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Anantam Highways Trust InvIT
0.94xsubscribed

Anantam Highways Trust InvIT

listed
₹14,700Min. investment

Anantam Highways Trust InvIT IPO Details

Price range₹98.00 – ₹100
IPO type
INVIT
Lot size150 shares
Issue size₹400Cr
Red Herring Prospectus
Read

Anantam Highways Trust InvIT Subscription Status

Date
QIB
NII
Retail
Total
07-Oct-25
0.24 times (X)
0.29 times (X)
0.0 times (X)
0.21 times (X)
08-Oct-25
0.24X
0.72X
0.0X
0.33X
09-Oct-25
0.37X
2.72X
0.0X
0.94X

As on 07-Oct-25, 5:30 PM

Anantam Highways Trust InvIT Timeline

  1. Pre-apply
    6 Oct 2025
  2. Bid start
    7 Oct 2025
  3. Bid end
    9 Oct 2025
  4. Allotment
    14 Oct 2025
  5. Release of funds
    16 Oct 2025
  6. Demat transfer
    16 Oct 2025
  7. Listing
    16 Oct 2025

About Anantam Highways Trust InvIT

Anantam Highways Trust is an Indian infrastructure investment trust (InvIT) sponsored by Alpha Alternatives Fund Advisors LLP. The Trust was established in July 2024 and registered with SEBI in August 2024. Anantam Highways Trust focus on monetising operational road assets across India through a public-private partnership (PPP) on a hybrid annuity model (HAM), which provides predictable, annuity-linked cash flows with limited traffic risk exposure.
The Trust’s initial portfolio consists of seven project SPVs, aggregating over 271.65 km (1,086.6 lane km) of national highways spread across five states and one union territory- Karnataka, Telangana, Gujarat, Bihar, Tamil Nadu, and Puducherry. These projects are all concessioned under long-term agreements with the National Highways Authority of India (NHAI), providing residual concession periods of 12.65 to 13.42 years as of June 2025. Importantly, the trust directly or indirectly holds 100% equity interest in each of the seven SPVs, ensuring full ownership of the associated cash flows.
The portfolio includes strategically important stretches such as the Bangalore–Chennai Expressway(Bangalore-Malur & Malur-Bangarpet segments), the Repallewada–Telangana/Maharashtra border section, the Viluppuram–Puducherry highway, and corridors in Gujarat and Bihar. These roads are built under a public-private partnership (PPP) on the HAM model, where NHAI or the government bears 40% of the project cost in advance, and the remaining amount is recovered through guaranteed annuity payment. This model provides return stability, with flows from annuities adjusted for inflation and rate of interest changes, thus reducing revenue volatility compared to toll-based concessions.
The trust has robust sponsor and partnership backing. Its sponsor is Alpha Alternatives, a multi-strategy asset manager with a footprint in infrastructure, real estate, credit, and other asset classes. Further, the Trust has access to the technical and operational experience of Dilip Buildcon Limited (DBL), a major road EPC developer in India, which built these projects and continues to act as O&M contractor.
To facilitate growth, Anantam Highways Trust also has right-of-first-offer (ROFO) agreements with DBL, Build India Infrastructure Fund, and other subsidiaries, providing access to a five-year pipeline of future and identified road assets. This provides visibility of future deals, facilitating portfolio growth without compromising yield stability.
Investments in the roads and highways sector rose from ₹1.7 trillion in FY18 to approximately ₹2.9 trillion in FY22, registering approximately 1.7x growth. Further, the government launched the National Infrastructure Pipeline (NIP) for FY20 to FY25, to boost infrastructure, with a projected investment of ₹111 trillion during the period. The Anantam Highways Trust is well-positioned to capitalise on the strong project pipeline with increasing government focus on HAM projects and leveraging its presence in the PPP space.
The Anantam Highways Trust will focus on achieving an optimal capital structure for its projects and will continue to draw upon the experience, relationship and expertise of its sponsor and its affiliates in sourcing funds from multiple sources, both from domestic and international markets. The investment manager of the trust intends to be selective with respect to any projects it acquires in the future and will consider factors such as access to important locations in the vicinity, connecting roads, remaining life of the assets, total costs of the projects, etc.
Now, Anantam Highways Trust Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹400 crore. The total issue size of the IPO is ₹400 crore. Its shares will be listed on the NSE and BSE.

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Strength and Weakness

Stable revenue-generating assets

The Trust has a sizable initial portfolio of seven completed road projects spanning 1,086.60 lane km across six regions, including Karnataka, Telangana, Gujarat, Bihar, Tamil Nadu and Puducherry. Each project operates under long-term concession agreements with NHAI, having concession periods of 17 years, comprising two years of construction and operational periods of 15 years, ensuring predictable annuity inflows. As of June 30, 2025, the residual concession life ranges from 12.65 to 13.42 years, offering long-term visibility of cash flows while transferring traffic risk to NHAI under the HAM framework.

Growth visibility through ROFO pipeline

Through multiple ROFO agreements, the Trust has a right of first offer on a pipeline of future assets, including 11 identified projects from DBL, 3 from Build India Infrastructure Fund, and the DPJ Pollachi HAM project. This ensures access to a steady pipeline of acquisition opportunities, providing long-term growth potential and portfolio expansion while maintaining alignment with its sponsor’s robust development pipeline.

Strong O&M support through DBL

The Trust benefits from the operational expertise of Dilip Buildcon Limited (DBL), which has been appointed or is proposed to be appointed as the Operations & Maintenance (O&M) contractor across all project SPVs. DBL was not only the original bidder but also the EPC contractor responsible for constructing these projects, ensuring strong alignment of interest in their long-term performance.

Hedge against Interest rate risks

HAM-based projects provide a built-in protection against interest rate fluctuations. Under concession agreements, annuity payments include interest components linked to prevailing benchmark rates (Bank rate of 3% above the prevailing rate or 1.25% over the average one-year MCLR. This mechanism safeguards cash flows from rising financing costs, thereby reducing earnings volatility and ensuring stable returns for investors.

Objectives of Anantam Highways Trust Invit IPO

Loan to Project SPVs
94.00%
The Trust will loan ₹376 crore to project SPVs to repay their debt.
General purposes
6.00%
Manager can use net IPO proceeds for Trust operations at will.

Anantam Highways Trust InvIT Contact Details

Company NameAnantam Highways Trust InvIT

How to apply for Anantam Highways Trust InvIT?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Anantam Highways Trust Invit IPO FAQs