NHAI-Backed Raajmarg Infra InvIT Secures Rs 1,728 Crore from Anchor Investors Prior to IPO Filing

Raajmarg Infra Investment Trust Raises Rs 1,728 Crore from Anchor Investors

Key Highlights

• Raajmarg Infra Investment Trust (RIIT), a state-owned National Highways Authority of India-sponsored InvIT, raised Rs 1,728 crore from anchor investors ahead of its Rs 6,000-crore initial public offering (IPO).
• The anchor investors include a mix of pension funds, insurance companies, mutual funds, banks, provident funds, and alternative investment funds.

IPO Details

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• The InvIT's IPO price has been fixed between Rs 99 and Rs 100 per unit.
• The issue size aggregates up to Rs 6,000 crore, an increase from the initial planned size of Rs 5,700 crore.
• The public InvIT aims to unlock the monetisation potential of the National Highway assets while creating a high-quality, long-term investment instrument.

Portfolio and Investors

• The InvIT proposes an initial portfolio of five toll roads in Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, operating under the Toll-Operate-Transfer model.
• The toll roads consist of five toll roads spanning over 260 km, forming part of the Golden Quadrilateral project.
• The anchor investors include LIC, ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance, and Bajaj Life Insurance.

IPO Timeline

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• The IPO opens for subscription on March 11 and will conclude on March 13.
• The InvIT will make its stock market debut on March 24.