Citius Transnet Investment Trust IPO Receives Over 20 Times Subscription on Third Day

Citius Transnet Investment Trust's IPO Receives Strong Response from Investors

The initial public offering (IPO) of Citius Transnet Investment Trust, sponsored by Epic Transnet Infrastructure, has concluded with a strong response from investors. According to the subscription data published by exchanges, the trust received bids for 125.4 crore units against an offer size of 6.13 crore units, resulting in a subscription of 20.43 times on the final day of bidding, April 21.

The infrastructure investment trust, managed by EAAA TransInfra Managers, had approached the capital markets to raise Rs 1,105 crore via an IPO. The price band for the offer was set at Rs 99–100 per unit. The demand for the IPO was seen across all categories of investors, with institutional investors bidding 23.21 times their allotted quota and non-institutional investors subscribing 17.09 times.

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The IPO unit allotment is expected to be finalised by April 24, and the Citius Transnet Investment Trust units will make their debut on April 29, as per the indicative issue timeline published by the InvIT. Citius Transnet Investment Trust, a transport sector-focused infrastructure investment trust registered with SEBI in August 2025, acquires, manages, and invests in a portfolio of transport infrastructure assets, including roads.

Of the total proceeds, Rs 1,000 crore will be utilised for the partial or full acquisition of securities of SRPL, as well as certain identified project SPVs—namely TEL (Thrissur Expressway Limited), JSEL (Jorabat Shillong Expressway Limited), Dhola (Dhola Infra Projects Private), and Dibang (Dibang Infra Projects Private Limited)—while the remaining funds will be used for general purposes. The initial portfolio of road assets will comprise 10 toll and annuity projects held through special purpose vehicles (project SPVs), along with the holding companies of all project SPVs except Thrissur Expressway Limited (TEL)—namely Epic Concesiones 3 Private Limited and SRPL Roads Private Limited (SRPL)—covering a total of 3,406.71 lane-kilometres across nine states in India.

Epic TransNet Infrastructure, the sponsor of the InvIT, is wholly owned by schemes of the Infrastructure Yield Trust (Infrastructure Yield Plus II, Infrastructure Yield Plus IIA, and India Infrastructure Yield Plus II), an AIF managed by EAAA India Alternatives. As of March 2025, EAAA India Alternatives managed three out of the 16 funds focused on infrastructure investments and ranked third among infrastructure investment managers by total assets under management (AUM).

The lead managers for the Citius Transnet Investment Trust IPO are Axis Capital, Ambit, and ICICI Securities.

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