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Raajmarg Infra Investment Trust

Raajmarg Infra Investment Trust

open
₹14,850Min. investment
  1. Pre-apply
    10 Mar
  2. Bid start
    11 Mar
  3. Bid end
    13 Mar
  4. Allotment
    18 Mar
  5. Release of funds
    20 Mar
  6. Demat transfer
    23 Mar
  7. Listing
    24 Mar

Raajmarg Infra Investment Trust IPO Details

Price range₹99.00 – ₹100
IPO type
Regular
Lot size150 shares
Issue size₹6,000Cr
Red Herring Prospectus
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Raajmarg Infra Investment Trust IPO Overview

Raajmarg Infra Investment Trust IPO date

Raajmarg Infra Investment Trust IPO will open for subscription on March 11, 2026, and the closing date for the IPO is March 13, 2026. After this, investors are expected to be updated about the allotment status on March 18, 2026.

Investors who have been allotted shares can expect them to be credited to their demat account on March 23, 2026. The shares will be listed on the NSE and the BSE on Tuesday, March 24, 2026.

Raajmarg Infra Investment Trust IPO price band

The IPO includes a fresh issue only. The IPO price band has been set between ₹99 and ₹100 per share. Interested investors can choose a price within this band to apply for the IPO.

The IPO is a book-building issue, comprising a fresh issue of ₹6,000 crore. Raajmarg Infra Investment Trust IPO listing price will be determined on March 24, 2026. The listing price is the price at which a company’s shares debut on the stock exchanges.

Raajmarg Infra Investment Trust IPO lot size

Raajmarg Infra Investment Trust IPO details have been declared. The IPO issue size is approximately ₹6,000 crore.

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Objectives

Debt Funding
97.50%
General corporate purposes
2.50%

Strength and Weakness

Well-positioned portfolio on the Golden Quadrilateral

The Trust's first portfolio includes five busy toll road projects that cover 260.198 kilometres in Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka. These assets are very important to the Golden Quadrilateral, which is India's most important long-distance transportation network that connects major economic centres like Delhi, Kolkata and Chennai. The Trust makes sure that there is a healthy mix of captive short-distance and long-distance commercial traffic on these established corridors. This is important for keeping toll collections steady and revenue stable over the long term.

Strong future asset pipeline

The trust has a clear plan for expanding its operations that has been approved by the Chairman of NHAI. NHAI has said that it may give the Trust about 1,500 kilometres of new national highways to use over the next 3-5 years. This pre-defined pipeline lets the Trust follow a disciplined plan for growth, which could increase its asset base by almost 6 times its original size. This provides investors a rare mix of short-term yield and big long-term growth potential.

Inflation-hedged revenue model

NHAI fee rules have been framed based on the mechanism of changing the toll rates in such a way that the revenue model of the Trust remains protected from the vagaries of inflation. Every year, the toll rates increase by a fixed amount of 3% plus 40% of the change in the Wholesale Price Index (WPI).

Strong backing of NHAI

As the sponsor of NHAI, an autonomous organisation under the Ministry of Road Transport and Highways, the Trust benefits from an unusually high level of institutional support. This is highlighted by the commitment of NHAI to hold at least 15% of the units for a period of at least 3 years, an indicator of an unusually high level of alignment with public investors. The Trust benefits from an unusually low level of counterparty risk, coupled with an enviable level of competitive advantage in an environment that is both highly regulated.

