The Indian infrastructure investment trust sector has been witnessing steady growth due to highway monetisation by NHAI, toll road infrastructure, and long-term stable cash flows from operational infrastructure projects. Raajmarg Infra Investment Trust (RIIT), sponsored by NHAI and recently launched, has acquired assets in National Highway infrastructure for toll collection.
Raajmarg Infra Investment Trust has been managing high-quality NH infrastructure assets with regular cash flows through tolling with NHAI sponsorship and investment management through RIIMPL (equity holders: SBI, PNB, Axis Bank, HDFC Bank, and ICICI Bank). The investment trust aims to attract retail/domestic investors to invest in infrastructure with attractive distribution yields.
Raajmarg Infra Investment Trust has filed its ₹6,000 Cr mainboard infrastructure investment trust IPO entirely through an offer for sale of its units with a price band of ₹99 to ₹100 per unit (lot size 150 units or ₹15,000). The issue would open on March 11 to 13, 2026 (anchor investors on March 10), with allotment to be announced later and listing on BSE/NSE around March 17 to 18.
Raajmarg Infra IPO Details:
Raajmarg Infra Issue Management:
ICICI Securities Ltd, SBI Capital Markets Ltd, Motilal Oswal Investments Advisors Ltd, and Axis Capital Ltd act as the book-running lead managers for the Raajmarg Infra InvIT IPO, managing underwriting and compliance.
Raajmarg Infra IPO RTA (Registrar) Details:
Kfin Technologies Ltd. handles allotment, refunds, and demat credits—contact them at 04067162222, 04079611000 or riimpl.invit@kfintech.com.
Raajmarg Infra IPO Allotment Status:
To check your IPO allotment status:
Visit the Kfin Technologies Ltd. IPO Application Status page.
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Select and enter PAN, application number, DP/client ID, or account number/IFSC.
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Action Links:
To apply for Raajmarg Infra IPO, open a demat account here
Raajmarg Infra IPO Subscription Status: Check live subscription here
Raajmarg Infra IPO GMP Update: Check latest grey market premium here
Raajmarg Infra Investment Trust, an NHAI-sponsored InvIT, has a portfolio of operational National Highway toll assets across India.
Raajmarg Infra Investment Trust is launching its IPO of Rs 6,000 Cr main board InvIT IPO entirely through OFS of InvIT units. It will open from March 11th to 13th, 2026. The anchor book will open on the 10th of March. The price band is Rs. 99 to Rs. 100 per unit. Lot size is 150 units at Rs 14,850-15,000; allotment is March 18; BSE/NSE listing is March 24.
Raajmarg Infra IPO Size:
Raajmarg Infra Investment Trust IPO is ₹6,000 Cr total (OFS units only).
Raajmarg Infra IPO proceeds will be deployed towards the following objectives:
Raajmarg Infra Ltd Mainboard InvIT reserves per SEBI InvIT regulations (net public: ₹3,840 Cr).
The Anchor bidding opens March 10, 2026 (60% of the QIB portion).
Lock-in: No lock-in specified for InvIT units per SEBI norms
The anchor allocation document filed right before the issue opens will list specific anchor investor names via registrar Kfin Technologies Pvt. Ltd.
The important risks and strengths of Raajmarg Infra IPO are mentioned below:
Strengths:
NHAI sponsorship offers significant government support, low counterparty risk, and business continuity through transition support.
Portfolio of 5 operational toll road assets on key economic corridors with long concession periods and inflation-indexed toll revisions.
Predictable and consistent cash flows through toll revenue distribution as yields to unitholders; services of an experienced investment manager (RIIMPL) with banking support.
The location of highways offers growth visibility in traffic; a significant asset base offers high distribution potential compared to its peers, IRB InvIT.
Risks
The entire OFS structure implies no capital will be raised for InvIT; all will go to NHAI, thus limiting growth opportunities for InvIT.
Toll revenue is sensitive to traffic volumes, economic conditions, and alternative routes despite inflation protection.
Interest rate risk on SPV debt; regulatory risks on InvIT and NHAI concession contracts.
Yield-oriented returns may not keep pace with equities in a bull market, and there is limited visibility on the asset pipeline after the IPO.
RHP filings confirm Raajmarg Infra Investment Trust's asset strength with 5 operational NH toll roads under the TOT model, stable toll revenues, NHAI sponsorship, and an attractive yield of ~10-11% (vs peers IRB InvIT at 11% and IndiGrid at 10%)—a yield premium for highway purity.
The NHAI-backed InvIT leverages inflation-linked tolls, long concession lives (15–20 years remaining), and strategic economic corridors for traffic growth visibility.
The ₹6,000 Cr mainboard InvIT IPO at the ₹100 upper band offers stable distributions over capital appreciation. Govt backing and predictable cash flows outweigh interest rate sensitivity and a limited asset pipeline for yield-focused investors.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Raajmarg Infra IPO, open a demat account here
Raajmarg Infra IPO Subscription Status: Check live subscription here
Raajmarg Infra IPO GMP Update: Check latest grey market premium here
1. What is the Raajmarg Infra IPO open and close date?
The NHAI-sponsored Raajmarg Infra Investment Trust mainboard InvIT IPO opens March 11 and closes March 13, 2026; allotment is March 18 and BSE/NSE listing is March 24.
Track Raajmarg Infra IPO subscription status live here from Finnpick.
2. What is the Raajmarg Infra IPO price band and lot size?
The IPO price band is ₹99-100 per unit (FV not specified), lot size 150 units; retail min. ₹14,850-15,000.
3. What is Raajmarg Infra InvIT IPO's total size?
The Raajmarg Infra InvIT IPO size is ₹6,000 Cr entirely OFS units (~60 Cr units), with NSE/BSE listing on March 24, 2026.
4. How to apply for the Raajmarg Infra IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Mar 13, 4 PM. Monitor Raajmarg Infra IPO subscription tracker here.
5. How to check Raajmarg Infra IPO allotment status?
The allotment date is on Mar 18th and can be checked on Kfin Technologies Pvt. Ltd's portal, the RTA portal, using PAN/DP ID.
6. What is the Raajmarg Infra IPO GMP today and the subscription status?
The current Grey Market Premium (GMP) stands at ₹0 (flat) as of Mar 10, indicating a listing at the price range of ₹100—check daily updates of Raajmarg Infra IPO GMP trends here and live subscription status here from Mar 11th opening only on Finnpick.
7. What does Raajmarg Infra specialise in?
Raajmarg Infra Investment Trust specialises in acquiring or operating NHAI toll road assets under the TOT model for stable, inflation-linked toll revenues across five operational NH stretches.
8. When is the Raajmarg Infra IPO listing date?
The Raajmarg Infra InvIT lists on March 24, 2026, on the NSE/BSE Mainboard (~T+3 post-allotment Mar 18).
9. What are the IPO proceeds utilisation details?
The Raajmarg Infra InvIT IPO proceeds (OFS to NHAI) will be infused into Project SPV (₹5,850 Cr) to pay the concession value for 5 toll road assets, with the balance allocated for general corporate purposes.
