Raajmarg Infra Investment Trust InvIT IPO is an initial offer of 60,00,00,000 shares, which will raise ₹6,000 crore, through a bookbuilding process.
The subscription for the Raajmarg Infra Investment Trust InvIT IPO begins on 11 March 2026 and ends on 13 March 2026. The Raajmarg Infra Investment Trust InvIT Ltd share allotment is expected on 18 March 2026, and listing on BSE and NSE is tentatively finalised on 24 March 2026.
The Raajmarg Infra Investment Trust InvIT IPO is priced within ₹99/share – ₹100/share.
Raajmarg Infra Investment Trust InvIT IPO Details
| IPO Open | 11 March 2026 |
| IPO Close | 13 March 2026 |
| Face value | – |
| Price Band | ₹99/share – ₹100/share |
| Issue price | – |
| IPO Lot Size | – |
| Offer for sale | – |
| Fresh issue | 60,00,00,000 shares (₹6,000 crores) |
| Issue Type | Book-built InvIT |
| Listing | BSE and NSE |
| Total Issue Size (₹ Crore) | ₹6,000 crores (60,00,00,000 shares) |
| Minimum Retail Investment | – |
Raajmarg Infra Investment Trust InvIT IPO Timeline
| Bid Opening Date | 11 March 2026 |
| Bid Closing Date | 13 March 2026 |
| Allotment | 18 March 2026 |
| Refunds Initiated | 20 March 2026 |
| Share Credit Date | 23 March 2026 |
| Listing Date | 24 March 2026 |
| UPI mandate Cut-off time | 13 March 2026 (5 PM) |
Raajmarg Infra Investment Trust InvIT KPIs
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | – | – | – |
| ROCE (%) | – | – | – |
| Debt-Equity Ratio (in times) | – | – | – |
| RoNW (%) | – | – | – |
| PAT Margin (%) | – | – | – |
| EBITDA Margin (%) | – | – | – |
| Price-Book Value | – | – | – |
Raajmarg Infra Investment Trust InvIT Ltd Financial Information
| 2025 (in ₹ crore) | 2024 (in ₹ crore) | 2023 (in ₹ crore) | |
| Revenue | – | – | – |
| Assets | – | – | – |
| Profit After Tax | – | – | – |
Subscription Status — Raajmarg Infra Investment Trust InvIT IPO
Subscription data not released yet.
The subscription figures will be updated once the bidding window officially opens.
You can apply within 10:00 AM and 5:00 PM on every issue day.
Raajmarg Infra Investment Trust InvIT IPO Reservation
Raajmarg Infra Investment Trust InvIT IPO shares allocation among different investor groups:
| Investor Category | Number of Shares Offered | % of Shares Offered |
| Strategic Investors | 12,60,00,000 | 5% – 25% |
| QIBs | – | – |
| Institutional Investor | – | Maximum 75% |
| NII shares offered (HNI) | – | Minimum 25% |
| Total | 60,00,00,000 | 100% |
Lot Size — Raajmarg Infra Investment Trust InvIT IPO
The lot size is not announced till now.
The minimum bid quantity and investment value to be updated after official release.
Anchor Investors Details — Raajmarg Infra Investment Trust InvIT IPO
| Bidding Opens On | 10 March 2026 |
IPO Prospectus — Raajmarg Infra Investment Trust InvIT
| DRHP (Doc) | Click here! |
| RHP (Doc) | Click here! |
About Raajmarg Infra Investment Trust InvIT Limited
The company is an Infrastructure Investment Trust that secured registration from SEBI on 22 December 2025 under the InvIT regulatory framework. The National Highways Authority of India serves as the sponsor of the trust, while IDBI Trusteeship Services Limited has been appointed as its trustee.
The company proposed a portfolio of 5 operational toll road assets, which include: Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, structured under the Toll Operate Transfer (TOT) model by NHAI.