About Raajmarg Infra Investment Trust

Raajmarg InvIT is an Infrastructure Investment Trust sponsored by NHAI, making it one of the few government-backed toll-road investment vehicles in the country. The trust is structured to own, operate and maintain toll-road assets through a project SPV, which will acquire five toll-road projects upon completion of formal transactions. Each asset operates under a concession agreement granting the right to collect tolls for 15 years, and all five corridors form part of India's prestigious Golden Quadrilateral project.
The five InvIT assets are: Gorhar-Barwa Adda (80.5 km, NH-19, Jharkhand), Chilakaluripet-Vijayawada (69.4 km, NH-16, Andhra Pradesh), Chennai Bypass (32.6 km, NH-32/48, Tamil Nadu), Chennai-Tada (33.0 km, NH-16, Tamil Nadu) and Neelmangla-Tumkur (44.7 km, NH-48, Karnataka), which totals to ~260 km of four and six-lane national highways.
Raajmarg's revenues are entirely toll-based, with each of the five corridors contributing independently. The Andhra Pradesh corridor (Chilakaluripet-Vijayawada) through the Kaza toll plaza contributes the highest income with projections of ₹225.7 crore in FY27 and ₹505.4 crore in FY41. This is because NH16 runs from West Bengal and Odisha in the north to Karnataka and Tamil Nadu in the south.
The Chennai bypass and Chennai-Tada corridors in Tamil Nadu have the most traffic overall as they connect ports (Chennai, Ennore and Kattupalli) and are busy with urban and industrial activity. Bengaluru's growing industrial belt helps the Karnataka corridor (Neelmangla-Tumkur), while heavy mineral freight coal, iron ore, and steel from a state that has about 40% of India's mineral wealth drives the Jharkhand corridor (Gorhar-Barwa Adda).
The trust's clientele comprises passenger vehicles (Cars/jeeps/vans comprising 40-65% of AADT across plazas) and commercial freight, including LCVs, trucks and Multi-Axle Vehicles transporting agricultural goods, containers, cement and industrial products.
The portfolio gets a lot of traffic every day on all of its corridors. The Nallur toll plaza on Chennai-Tada had the annual average daily traffic (AADT) in FY26, with about 37,992 vehicles (73,994 PCU). The Vanagram plaza on Chennai Bypass came in second with 42,400 AADT (59,587 PCU), and the Kaza plaza on Chilakaluripet-Vijayawada came in third with 37,725 AADT (61,180 PCU). The Kulumepalya plaza on Neelmangla-Tumkur has about 39,367 AADT, while the Kulgo plaza on Gorhar-Barwa Adda, which is a freight-heavy corridor, has 10,470 AADT, with a lot of MAVs and heavy trucks. Traffic CAGRs (FY23-FY26 YTD) show that most corridors are growing well. For example, Vanagram is growing at 16.0%, Chennai-Tada at 8.0%, Chokkenahalli (Neelmangla-Tumkur) at 9.0%, Gorhar-Barwa Adda at 6.3%, and Chilakaluripet-Vijayawada at 2.8%. The Indian government's record ₹11.21 lakh crore infrastructure allocation for FY25-26 is helping the country's road infrastructure sector grow. The NHAI has consistently built more highways, going from 2,993 km completed in FY18 to 5,614 km in FY25. Many independent macro themes drive demand along Raajmarg's corridors. For example, Tamil Nadu's Chennai Metropolitan Area is a hub for automotive, logistics, and port trade. Andhra Pradesh, which has the 8th largest GDP in India, has 15 operational ports and is one of India's top five exporting states. Jharkhand's mineral-rich economy creates captive freight demand, and Karnataka's Bengaluru-Tumkur belt is industrializing fastly under the Chennai-Bengaluru Industrial Corridor. India's broader shift toward efficient freight logistics, economic corridors and coastal connectivity further augments long-term traffic growth on all 5 assets, with the diversified commodity mix.
There are three main parts to Raajmarg InvIT's strategy. First, its NHAI sponsorship gives it an unmatched competitive edge because it gives it institutional credibility, government-backed deal flow and privileged access to high-quality highway assets that are being monetised through India's National Monetisation Pipeline. Second, the company operates in four states and has access to four different types of traffic - mineral freight, port-bound commercial traffic, urban passenger traffic and industrial commuter flows. Third, the Trust uses performance-based maintenance contracts (PBMCs) and hybrid annuity model (HAM) structures with experienced contractors to manage its assets.
Now, Raajmarg Infra Investment Trust is launching its Infrastructure Investment Trust (InvIT ), which consists of a fresh issue of ₹6,000 crore. InvIT shares will be listed on the NSE and BSE.

How to pre-apply for the Raajmarg Infra Investment Trust IPO?

You can pre-apply for the Raajmarg Infra Investment Trust IPO 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 ‘Raajmarg Infra Investment Trust IPO’ 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 the Raajmarg Infra Investment Trust?
If you are interested in this investment opportunity but unsure how to apply for the Raajmarg Infra Investment Trust IPO, 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 the Raajmarg Infra Investment Trust IPO 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 ‘Raajmarg Infra Investment Trust IPO’ 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 Raajmarg Infra Investment Trust 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 Raajmarg Infra Investment Trust IPO 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 Raajmarg Infra Investment Trust IPO allotment status will be mentioned

Frequently asked questions

How to invest in the Raajmarg Infra Investment Trust ?

Investors can apply for the Raajmarg Infra Investment Trust through their Demat account via the stock exchange or through their broker.

What is the issue size of Raajmarg Infra Investment Trust ?

The issue size of the Raajmarg Infra Investment Trust is 6000 Cr.

What is 'pre-apply' for Raajmarg Infra Investment Trust ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Raajmarg Infra Investment Trust shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.
Bidding closes on 13 Mar 2026, 5:00 PM