| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹99 to ₹100 | 600 | 11th Mar, 2026 – 13th Mar, 2026 | ₹600 Cr |
Raajmarg Infra Investment Trust
Raajmarg Infra Investment Trust (Raajmarg InvIT or the Trust) is an infrastructure investment trust registered with SEBI on December 22, 2025, under the InvIT Regulations. The Trust has been established to acquire, operate and maintain operational road infrastructure assets in India, in accordance with the terms of the respective concession agreements. The Trust is sponsored by the National Highways Authority of India (NHAI), an autonomous authority under the Ministry of Road Transport and Highways (MoRTH), Government of India. Incorporated under the NHAI Act in 1989 and operational since 1995, NHAI is responsible for the development, maintenance and management of India’s national highway network. The presence of a government-backed sponsor provides the Trust with institutional strength and credibility. Raajmarg InvIT is managed by an experienced investment manager team, with the majority of personnel possessing over two decades of operational and managerial experience in the roads and highways sector. The Trust proposes to acquire an initial portfolio of five operational toll road assets located across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka under the Toll Operate Transfer (TOT) model implemented by NHAI. These assets together span approximately 260.2 km and form part of the Golden Quadrilateral highway network. The toll road assets will be held through a project special purpose vehicle (SPV) and operated and maintained under concession agreements granted by NHAI. Under the concession framework, the SPV will have the exclusive right to collect and appropriate toll revenues from road users, while also assuming responsibility for the operation, management and maintenance of the assets. The concessions are expected to have a tenure of 15 years, during which the Trust will oversee asset performance and operational standards from the operations and maintenance (O&M) handover date. In consideration for these rights, the SPV will be required to pay an upfront concession fee to NHAI before the commencement of the concession period, as specified in the respective concession agreements.
Objective of Raajmarg Infra Investment Trust
The net proceeds from the fresh issue will be used towards the following purposes:
- Infusion of debt and equity into the Project SPV, which shall be utilized by the Project SPV for the payment of concession value of the InvIT Assets to NHAI; and
- General corporate purposes.
Rationale To Raajmarg Infra Investment Trust
Investment Rationale
Strong Sponsor Backing with Proven Execution Capabilities in National Highway Development
The Trust benefits from the backing of its sponsor, NHAI, the central agency responsible for the development, maintenance and management of India’s national highway network under the Ministry of Road Transport and Highways (MoRTH). NHAI has a well-established track record in executing and operating large-scale road infrastructure projects across the country and has played a critical role in strengthening India’s highway ecosystem. As the implementing authority for the National Highways Development Project (NHDP), NHAI has significantly expanded and upgraded the national highway network while facilitating private sector participation through public–private partnership (PPP) models. This framework has supported efficient capital deployment, accelerated infrastructure development and enabled the creation and monetization of operational road assets. India’s national highways represent the backbone of the country’s road infrastructure, serving as key corridors for freight and passenger transportation. The network has expanded from ~1,32,500 km in FY20 to ~1,46,204 km in FY25, reflecting a steady CAGR of ~2%. Notably, the most significant expansion occurred during FY22–FY23, when nearly 3,960 km of highways were added, supported by large-scale government initiatives such as the Bharatmala Pariyojana and the National Infrastructure Pipeline. Looking ahead, the government’s long-term roadmap under MoRTH Vision 2047 aims to strengthen nationwide connectivity by ensuring that citizens are located within 100–150 km of high-speed highway corridors. The program focuses on expanding networks and enhancing logistics efficiency by developing economic corridors, border and coastal connectivity routes, integrated logistics infrastructure, and innovative contracting and asset monetization frameworks. This structural push towards highway infrastructure development is expected to support long-term traffic growth and stable revenue visibility for operational toll road assets.
Strategically Located Assets Across Key Economic Corridors
The Trust proposes to acquire an initial portfolio of five operational toll road assets located across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, forming part of the Golden Quadrilateral highway network under the Toll Operate Transfer (TOT) model implemented by the National Highways Authority of India. Of the five assets, four are located in southern India while one is situated in eastern India, providing geographic diversification across economically active regions. The assets are strategically positioned along key inter-city corridors, supporting both passenger and commercial vehicle movement. Historical traffic trends indicate healthy growth across these corridors, driven by improving connectivity and expanding regional economic activity. Given their location in economically vibrant regions, the assets benefit from consistent freight and passenger flows, which support stable toll collections. Looking ahead, continued investments in highway infrastructure and government-led initiatives such as Bharatmala Pariyojana are expected to enhance road connectivity and logistics efficiency. These structural developments are likely to support sustained traffic growth and strengthen the Trust’s long-term revenue visibility for its toll road portfolio.
