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.

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:

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:

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: