Brookfield's Altius InvIT Set to File Draft Red Herring Prospectus for Rs 6,000-Crore Telecom Tower IPO

Altius Telecom Infrastructure Trust to File Draft Papers for Rs 6,000-Crore IPO

Altius Telecom Infrastructure Trust, a telecom tower InvIT backed by Brookfield Asset Management, plans to file draft papers for a Rs 6,000-crore initial public offering (IPO) by the end of the month or early June. The development was confirmed by two people aware of the matter.

This move comes after Moneycontrol first reported Altius's IPO plans on March 9. The InvIT had initially planned to raise around Rs 3,000 crore in a pre-IPO funding round, as previously reported by Moneycontrol.

JM Financial, Kotak Mahindra Capital, Axis Capital, Citi, and Jefferies are working on the Altius IPO. The InvIT is looking to tap the public markets to access domestic capital, driven by strong domestic demand for long, stable, and high-yield products such as InvITs. However, the demand from foreign investors has waned due to high interest rates in developed markets and sharp currency depreciation.

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A significant part of the funds raised by Altius will be used to reduce the debt of the InvIT and the underlying assets. The pre-IPO and IPO plan will also include a secondary stake sale by Brookfield.

InvIT IPO Rush

The recent InvIT fundraising trend suggests that India's InvIT market is witnessing a surge. According to Moneycontrol's previous report on April 16, InvIT fundraising could exceed Rs 25,000 crore this year, driven primarily by IPOs. In March, the National Highways Authority of India (NHAI) raised over Rs 9,000 crore through two InvITs.

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Altius Telecom Infrastructure Trust Portfolio

Altius Telecom Infrastructure Trust was set up in 2019 when Brookfield acquired Reliance Jio's telecom towers in a deal worth over Rs 25,000 crore. Since then, the InvIT has grown its portfolio of telecom assets from approximately 136,000 telecom sites to over 257,000 as of the end of 2025. In 2024, it acquired over 76,000 telecom towers of American Tower Corporation in a Rs 18,200-crore deal.

Altius has a market share of 39 percent, by number of towers, behind Indus Towers, which leads the market with a 42 percent market share with over 274,000 telecom sites. The telecom assets operated by Altius include ground-based towers and masts, rooftop towers, and in-building sites.

The InvIT's revenues have grown from around Rs 3,600 crore in FY21 to approximately Rs 9,800 crore in FY25, while EBITDA grew from Rs 3,000 crore to around Rs 7,000 crore in the same period.