NHAI-backed Raajmarg Infra InvIT IPO opens on Mar 11: Price band set at ₹99-100 per unit; check key details

Raajmarg Infra InvIT IPO: State-owned NHAI-sponsored Raajmarg Infra Investment Trust (RIIT) will open for subscription on March 11 and end on March 13. The price band has been fixed at ₹99 to ₹100 per unit.

The company is looking to raise ₹6,000 crore, according to the red herring prospectus (RHP). This was an increase from ₹5,700 crore planned at the time of filing the draft papers in January.

The anchor round will take place on March 10

The initiative marks an important step in broadening public participation in the National Highway infrastructure growth story.

The public InvIT aims to unlock the monetisation potential of the National Highway assets while creating a high-quality, long-term investment instrument primarily targeting retail and domestic investors.

Earlier, NHAI had incorporated Raajmarg Infra Investment Managers Pvt Ltd (RIIMPL) as the investment manager for the Raajmarg Infra Investment Trust.

RIIMPL is a collaborative venture with equity participation from leading banks and financial institutions, including State Bank of India, Punjab National Bank, NaBFID, Axis Bank, Bajaj Finserv Ventures Ltd, HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank, and Yes Bank.

"The (Raajmarg Infra Investment Trust) Trust proposes to have an initial portfolio of five toll roads in the Indian states of Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka under the Toll Operate Transfer model conceived by NHAI. These toll roads will be operated and maintained pursuant to concessions granted by the NHAI to the project SPV. The Toll Roads comprise five toll roads spanning a total length of 260.198 kms and forms part of the Golden Quadrilateral project," the company said.

Raajmarg Infra InvIT IPO: Key dates

The InvIT said that 75% of the offer size has been reserved for qualified institutional buyers (QIBs) and the remaining 25% for non-institutional investors (NIIs).

Raajmarg Infra Investment Trust would make its stock market debut on March 24.