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India's privately-held infrastructure investment trusts (InvITs) are preparing to enter stock exchanges, with at least four IPOs planned this fiscal year. These listings aim to improve liquidity and broaden investor participation, especially among retail investors, who currently hold just 9% of InvITs. While domestic investors remain cautious due to high entry thresholds and limited awareness, foreign investors dominate the space, particularly in projects with sustainability-linked features. Key trusts preparing for public offerings include TVS Infrastructure Trust, NHAI's road InvIT, Cube Highways Trust, and Anantam Highways Trust, reflecting a growing effort to strengthen capital access in the infrastructure sector.
India's privately-listed infrastructure investment trusts (InvITs) are preparing to debut on stock exchanges, with at least four IPOs planned this fiscal year. These listings aim to broaden investor participation and provide better liquidity for existing stakeholders. InvITs operate similarly to mutual funds, allowing individuals and institutions to invest directly in infrastructure projects and share in the income generated. Advertisement
Currently, SEBI has granted licenses to 26 domestic InvITs. Five are already publicly listed, while several others are in the process of planning IPOs. TVS Infrastructure Trust is expected to list in the January-March quarter, according to Ravi Swaminathan, founder and vice chairman of TVS Industrial and Logistics Parks.
The National Highways Authority of India (NHAI) plans to raise up to 100 billion INR (USD 1.13 billion) through a publicly-listed road InvIT this fiscal, according to sources familiar with the matter. Cube Highways Trust is targeting a 50-billion-INR IPO, while Anantam Highways Trust, backed by Alpha Alternatives, seeks to raise 4 billion INR through an IPO this month, said Jignesh Shah, CEO of the trust. Cube Highways declined to comment, and NHAI did not respond to queries.
NS Venkatesh, CEO of Bharat InvITs Association (BIA), noted that public listings provide significant benefits by expanding retail participation. They make infrastructure investments more accessible, allowing small and individual investors to take part in long-term infrastructure growth while improving liquidity for current stakeholders.
Retail investors currently make up only 9% of InvIT ownership in India, constrained by high entry thresholds, limited awareness, and perceptions of complexity, according to a 2025 Knight Frank report. SEBI reduced the minimum subscription for publicly-listed InvITs to 10,000-15,000 INR from 100,000 INR in 2021, but privately placed trusts still maintain higher entry barriers.
Foreign investors are the dominant participants in the sector, accounting for over 50% of institutional investments, including foreign sponsors. The International Finance Corporation (IFC), an early investor in Indian InvITs, has committed USD 815 million in long-term bonds and USD 125 million in equity across InvITs and real estate investment trusts (REITs), mostly over the past two years. IFC's regional director for South Asia, Imad N. Fakhoury, highlighted that the organization supports InvITs where there is a strong case for introducing new capital market instruments with sustainability-linked features.
Source- Reuters
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