flows with limited traffic risk, thereby improving the overall revenue mix. The combination of a mature, cash-generating base portfolio and a well-defined acquisition pipeline provides strong visibility on future growth while maintaining stability in cash flows.
Strategically diversified asset base with de-risked revenue profile supporting stable cash flows
The Citius Transnet Investment Trust benefits from strategically located assets across geographically diversified clusters, positioned along key economic corridors in states such as Karnataka, Telangana, Odisha, Gujarat, Kerala and Haryana. The portfolio exhibits strong geographic dispersion, with a dispersion score of 71.0%, and is well aligned with economically strong regions, with ~63.2% of toll collections derived from top GST and per capita NSDP states and ~56.1% from top GSDP states. This positioning enables the Trust to benefit from sustained industrial activity, consumption demand and logistics movement, further supported by a diversified commodity mix across sectors such as construction materials, iron and steel, and logistics. Additionally, the traffic profile remains well balanced, with commercial vehicles contributing ~62.2% of PCU mix and ~74.0% of toll revenues, providing resilience given the relatively lower volatility of freight traffic. This strong asset positioning is complemented by a de-risked revenue profile, with a mix of toll and annuity assets contributing 82.3% and 17.7% of cash flows, respectively. While toll assets provide growth linked to economic activity and traffic expansion, annuity assets ensure stable and predictable revenues through fixed payments from government-backed counterparties such as National Highways Authority of India and the Ministry of Road Transport and Highways, thereby minimizing counterparty risk. The annuity portfolio has demonstrated a consistent track record of timely payments, further strengthening cash flow visibility. Overall, the combination of strategic asset location, diversified traffic and commodity exposure, and a balanced revenue mix supports stable cash generation.
Valuation of Citius Transnet Investment Trust
Citius Transnet Investment Trust is a transport infrastructure-focused InvIT with a diversified portfolio of 10 road assets comprising seven toll and three annuity projects, aggregating ~3,406.7 lane-kilometers across nine states. The business model offers a balanced mix of growth and stability, with toll assets contributing 82.3% of cash flows and benefiting from economic activity and inflation-linked tariff revisions, while annuity assets provide predictable, government-backed revenues. The portfolio is relatively mature, with a long operational history and residual concession life, supporting visibility of cash flows. Additionally, the asset base benefits from a favourable traffic mix, with commercial vehicles contributing ~74.0% of toll revenues, enhancing resilience across economic cycles. The Trust is supported by the EAAA platform, which brings strong asset acquisition capabilities and provides a visible growth pipeline through ROFO assets, enabling scalable expansion. Strategically, the focus remains on acquiring operational and de-risked assets, maintaining an optimal capital structure, and leveraging technology-driven O&M practices to enhance efficiency. From a macro perspective, India’s infrastructure sector is witnessing strong tailwinds, with total investments expected to reach ~Rs. 93.0 trillion over FY2025-30 and transport infrastructure attracting ~Rs. 42.0–45.0 trillion, with roads accounting for the largest share. Supported by robust GDP growth, increasing logistics demand and government-led asset monetization, the sector offers strong long-term growth visibility. On the financial front, despite reporting accounting losses across periods, the Trust continues to generate strong and stable operating cash flows, with cash flow from operations at ~Rs. 10,450 million in FY25 and ~Rs. 7,820 million in 9MFY26. The underlying cash-generating ability of the portfolio remains robust, supporting steady net distributable cash flows (NDCF) and ensuring the Trust’s ability to maintain consistent distributions to unitholders. Overall, the Trust presents a stable yield-oriented investment opportunity backed by predictable cash flows, diversified assets, and a visible growth pipeline, and is well positioned to deliver consistent distributions with moderate growth potential.
What is the Citius Transnet Investment Trust IPO?
The initial public offer (IPO) of Citius Transnet Investment Trust offers an early investment opportunity in. A stock market investor can buy Citius Transnet Investment Trust IPO shares by applying in IPO before All Citius Transnet Investment Trust shares get listed at the stock exchanges. An investor could invest in Citius Transnet Investment Trust for short term listing gain or a long term.
How to apply for the Citius Transnet Investment Trust IPO through StoxBox?
To apply for the Citius Transnet Investment Trust IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Citius Transnet Investment Trust IPO open?
Citius Transnet Investment Trust IPO is opening on 17th Apr 2026. Apply Now
What is the lot size of the Citius Transnet Investment Trust IPO?
The Lot Size of Citius Transnet Investment Trust equity shares. Login to your account now.
When is the Citius Transnet Investment Trust IPO allotment date?
The allotment Date for Citius Transnet Investment Trust IPO is 24th Apr 2026. Login to your account now.
When is the Citius Transnet Investment Trust IPO listing date?
The listing Date for Citius Transnet Investment Trust is 29th Apr 2026. Login to your account now
What is the minimum investment required for the Citius Transnet Investment Trust IPO?
In the Retail segment the minimum investment required is Rs. Login to your account now
What is the maximum investment allowed for Citius Transnet Investment Trust IPO?
In the Retail segment the maximum investment requirement Login to your account now
What are the risks associated with investing in the Citius Transnet Investment Trust IPO?
- The Trust and the Investment Manager have no operating track record and may not be able to operate business successfully, achieve business objectives or generate sufficient cash flows to make or sustain distributions.
- The Trust has incurred losses before tax amounting to Rs. 4,155.3 million, Rs. 7,381.4 million and Rs. 6,338.3 million in Financial Years 2025, 2024 and 2023, respectively.
- Disruptions to roadways connecting to the toll roads, including those arising from construction or maintenance activities, are beyond the Trust’s control and may adversely impact its revenue from operations, financial position and cash flows.
When will the Citius Transnet Investment Trust IPO shares be credited to my Demat account?
The Citius Transnet Investment Trust will be credited to the account on allotment date which is 24th Apr 2026. Login to your account now
Where can I find the Citius Transnet Investment Trust IPO prospectus?
The prospectus of Citius Transnet Investment Trust IPO prospectus can be find on the website of SEBI, NSE and BSE
