NHAI-backed Raajmarg Infra InvIT IPO subscribed 19% so far on Day 2; check key dates

The initial share sale secured bids for 4,04,64,150 units, compared to 21,33,33,150 units on offer, according to the NSE data until 3:35 pm.

The quota reserved for institutional investors got 20% subscription, while the category for other investors was booked 18%.

The InvIT's IPO, which has set a price band of ₹99 to ₹100 per unit, will end on March 13, 2026.

According to the Red Herring Prospectus, the issue size aggregates up to ₹6,000 crore. This was an increase from ₹5,700 crore planned at the time of filing the draft papers in January.

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

Before the IPO, the company had garnered ₹1,728 crore from anchor investors, including ICICI Prudential Life Insurance, LIC, Bajaj Life Insurance and Kotak Mahindra Life Insurance.

Other key investors included Tata AIG General Insurance, Kotak Mahindra Bank, Aditya Birla Sun Life Insurance, and several NPS Trust schemes managed by UTI, ICICI Prudential, SBI and Kotak Pension Funds.

Mutual funds such as HDFC MF, Axis MF, Aditya Birla Sun Life MF, Nippon India MF, DSP, Quant, WhiteOak Capital and Edelweiss also participated in the anchor book. Additionally, investments were received from the provident funds of SEBI employees, Indian Oil Corporation, and Maharashtra State Electricity Board (MSEB).

Raajmarg Infra InvIT IPO: Key dates

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.

The InvIT proposes an initial portfolio of five toll roads in Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, operating under the Toll-Operate-Transfer model based on concessions granted by the NHAI to the project SPV.

The toll roads consist of five toll roads spanning over 260 km, forming part of the Golden Quadrilateral project.