Valuation of Raajmarg Infra Investment Trust
Raajmarg Infra Investment Trust (RIIT) is sponsored by the National Highways Authority of India (NHAI), a statutory authority under the Government of India. RIIT’s initial portfolio comprises five operational toll road assets spanning approximately 260 km across key economic corridors in Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka under the Toll Operate Transfer (TOT) framework. These assets benefit from a diversified traffic composition, including both passenger and commercial vehicles, transporting a wide range of goods such as agricultural products, steel, cement, coal, and containers, thereby supporting resilient, stable toll revenues. The Trust is well-positioned to benefit from structural drivers, such as rising domestic trade, increased commercial vehicle movement, and the continued expansion of India’s highway network under government initiatives such as Bharatmala Pariyojana and the National Infrastructure Pipeline. These initiatives aim to enhance national connectivity and logistics efficiency, which is expected to drive sustained traffic growth on major highway corridors. The Trust also offers strong scalability potential through a defined pipeline of future asset acquisitions from its sponsor. NHAI has indicated the potential transfer of approximately 1,500 km of operational national highway assets to the Trust over the next three to five years, providing RIIT with a structured pathway for portfolio expansion. On the Financial front, the Trust is expected to generate steady operating cash flows driven by toll collections, with projected revenue and operating cash flows increasing post commencement of operations as traffic volumes expand and operational efficiencies improve. Overall, the Trust appears well-positioned to benefit from India’s long-term infrastructure growth story, supported by strategic asset locations, predictable concession-based revenue streams, and strong government-backed sponsorship. We, thus, recommend a “SUBSCRIBE” rating for this issue.
What is the Raajmarg Infra Investment Trust IPO?
The initial public offer (IPO) of Raajmarg Infra Investment Trust offers an early investment opportunity in. A stock market investor can buy Raajmarg Infra Investment Trust IPO shares by applying in IPO before All Raajmarg Infra Investment Trust shares get listed at the stock exchanges. An investor could invest in Raajmarg Infra Investment Trust for short term listing gain or a long term.
How to apply for the Raajmarg Infra Investment Trust IPO through StoxBox?
To apply for the Raajmarg Infra Investment Trust IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Raajmarg Infra Investment Trust IPO open?
Raajmarg Infra Investment Trust IPO is opening on 11th Mar 2026. Apply Now
What is the lot size of the Raajmarg Infra Investment Trust IPO?
The Lot Size of Raajmarg Infra Investment Trust is 600 equity shares. Login to your account now.
When is the Raajmarg Infra Investment Trust IPO allotment date?
The allotment Date for Raajmarg Infra Investment Trust IPO is 13th Mar 2026. Login to your account now.
When is the Raajmarg Infra Investment Trust IPO listing date?
The listing Date for Raajmarg Infra Investment Trust is 24th Mar 2026. Login to your account now
What is the minimum investment required for the Raajmarg Infra Investment Trust IPO?
In the Retail segment the minimum investment required is Rs. 14,796. Login to your account now
What is the maximum investment allowed for Raajmarg Infra Investment Trust IPO?
In the Retail segment the maximum investment requirement is Rs. 1,92,348. Login to your account now
What are the risks associated with investing in the Raajmarg Infra Investment Trust IPO?
- The Trust is a newly established infrastructure investment trust with a limited historical financial and operating track record. As a result, investors may have difficulty assessing the Trust’s long-term performance, financial stability, and future cash flow generation capabilities. The absence of historical operating data may limit the ability to assess the business’s sustainability.
- The Trust’s revenues are primarily derived from toll collections on vehicles using the highway assets. Traffic volumes may fluctuate due to economic slowdown, higher fuel prices, changes in freight patterns, seasonal variations, or unforeseen disruptions such as pandemics. Any decline in vehicle traffic could directly impact toll revenues and cash flows.
- Infrastructure Investment Trusts operate in a regulated environment, subject to government policies and sector regulations. Any changes to tolling regulations, concession agreements, tax frameworks, or InvIT guidelines may affect the Trust’s expected cash flows, profitability, or growth prospects.
When will the Raajmarg Infra Investment Trust IPO shares be credited to my Demat account?
The Raajmarg Infra Investment Trust be credited to the account on allotment date which is 24th Mar 2026. Login to your account now
Where can I find the Raajmarg Infra Investment Trust IPO prospectus?
The prospectus of Raajmarg Infra Investment Trust IPO prospectus can be find on the website of SEBI, NSE and BSE