Collectively, these highways stretch about 260.198 km and are connected to India’s Golden Quadrilateral national highway corridor. Through its Project SPV, the trust will hold the right to operate, maintain, and collect toll revenues from these road assets under defined concession agreements.
| Book Running Lead Managers (BRLM) | SBI CAPITAL MARKETS LTDAXIS CAPITAL LTD ICICI SECURITIES LTDMOTILAL OSWAL INVESTMENT ADVISORS LTD |
| IPO Registrar | KFIN TECHNOLOGIES LTD |
Objectives of Raajmarg Infra Investment Trust InvIT
| Particulars | Amount (in ₹ crore) |
| Debt and equity infusion into Project SPV | 5,850.00 |
| General requirements | – |
Raajmarg Infra Investment Trust InvIT — Strengths
- Benefit from India’s infrastructure sector: The road infrastructure sector in India continues to expand, driven by rising government spending, highway development programmes, and policy initiatives.
- Supported by an experienced government sponsor: The InvIT is sponsored by the NHAI, an established public authority with extensive experience in highway development, asset management, and national road network expansion.
- Toll road portfolio generating recurring income: The trust will manage multiple toll road assets with defined concession periods, creating stable revenue flows with support from a mix of passenger and commercial vehicle traffic.
- Strategically positioned highway assets across economic corridors: The company’s portfolio consists of toll roads located along important transport corridors, which will benefit from the growing regional trade activity and rising passenger and freight movement across states.
Raajmarg Infra Investment Trust InvIT — Risks
- Limited operating track record: As a newly established trust with no prior operational history, investors have limited historical financial data to evaluate long-term performance and stability.
- Concession agreements yet to be executed: The Project SPV has not finalised concession agreements for the InvIT assets, which introduces uncertainty regarding the formal transfer and operational framework of the projects.
- Regulatory exemptions related to financial disclosures: The trust has certain exemptions under InvIT regulations, regarding the preparation of combined financial statements covering the trust, the SPV, and underlying assets.
- Investment ratio compliance requirements: The InvIT must comply with regulatory investment thresholds for operational and under-construction assets, which may create portfolio constraints and compliance risks during market fluctuations.
Raajmarg Infra Investment Trust InvIT IPO Review
The Raajmarg Infra Investment Trust InvIT IPO is part of a highway asset monetisation programme supported by the National Highways Authority of India. The trust has proposed to hold operational toll road assets with defined concession periods, which may support predictable cash flows.
However, the absence of historical operating performance and pending concession agreements introduces certain uncertainties. The investors must monitor subscription demand, regulatory disclosures, and traffic growth trends before forming a view on the listing prospects.
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Raajmarg Infra Investment Trust InvIT IPO FAQs
The Raajmarg Infra Investment Trust InvIT IPO, a mainboard infrastructure investment trust offering, aims to raise ₹6,000 crore through a book-built InvIT process. The trust plans to hold toll road assets and generate income from toll collections across operational highway projects.
To apply for the Raajmarg Infra Investment Trust InvIT IPO, investors can submit bids through their stockbroker using the ASBA facility or through supported UPI applications during the subscription period between 10:00 AM and 5:00 PM on issue days.
The Raajmarg Infra Investment Trust InvIT IPO offers exposure to infrastructure assets backed by a government authority. However, as the trust is newly established and concession agreements are pending, investors may consider evaluating risk factors and market demand before taking an investment decision.
The expected returns from the Raajmarg Infra Investment Trust InvIT IPO will depend on investor demand, market conditions, and the performance of underlying toll road assets. As of now, the grey market premium indicates no significant listing gain expectations.
The Raajmarg Infra Investment Trust InvIT IPO will open for subscription on 11 March 2026 and close on 13 March 2026. Investors can place bids within the specified price band during this period through eligible trading and investment platforms.
The lot size for the Raajmarg Infra Investment Trust InvIT IPO has not been announced yet. The minimum bid quantity and investment amount will be disclosed closer to the opening date in the official offer documents released by the company.
The allotment for the Raajmarg Infra Investment Trust InvIT IPO is expected to be finalised on 18 March 2026. After the allotment process, refunds will be initiated for unsuccessful applicants and units will be credited to successful investors’ demat accounts.
The Raajmarg Infra Investment Trust InvIT IPO is tentatively scheduled to list on the stock exchanges on 24 March 2026. The units are expected to be listed on both BSE and NSE following the completion of the allotment and credit process.
