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Citius Transnet Investment Trust IPO
0.08xsubscribed

Citius Transnet Investment Trust IPO

listed
₹14,850Min. investment

Citius Transnet Investment Trust IPO Details

Price range₹99.00 – ₹100
IPO type
INVIT
Lot size150 shares
Issue size₹1,105Cr
Red Herring Prospectus
Read

Citius Transnet Investment Trust IPO Subscription Status

Date
QIB
NII
Retail
Total
17-Apr-26
0.0 times (X)
0.06 times (X)
0.0 times (X)
0.03 times (X)
20-Apr-26
0.0X
0.15X
0.0X
0.08X

As on 17-Apr-26, 5:30 PM

Citius Transnet Investment Trust IPO Timeline

  1. Pre-apply
    15 Apr 2026
  2. Bid start
    17 Apr 2026
  3. Bid end
    21 Apr 2026
  4. Allotment
    24 Apr 2026
  5. Release of funds
    27 Apr 2026
  6. Demat transfer
    27 Apr 2026
  7. Listing
    29 Apr 2026

About Citius Transnet Investment Trust

Citius Transnet is an investment trust that caters to the transport sector, created for the purpose of acquiring, owning, and investing in a portfolio of transport infrastructure assets, mainly roads in India. The sponsor of the Trust is Epic TransNet Infrastructure Private Limited (earlier known as Watrak Infrastructure Private Limited).
The sponsor company is wholly owned by the schemes of the Infrastructure Yield Trust managed by EAAA India Alternatives Limited ("EAAA"). EAAA is one of the top three infrastructure investment managers in India on the basis of AUM as of March 31, 2025. The company manages three out of 16 infrastructure-focused funds. The investment manager of the trust is EAAA TransInfra Managers, which is a wholly owned subsidiary of EAAA. The project manager of the trust is a wholly owned subsidiary of the sponsor.
After the completion of the formation transactions, the portfolio of Citius InvIT would consist of a total of 10 road assets, which include seven toll assets and three annuity assets. All these assets would be held by means of project-specific companies or special purpose vehicles (SPVs) and two holding companies. The total length of these roads is 3,406.71 lane kms spread across nine Indian states. Four out of the seven toll roads have a tolling experience of more than 12 years. The toll road and annuity road portfolio of the Trust enjoys strategic positioning in economically vibrant areas of India and is likely to generate substantial and consistent traffic growth in the coming years.
The portfolio is geographically diversified in states like Haryana (NH-1), Gujarat (NH-8A, SH-17, SH-25), Karnataka-Telangana (NH-9), Kerala (NH-544), Orissa (SH-10), Assam (NH-48), Meghalaya-Assam (NH-40), and Arunachal Pradesh (NH-13). The portfolio is well-diversified in national highways and state highways, creating connectivity in industrial belts and balancing the traffic potential in the portfolio.
Toll SPV projects had an annual weighted average passenger car unit (PCU) growth of 7.10% per day between 2023 and 2025, while the growth rate stood at 6.46% between 2018 and 2025 (without PECPL and TEL). Regarding the traffic composition for FY26, the passenger vehicles take up roughly 37.80% of the PCU mix, whereas the commercial or freight vehicles make up 62.20%. The freight vehicles generate about 74% of the total revenue from tolls.
The Indian road infrastructure segment continues to be one of the major backbones for growth, contributing heavily to transport-related activities across the nation, and is expected to witness substantial investment inflows in future years. The sector currently contributes more than 60% of freight and almost 85% of passenger transport through the second-largest road network in the world and is expected to receive investments of around ₹33 to 35 trillion between 2025 and 2030, backed by government-led mega projects like Bharatmala, NIP, and NMP.
Over the last few years, the industry has seen a transition from traditional PPP structures to mature PPP models like HAM, BOT, TOT and InvITs, which provide better risk management and sustainable cash flow, thus driving participation from institutional and global investors. Attracting further investor interest through asset monetisation vehicles like TOT and InvITs also appears highly possible in the future. Going forward, with continued government support and focus on logistics and integration with multimodal infrastructure, a sustained period of growth can be anticipated with solid cash flow visibility.
In line with the growth prospects within India’s road infrastructure sector, the company’s strategy is geared towards maximising and enhancing a diversified, yield-accretive portfolio via strategic acquisitions, efficient capital deployment, and proactive asset management. It seeks to tap into the emerging opportunities presented by government programs, such as asset monetisation (InvITs, TOT, HAM), together with greater participation from the private sector, by acquiring operational or near-operational assets providing reliable cash flows and visibility over concession periods.
Furthermore, the company also plans to maximise value by way of technology-enabled O&M processes, cost reduction, and lifecycle management of assets, while exercising fiscal discipline and diversifying its financing avenues. Its strategy also entails venturing into complementary transport-related infrastructure businesses, including logistics, rail, and cable car services, making use of synergistic relationships between sectors, together with India’s increasing emphasis on multimodal infrastructure networks.
Now, Citius Transnet Investment Trust is launching its InvIT, which consists of a fresh issue of ₹1,105 crore only. Its shares will be listed on the NSE and BSE.

