Raajmarg infra investment trust invit ipo review & full details
Latest Grey Market Premium & IPO Details
Raajmarg Infra Investment Trust InvIT IPO 2026 – Key Info & Highlights
Raajmarg Infra Investment Trust InvIT IPO has a price band of ₹99 to ₹100 per unit. The IPO will open for subscription on 11 March 2026 and close on 13 March 2026. The issue is worth ₹6000.00 crore, comprising a total of 60,00,00,000 units offered to investors. This offering provides an opportunity to invest in an infrastructure investment trust backed by operational toll road assets sponsored by NHAI.
📌 IPO Details
| Company Name | Raajmarg Infra Investment Trust InvIT IPO |
|---|---|
| Sector / Industry | Investment Company |
| IPO Open Date | 11-03-2026 |
| IPO Close Date | 13-03-2026 |
| Allotment Date | 18-03-2026 |
| Refund Date | 20-03-2026 |
| Share Credit Date | 23-03-2026 |
| Listing Date | 24-03-2026 |
| Price Band | ₹99 - ₹100 |
| Lot Size | 150 Shares |
| Min Investment | ₹15000 |
| Net Issue Size | ₹6000.00 Cr |
| Fresh Issue | ₹6000.00 Cr |
| IPO Listing At | BSE NSE |
| DRHP | View DRHP |
| RHP | View RHP |
| Issue Type | Fresh Capital Only |
* All Dates are provisional
Quota Allocation
| Category | Allocation (%) |
|---|---|
| Retail Investors | - |
| QIB (Qualified Institutional Buyers) | 75% |
| HNI (High Net Worth Individuals) | 25% |
📈 Grey Market Premium (GMP) Day-wise Trend
| GMP Date | GMP Price | Trend | Estimated Listing Price | Estimated Profit* | Last Updated |
|---|---|---|---|---|---|
| 24-03-2026 | ₹3.50 | ▼ | ₹103.50 | ₹525.00 | 24-03-2026 09:42 |
| 23-03-2026 | ₹3.75 | - | ₹103.75 | ₹562.50 | 23-03-2026 23:20 |
| 22-03-2026 | ₹3.75 | - | ₹103.75 | ₹562.50 | 22-03-2026 23:20 |
📝 About Raajmarg Infra Investment Trust InvIT
Raajmarg Infra Investment Trust is an Infrastructure Investment Trust (InvIT) registered with the Securities and Exchange Board of India (SEBI) on December 22, 2025, under the InvIT Regulations. The trust was created to acquire, operate, and manage revenue-generating highway assets across India while offering investors an opportunity to participate in long-term infrastructure investments.
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. Through the InvIT structure, NHAI plans to unlock value from operational highway projects developed under the Toll-Operate-Transfer (TOT) model and bring private investment into India’s road infrastructure sector.
At present, the trust holds a portfolio of five operational toll road stretches: Gorhar–Barwa Adda, Chilakaluripet–Vijayawada, Chennai Bypass, Chennai–Tada, and Nelamangala–Tumkur. These road assets are located across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, and several of them form part of major national highway corridors such as the Golden Quadrilateral. Together, the portfolio covers about 260.198 kilometers of operational highway network.
The assets are operated through dedicated Project Special Purpose Vehicles (SPVs) that work under long-term concession agreements with NHAI. These agreements give the SPVs the right to operate, maintain, and collect toll revenue from the respective highway stretches for the concession period.
Raajmarg Infra Investment Managers Private Limited acts as the investment manager of the trust and is responsible for overseeing the portfolio, making investment decisions, and ensuring efficient management of the assets. Through this structure, the trust aims to maintain transparent governance and generate stable cash flows from operational road infrastructure assets.
Raajmarg Infra Investment Trust InvIT – Objects of Issue
- ₹5,850 Crore – Infusion into Project SPV – The net proceeds from the issue will be infused as a combination of debt and equity into the Project Special Purpose Vehicle (SPV). The SPV will utilize these funds to pay the concession value of the InvIT road assets to the National Highways Authority of India (NHAI).
- General Corporate Purposes – A portion of the funds may also be used for general corporate requirements, including administrative expenses, operational support, and other business-related activities of the trust.
- Total Issue Utilization – ₹5,850 Crore
Strengths of Raajmarg Infra Investment Trust
- Infrastructure sector with strong fundamentals – The roads and highways sector in India continues to benefit from supportive government initiatives and long-term infrastructure development policies.
- Experienced sponsor in highway operations – The sponsor has significant experience in developing, operating, and maintaining road infrastructure projects across the country.
- Diversified portfolio of toll road assets – The trust owns interests in multiple toll road projects that generate long-term and predictable revenue streams.
- Strategically located highway assets – Several assets are positioned along important economic corridors, supporting consistent traffic movement and toll collection.
- Clear growth pipeline – The trust has visibility for future expansion through a defined pipeline of additional infrastructure assets that may be transferred in the future.
- Low counterparty risk in concession agreements – The road assets operate under concession agreements that reduce counterparty risk and provide revenue visibility.
- Experienced management team – The trust is managed by a professional team with extensive experience in the infrastructure and highway sector.
Risk Factors
- Dependence on toll collections – The trust’s revenue largely depends on toll income generated from the underlying highway assets. Any decline in traffic volume or toll collection could impact cash flows and distributions.
- Regulatory and policy changes – Road infrastructure projects operate under concession agreements and government regulations. Any change in policies, toll regulations, or concession terms may affect the financial performance of the assets.
- Project performance risk – The performance of the trust depends on the operational efficiency and maintenance of the toll road projects. Delays in maintenance or operational disruptions may impact revenue generation.
- Dependence on concession agreements – The InvIT assets operate under long-term concession agreements with government authorities. Any dispute, termination, or modification of these agreements may negatively affect operations.
- Interest rate and financing risks – Infrastructure investment trusts often rely on debt financing. Changes in interest rates or refinancing conditions could influence profitability and future distributions.
- Traffic and economic sensitivity – Traffic growth on highways may be influenced by economic activity, fuel prices, or regional development, which may directly impact toll revenues.
Company Information
Founded in: 2025
Compliance Officer: Gunjan Rajpal
Address: G-5 & 6, Sector 10, Dwarka, New Delhi – 110075, India
Website: https://www.raajmarginfratrust.in
Phone: 2507 4100-1524
Email: compliance@riimpl.in
IPO Quick Info
11 Mar 2026
13 Mar 2026
Upcoming
Lead Manager(s)
- Axis Capital Ltd.
- ICICI Securities Ltd.
- Motilal Oswal Investment Advisors Pvt. Ltd.
- SBI Capital Markets Ltd.
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Frequently Asked Questions
Investors looking for relatively stable income from infrastructure assets may consider this InvIT. Since it holds operational toll road projects backed by NHAI, it may offer more predictable cash flows compared to many traditional equity investments.