IPO
NHAI-backed Raajmarg Infra Invit IPO raises Rs.6,000-Cr
The initial public offering (IPO) of NHAI-backed Raajmarg Infra Investment Trust was subscribed 13.74 times, receiving bids for 293.15 crore units against 21.33 crore units on offer. The IPO was for INR 6,000 crore, with units priced at INR 99-100 per unit.Institutional investors subscribed 19.14 times, while the non-institution portion received bids for 7.26 times. Prior to the IPO, Raajmarg Infra Investment Trust raised INR 1,728 crore from anchor investors, including LIC, ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance, and Bajaj Life Insurance.Raajmarg Infra Investment Trust is sponsored by the National Highways Authority of India. The public InvIT aims to unlock the monetisation potential of National Highway assets and create a long-term investment instrument primarily targeting retail and domestic investors.The InvIT proposes an initial portfolio of five toll roads spanning over 260 km. These toll roads are located 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, and form part of the Golden Quadrilateral project.
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