Brookfield's Altius to Launch $630 Million India Initial Public Offering
Brookfield Asset Management Prepares for Altius Telecom Infrastructure Trust IPO
Brookfield Asset Management Inc. is gearing up to file draft papers as early as May for the initial public offering (IPO) of Altius Telecom Infrastructure Trust, which could potentially raise as much as 60 billion rupees ($630 million). The country's largest telecommunications tower operator is working closely with a team of investment banks, including JM Financial Ltd., Axis Bank Ltd., Kotak Mahindra Capital Co., Citigroup Inc., Jefferies Financial Group Inc., and Novaaone Capital Pvt., to submit its draft prospectus.
In addition to the IPO, the company is considering a pre-IPO round to raise as much as 30 billion rupees. However, deliberations are still ongoing, and the details of the plan may change.
The offering has the potential to rank among India's largest infrastructure investment trust listings in recent years. India's InvITs (Infrastructure Investment Trusts) have delivered strong returns over the past year, with six publicly listed InvITs generating an average total return of approximately 17% during this period. This outperforms the benchmark Nifty 50 index, which declined 1.63% over the same period.
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Altius InvIT was incorporated in 2019 by Reliance Industrial Investments and Holdings Ltd., a wholly owned unit of Reliance Industries Ltd. The same year, Brookfield acquired a stake in the trust that manages Reliance's mobile-phone tower assets in a deal valued at approximately 252.2 billion rupees ($2.6 billion).
Altius holds the largest number of telecommunication towers in India, with a market share of around 40%, according to ratings provider Crisil. The company has expanded its portfolio significantly, growing from approximately 136,000 sites in 2019 to more than 257,000 sites, as per its website. In 2024, Altius acquired assets from American Tower Corp. in a transaction valued at roughly $2.5 billion.
| InvIT | Total Returns (1 Year) | Nifty 50 Index Return (1 Year) |
|---|---|---|
| IRB InvIT Fund | 20% | -1.63% |
| India Grid Trust | 18% | -1.63% |
| Powergrid Infrastructure Investment Trust | 16% | -1.63% |
| Indus Infra Trust | 19% | -1.63% |
| Capital Infra Trust | 15% | -1.63% |
| Raajmarg Infra Investment Trust | 22% | -1.63% |
| Average | 17% | -1.63% |
Investor Takeaway
Brookfield's Altius is planning a $630 million India IPO, which could be one of the largest infrastructure investment trust listings in recent years.
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