How to pre-apply for Citius Transnet Investment Trust InvIT?

You can pre-apply for Citius Transnet Investment Trust InvIT on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription.
Follow these steps to pre-apply for the IPO:
  • Login to your Upstox account, using your six-digit PIN
  • After successfully logging in, click on ‘Discover’
  • On the Discover tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Citius Transnet Investment Trust InvIT tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Pre-Apply’
  • Accept the mandate on your UPI app

How to apply for Citius Transnet Investment Trust InvIT?

If you are interested in this investment opportunity but unsure how to apply for Citius Transnet Investment Trust InvIT, here are the steps that you need to follow.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Citius Transnet Investment Trust InvIT on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘Citius Transnet Investment Trust InvIT’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

**How to check the Citius Transnet Investment Trust InvIT allotment status? **

When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes.
Here’s a step-by-step guide on how to check the Citius Transnet Investment Trust InvIT allotment status:
  • Login to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ page, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, you will find the ‘View all’ option
  • Once you click on ‘View all’, you will be directed to the ‘IPO’ tab
  • In the ‘IPO’ tab, click on ‘My applications’
  • In ‘My applications’, under the History section, your Citius Transnet Investment Trust InvIT allotment status will be mentioned.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Scaled and diversified portfolio

The firm makes use of the extensive portfolio of its 10 project SPVs covering a total of 3,406.71 lane km of highway network in 9 states, comprising seven toll and three annuity-based projects. The assets have very mature characteristics with an average maturity period of around 10.13 years and a residual lifespan of around 12.93 years, which is higher compared to its peer average. Its diversification strength has been supplemented with the inclusion of low concentration risk due to the presence of the largest project, amounting to just around 26.11% of its enterprise value, and also a relatively lower HHI level of 40.01.

High growth visibility through the ROFO pipeline

The company is in possession of a ROFO pipeline of 11 HAM assets that have 2,366.81 lane kms in 6 different states. It provides good visibility for inorganic growth. Out of this, five assets with 1,175.93 lane kms are currently operating with an average life expectancy of 10.58 years. Additionally, the company has acquired six assets. With full execution, its total portfolio will consist of 21 assets and 5,773.52 lane-km.

De-risked revenue model with predictable cash flows

The company operates on a well-balanced combination of toll and annuity revenues (i.e., toll accounts for 82.3%, while annuity makes up 17.7%). Toll assets experience growth due to higher car penetration and increased logistics volume, whereas annuity assets are free from traffic risks because they bring fixed income with support from the government. Some important counterparties are NHAI & MoRTH.

Strong backing by the EAAA platform

The company operates on the EAAA platform that holds AUM of ₹68,175 crores with over 15 years of experience. The platform has made the acquisition of 32 infrastructure assets, including roads, renewable energy, and transmission. There is good evidence of deal execution capability with the platform having credit ratings upgraded to AAA, and interest rate costs being reduced from 30–175 basis points. With more than 115 years of collective experience, the financial team is responsible for ₹11,280 crore debt management.

Objectives of Citius Transnet Investment Trust IPO

Funding for acquisition
90.50%
₹1,000cr will fund debt repayment and stake buyouts in SRPL and its SPVs.
General corporate purposes
9.50%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses

Citius Transnet Investment Trust IPO Contact Details

Company NameCitius Transnet Investment Trust

How to apply for Citius Transnet Investment Trust IPO?

  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.

Citius Transnet Investment Trust IPO FAQs