Raajmarg Infra Investment Trust (InvIT), sponsored by the National Highways Authority of India (NHAI), will launch its initial public offering (IPO) of units aggregating up to ₹6,000 crore on Wednesday, March 11, 2026. The price band for the issue has been fixed at ₹99 to ₹100 per unit. The issue will close on Friday, March 13, 2026, while the Anchor Investor bidding date is scheduled for Tuesday, March 10, 2026.
The InvIT has been established to acquire, operate and maintain infrastructure assets under concession agreements awarded by NHAI to the project’s special purpose vehicle (SPV). The initial portfolio will consist of five operational toll road projects located across Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka under NHAI’s Toll Operate Transfer (TOT) model.
Investors can bid for a minimum of 150 units and in multiples of 150 units thereafter, except for Anchor Investors and Strategic Investors. The units are proposed to be listed on the National Stock Exchange of India (NSE) and BSE Limited. Both exchanges granted in-principle approval for listing on February 13, 2026, with NSE designated as the primary stock exchange.
Proceeds from the issue will primarily be used to infuse debt and equity into the project SPV. The SPV will utilise these funds to pay the concession value of the InvIT assets to NHAI, along with meeting general corporate purposes.
The issue will follow the book-building process in accordance with SEBI’s InvIT regulations. Up to 75% of the net issue will be allocated to institutional investors, while at least 25% will be reserved for non-institutional investors.
SBI Capital Markets, Axis Capital, ICICI Securities and Motilal Oswal Investment Advisors are the book-running lead managers to the issue.
