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National Highways Authority of India-sponsored Raajmarg Infra Investment Trust will allocate the anchor portion of its upcoming INR 6,000 crore initial public offering exclusively to domestic investors, according to NHAI Chairman Santosh Kumar Yadav. The anchor book will open on March 10, ahead of the IPO subscription window from March 11 to March 13. The InvIT has set a price band of INR 99-100 per unit and plans to allocate over INR 1,700 crore to anchor investors. The public offering marks the first time NHAI is opening its highway asset monetisation programme to retail investors, aiming to unlock value from operational road assets while offering a long-term investment instrument linked to India's national highway infrastructure.
National Highways Authority of India-backed Raajmarg Infra Investment Trust said the anchor portion of its upcoming initial public offering will be allocated exclusively to domestic investors. Advertisement
NHAI Chairman Santosh Kumar Yadav said the trust is in advanced discussions with anchor investors ahead of the IPO, with the anchor book scheduled to open for subscription on March 10.
The public issue, sized at up to INR 6,000 crore, will open for subscription on March 11 and close on March 13. The InvIT has set the price band for the offering at INR 99 to INR 100 per unit. Of the total issue size, more than INR 1,700 crore will be allocated to anchor investors.
The offering represents the first time the highway authority has opened its asset monetisation programme to retail investors. The initiative is aimed at unlocking the monetisation potential of national highway assets while providing a long-term investment instrument primarily targeting domestic and retail investors.
According to the red herring prospectus, the IPO size has been increased to INR 6,000 crore from the INR 5,700 crore proposed earlier when the draft papers were filed in January.
The InvIT will initially hold a portfolio of five toll road assets located in Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka. These roads, spanning more than 260 km, operate under the Toll Operate Transfer model and are part of the Golden Quadrilateral.
The investment manager for the trust is Raajmarg Infra Investment Managers Pvt Ltd, which has equity participation from several financial institutions including State Bank of India, Punjab National Bank, Axis Bank, HDFC Bank, ICICI Bank, IndusInd Bank and YES Bank.
The InvIT is expected to make its stock market debut on March 24.
Source - PTI
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