RaajMarg Infra Investment Trust IPO

About Raajmarg Infra Investment Trust IPO

The Raajmarg Infra Investment Trust IPO opens on Wednesday, March 11, 2026 and closes on Friday, March 13, 2026. The allotment of shares will take place on Wednesday, March 18, 2026. The credit of shares to the demat account will take place on Monday, March 23, 2026. The initiation of refunds will take place on Friday, March 20, 2026. The listing of shares will take place on Tuesday, March 24, 2026.

The offer consists of a fresh issue component. The fresh issue will include 60.00 crore shares of ₹6,000.00 crores. The total number of shares and aggregate amount are 60,00,00,000 shares

(aggregating up to ₹6,000 crores).

Raajmarg Infra Investment Trust IPO’s price band is set at ₹99 to ₹100 per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

The Raajmarg Infra Investment Trust is an infrastructure investment trust established for making investments in special purpose vehicles as defined under Regulation 2(1)(zy) of the InvIT Regulations, or infrastructure projects or securities of Indian companies engaged in the infrastructure sector, as may be permitted in terms of Regulation 18(5) of the InvIT Regulations.

Objectives of Raajmarg Infra Investment Trust IPO

• Infusion of debt and equity into the Project SPV, which shall be utilised by the Project SPV for the payment of concession value of the InvIT Assets to NHAI.

• General purposes.

Industry Outlook

India’s infrastructure sector is witnessing robust growth, fuelled by significant government investments and strategic initiatives aimed at strengthening the nation's economic framework. For the fiscal year 2025–26, the government allocated a record ₹11,21,000 crores, underscoring its dedication to infrastructure development as a cornerstone of economic progress and employment generation (Source: CARE Industry Report).

The National Highways Authority of India (NHAI) plans to award approximately 5,000 kilometres annually through Build-Operate-Transfer (BOT) and Engineering, Procurement, and Construction (EPC) models. This approach presents significant opportunities for infrastructure construction companies.

About Raajmarg Infra Investment Trust

Raajmarg Infra Investment Trust is an infrastructure investment trust which is registered with SEBI under the InvIT Regulations on December 22, 2025, under Regulation 3(1) of the InvIT Regulations. The Trust intends to acquire, operate and maintain the InvIT Assets pursuant to the terms of the Concession Agreements. The Trust is sponsored by NHAI, an autonomous authority of the GoI under the MoRTH constituted on June 15, 1989 under the NHAI Act.

The 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 ("TOT") model conceived by NHAI. These Toll Roads will be operated and maintained pursuant to concessions granted by the NHAI to the Project SPV.

Strengths of Raajmarg Infra Investment Trust

• Attractive industry sector with strong underlying fundamentals and favourable government policies.

• Experienced sponsor with consistent track record in operating and maintaining projects in the roads and highways sector in India.

• Sizeable portfolio of diversified long-term revenue generating toll road assets.

• Portfolio of strategically located assets catering to key economic corridors of the country.

• Significant growth visibility through a defined pipeline of future assets.

• Concession agreement terms with low counterparty risk.

• Experienced management team with industry experience.

• Long-term transitional support from NHAI ensuring operational continuity.

Risks of Raajmarg Infra Investment Trust

• The Project SPV's toll-road concessions may be terminated prematurely under certain circumstances.

• Toll collections and toll road traffic volumes may be affected by existing or new competing roads and bridges and other modes of transportation.

• Subjection to seasonal fluctuations and business and economic cycles.

• Significant decrease in traffic volume or change in toll rates on the toll roads.

• Leakage of the tolls collected on the toll roads.

• Changes in the policies adopted by governmental entities or in the relationships of any member of the Trust with the Government or State Governments.

• Subjection to increases in costs, including operation and maintenance costs.

• Strikes, work stoppages or increased wage demands by the employees of the Project SPV, and independent contractors or other subcontractors.

Anchor Investor Bidding Date: Tuesday, March 10, 2026

Registrar: KFin Technologies Limited

Book Running Lead Managers:

SBI Capital Markets Limited

Axis Capital Limited

ICICI Securities Limited

Motilal Oswal Investment Advisors Limited

Business Model

The company earns its revenue by acquiring, operating, and maintaining operational road infrastructure assets in India.

Raajmarg Infra Investment Trust Growth Trajectory

Raajmarg Infra Investment Trust’s Total Income for FY25 was ₹ crores, whereas in FY24 and FY23 it was ₹ crores and ₹ crores, respectively.

The Profit After Tax for FY25 was ₹ crores, whereas in FY24 and FY23 it was ₹ crores and ₹ crores, respectively.

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

Raajmarg Infra Investment Trust Market Position

The Trust proposes to have an initial portfolio of five Toll Roads in the Indian states of Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka forming part of the Golden Quadrilateral project under the Toll Operate Transfer ("TOT") model conceived by NHAI. Four Toll Roads are located in southern India while the remaining one Toll Road is located in eastern India.

According to the Traffic Report, these corridors have witnessed high traffic growth rates in the past few years due to offering enhanced connectivity and economic opportunities, and are expected to experience a steady rise in traffic. The project highways are strategically located in the states with high economic activities.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹ crores, ₹ crores, and ₹ crores, respectively.

How to Apply for RaajMarg Infra Investment Trust IPO?

To apply for the RaajMarg Infra Investment Trust IPO:

• Step 1: Log in to your Kotak Neo Demat account - Log in to your 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.