Citius Transnet Investment Trust IPO

About Citius Transnet Investment Trust IPO

The Citius Transnet Investment Trust IPO opens on Friday, April 17, 2026 and closes on Tuesday, April 21, 2026. The allotment of units will take place on Friday, April 24, 2026. The credit of units to the demat account will take place on Sunday, April 27, 2026. The initiation of refunds will take place on Sunday, April 27, 2026. The listing of units will take place on Tuesday, April 29, 2026.

The offer consists of a fresh issue component. The fresh issue will include 11,05,00,000 units aggregating up to ₹1,105 crores. The total number of units is 11,05,00,000 and the aggregate amount is up to ₹1,105 crores

Citius Transnet Investment Trust IPO's price band is set at ₹99 to ₹100 per unit. The lot size for an application is 150 units. The minimum amount of investment required by an investor is ₹15,000 (150 units) (based on upper price).

Citius Transnet Investment Trust is an infrastructure investment trust focused on the transport sector in India. The company acquires, manages, and invests in transport infrastructure assets such as roads.

Objectives of Citius Transnet Investment Trust IPO

• Partial or full acquisition of securities of:
  a) SRPL
  b) certain identified Project SPVs namely TEL, JSEL, Dhola and Dibang
  
• General corporate purposes.
  

Industry Outlook

Infrastructure investment trusts (InvITs) are pooled-investment vehicles registered with the Securities and Exchange Board of India (SEBI) under the SEBI (Infrastructure Investment Trusts) Regulations, 2014. These trusts raise funds by issuing units to investors and invest the proceeds primarily in infrastructure assets, either directly or through special purpose vehicles (SPVs) or holding companies (holdcos). The income generated from the underlying assets is regularly distributed to unitholders. Under SEBI regulations, these trusts own assets from sub-sectors listed in the Harmonised Master List of Infrastructure Sub-sectors, notified by the Ministry of Finance. The country's infrastructure assets comprise a range of sectors, including transportation (such as roads, highways, warehouses, etc.), energy (including power generation, transmission, storage, energy product pipelines etc), and storage facilities, among others These assets contribute to the overall growth and development of the country's infrastructure.

About Citius Transnet Investment Trust

Citius Transnet Investment Trust is an infrastructure investment trust (“Trust”) focused on the transport sector in India. The company acquires, manages, and invests in transport infrastructure assets such as roads.

Its sponsor is Epic TransNet Infrastructure Private Limited (formerly Watrak Infrastructure Private Limited). The Sponsor is fully owned by funds under Infrastructure Yield Trust—namely, Infrastructure Yield Plus II, Infrastructure Yield Plus IIA, and India Infrastructure Yield Plus II. These funds are managed by EAAA India Alternatives Limited (“EAAA”). As of September 30, 2024, EAAA managed three of the 14 infrastructure-focused funds in India and ranked third among infrastructure investment managers based on total assets under management (AUM).

EAAA runs a diversified, multi-strategy investment platform focused on large, under-penetrated, and fast-growing alternative asset classes. It aims to deliver income and yield-focused solutions to a wide range of investors, including global pension funds, insurance companies, and ultra-high-net-worth individuals. As of June 30, 2025, EAAA is supported by a 26-member asset management team, along with 76 investment professionals.

Strengths of Citius Transnet Investment Trust

• A large and well-dispersed portfolio of Project SPVs, with a long operating history and residual concession life, broad dispersion in terms of asset value, and proven track record of traffic growth.
• Strong pipeline of Identified ROFO Assets.
• Strategically located assets across geographically diverse clusters, situated near major economic corridors, and handling a diverse industry and commodity mix.
• De-risked portfolio providing stable cash flows from toll and annuity assets, with balanced traffic mix backed by industrial activity (commercial vehicle volume) and personal consumption activity (passenger vehicle volume) for toll assets and low counterparty risk for annuity assets.
• Experienced in-house team with full spectrum asset management and maintenance capabilities, spanning the entire asset life cycle, backed by tech-enabled operations and maintenance.
• Strong and differentiated asset acquisition and investment capabilities.
• Strong support from their Investment Manager, Project Manager and the EAAA Platform which has a proven track record in AUM growth, capital raising, and investment and asset management capabilities.
• Skilled and experienced management team with a focus on corporate governance and capital management.
• Attractive transport sector outlook with the established regulatory environment and economic and social tailwinds.

Risks of Citius Transnet Investment Trust

• The Trust and the Investment Manager have no operating track record and may not be able to operate their business successfully.
• The Special Purpose Combined Financial Statements included in this offer document may not accurately reflect their future financial position, results of operation and cash flows.
• A significant portion of their revenue is concentrated in a few Project SPVs.
• The Formation Transactions or usage of Issue Proceeds will only be given effect to after the Bid/Issue Closing Date, and their ability to utilise these transactions will impact the size of the Issue and the ability of the Investment Manager to complete this offer.
• Their revenues from certain of their Project SPVs are dependent on receiving consistent annuity income and interest on annuity income from NHAI and MoRTH and other compensation payments.
• Disruptions to the roadways connecting to the toll roads, including as a result of construction or maintenance activities are outside of their control and such disruptions may have an impact on their revenue.
• Their toll revenues and traffic volumes depend on regulatory limitations and the number of people using their roads.
• The development or improvement of competing roads, bridges, or alternative modes of transport may reduce traffic volumes and toll collections on their toll assets.
• Potential challenges in acquiring and integrating the ROFO Assets under the ROFO Agreement could adversely affect their business.

*NAV as of December 31, 2025 **NAV as of September 30, 2025 ***Premium / (Discount) to NAV% has been calculated as Unit Price, divided by Net Asset Value per unit minus one, based on the latest available price on the stock exchanges of the peers till March 18, 2025. The respective price available is as follows: Cube Highways Trust – Rs. 141.25 on NSE as on March 17, 2026 Vertis Infrastructure Trust - Rs. 106.00 on NSE as on March 18, 2026 Interise Trust - Rs 109.75 on NSE as on September 16, 2025

Anchor Investor Bidding Date: Thursday, April 16, 2026

Registrar: KFin Technologies Limited
Book Running Lead Managers:

• Axis Capital Limited
  
• Ambit Private Limited
  
• ICICI Securities Limited
  

Citius Transnet Investment Trust Business Model

The company earns its revenue as a transport sector-focused infrastructure investment trust, established with an objective to acquire, manage and invest in a portfolio of transport infrastructure assets, including roads, in India.

Citius Transnet Investment Trust Growth Trajectory

Citius Transnet Investment Trust ’s Total Income for FY25 was ₹2165.617 crores, whereas in FY24 and FY23 it was ₹2038.530 crores and ₹1885.295 crores, respectively.

The Loss After Tax for FY25 was ₹(417.751) crores, whereas in FY24 and FY23 it was ₹(774.118) crores and ₹(654.008) crores, respectively. (Note: () denotes negative)

Their EBITDA for FY25 was ₹1434.951 crores, whereas in FY24 and FY23 it was ₹1259.407 crores and ₹1084.165 crores, respectively.

Citius Transnet Investment Trust Market Position

As of the date of this Draft Offer Document, the portfolio covers a total of 3,406.71 lane-kilometers across nine states in India. This includes seven toll projects covering over 3,043.22 lane-kilometers and three annuity projects covering over 363.49 lane-kilometers.

As of 31 March 2025, the company’s Total Income, Loss After Tax, and EBITDA were ₹2165.617 crores, ₹(417.751) crores, and ₹1434.951 crores, respectively. (Note: () denotes negative)

How to apply for Citius Transnet Investment Trust IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.