Raajmarg Infra Investment Trust Shares Listed on NSE With 7% Premium at ₹107

Units of Raajmarg Infra Investment Trust, sponsored by the state-run National Highways Authority of India, made a strong debut on the National Stock Exchange of India, listing at ₹107 per unit, representing a 7% premium over the issue price of ₹100.

Strong Subscription Demand

The initial public offering (IPO), which was open for subscription between March 11 and March 13, witnessed robust investor interest across categories. By the close of bidding, the issue was oversubscribed 13.74 times. SBI Capital Markets acted as the book-running lead manager for the issue, while Kfin Technologies served as the registrar.

Prior to the IPO launch, the InvIT successfully raised ₹1,728 crore from anchor investors, including prominent institutions such as Life Insurance Corporation of India, ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance, and Bajaj Allianz Life Insurance. The total issue size stands at up to ₹6,000 crore, an increase from the ₹5,700 crore outlined in the draft papers submitted earlier in January.

The InvIT’s initial portfolio comprises five operational toll road assets, covering over 260 km across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka. These assets operate under the Toll-Operate-Transfer (TOT) model, based on concessions granted by NHAI to designated project special purpose vehicles. Notably, these road assets form part of the strategically significant Golden Quadrilateral corridor.

Investment Manager and Backing Institutions

For managing the InvIT, NHAI had earlier set up Raajmarg Infra Investment Managers Pvt Ltd as the investment manager. This entity is backed by a consortium of leading financial institutions, including State Bank of India, Punjab National Bank, National Bank for Financing Infrastructure and Development, Axis Bank, Bajaj Finserv, HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank, and Yes Bank.

This offering also marks a significant milestone, as it is the first time NHAI has opened its highway asset monetisation programme to retail investors.

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