Updated on 24.03.2026|12:15 PM
Raajmarg Infra Investment Trust (RIIT) is set to launch its Initial Public Offering (IPO) on Wednesday, March 11, 2026. It is an Infrastructure Investment Trust sponsored by the National Highways Authority of India (NHAI).
The Trust proposes to acquire and manage a portfolio of five operational toll roads spanning approximately 260.2 km across the Golden Quadrilateral in Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka.
The public issue, comprising entirely of a fresh issue, aims to raise a massive ₹6,000 Crores with a price band set at ₹99 to ₹100 per unit. The issue will close on Friday, March 13, 2026. Track all the upcoming and live IPOs of 2026 at our IPO section which is updated regularly.
What is an Infrastructure Investment Trust (InvIT)?
For beginners, an InvIT is similar to a mutual fund but specifically designed to pool money from investors to invest in operational infrastructure assets, like toll roads or power grids.
These assets generate steady revenue (like toll collections), which the InvIT distributes to its unitholders as dividends.
Under SEBI regulations, InvITs are mandated to distribute at least 90% of their net distributable cash flows, making them attractive for investors seeking regular, yield-generating income alongside potential capital appreciation.
In this article, you will find Raajmarg Infra InvIT IPO GMP today, subscription status, allotment date, price band, and a detailed review.
Briefs of Raajmarg Infra InvIT IPO Details:
- Price Band: ₹99 – ₹100 per unit
- IPO Open / Close Dates: March 11, 2026 – March 13, 2026
- Lot Size: 150 (Minimum Investment- ₹15,000)
- Issue Size: ₹6,000 Crores
- Fresh Issue: ₹6,000 Crores
- Offer for Sale (OFS): Nil
- Registrar: Kfin Technologies Ltd.
- Listing Exchange: BSE, NSE
Investors searching for allotement related issues like credit of shares, refunds, and other similar issues can check our detailed guide on Kfin IPO allotment status which is updated and have all the necessary details.
What Is The Raajmarg Infra InvIT IPO GMP Today?
You can check the GMP of this and other issues at our GMP hub page.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 100.00 | 107.00 | 7.00 |
What Are The Important Raajmarg Infra InvIT IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Wednesday, March 11, 2026
- IPO Close Date: Friday, March 13, 2026
- Basis of Allotment Date: Monday, March 16, 2026
- Refund Initiation Date: Tuesday, March 17, 2026
- Credit of Units: Tuesday, March 17, 2026
- Listing Date: Wednesday, March 24, 2026 (Updated)
What Are The Objectives of Raajmarg Infra InvIT IPO?
The Trust proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Payment of Concession Fees: An amount of up to ₹5,850.00 Crores will be infused into the Project Special Purpose Vehicle (SPV), Raajmarg 1 Projects Private Limited, via debt and equity. The SPV will use these funds to pay the concession value (including the base fee of ₹9,500.00 Crores) for the InvIT assets to NHAI.
- General Corporate Purposes: The remaining balance (not exceeding 10% of gross proceeds) will cover ordinary business expenses, debt financing costs, and the funding of the requisite Debt Service Reserve Account (DSRA).
How is The Financial Performance of Raajmarg Infra InvIT?
Since the Trust and its SPV were newly incorporated in November 2025, there is no historical operational financial data available for the Trust itself. The audited data for the brief period ending December 31, 2025, reflects Nil income and operations.
However, the Offer Document provides the standalone financial history of the Sponsor, the National Highways Authority of India (NHAI), to illustrate the parent entity's scale.
Note: The following table represents the financials of the Sponsor (NHAI), not the Trust itself.
(Figures in ₹ Crores)
Particulars (Sponsor - NHAI) | Period Ended 31 Mar 25 | Period Ended 31 Mar 24 | Period Ended 31 Mar 23 |
Total Income | 25.65 | 26.81 | 32.34 |
Profit / (Loss) Before Tax | (841.40) | (803.77) | (715.95) |
Source: RHP
Financial Analysis & Projected Performance:
Projected Revenue:
While historicals are nil, the Trust projects robust Revenue from Operations of ₹925.80 Crores for FY27, growing to ₹1,128.03 Crores in FY28, based on anticipated toll collections from the mature Golden Quadrilateral assets.
Capital Structure:
Post-issue, the Trust plans to utilise a Rupee Term Loan of ₹4,067.00 Crores. Against an independent Enterprise Valuation of approximately ₹9,298.70 Crores, this indicates a balanced capital structure optimised for yield.
Sponsor Scale (NHAI):
NHAI's massive asset base, growing from ₹8.53 Lakh Crores in FY23 to over ₹12 Lakh Crores in FY25, underscores the immense pipeline and institutional backing supporting the InvIT.
What Are the Valuation and Peer Comparison (NAV Based)?
Unlike traditional equity shares, InvITs are not typically evaluated using the Price-to-Earnings (P/E) ratio because their primary objective is cash flow distribution rather than retained earnings growth.
Instead, InvITs are benchmarked against their Net Asset Value (NAV) to determine if they are trading at a premium or discount.
Peer Comparison Table:
Industry Peer | Net Asset Value per Unit (NAV) (₹) | Premium / (Discount) to NAV % |
Raajmarg Infra InvIT | [To be finalised based on issue price] | - |
National Highways Infra Trust | 145.80 | 6.31 |
Vertis Infrastructure Trust | 103.35 | 5.47 |
Interise Trust | 104.18 | 5.35 |
Cube Highways Trust | 142.70 | (1.89) |
IRB InvIT Fund | 79.50 | (22.19) |
Analysis:
The market currently shows a strong appetite for government-backed infrastructure assets. Peers like the National Highways Infra Trust (also sponsored by NHAI) are trading at a premium of over 6% to their NAV. Investors will evaluate RIIT's final issue price against its independently assessed enterprise value (₹9,298.7 Crores) to determine its attractiveness relative to these established, premium-trading peers.
What is The Industry Outlook Raajmarg Infra Investment Trust (RIIT)?
Growth Potential:
India’s road network is the second largest globally, and the government's National Monetisation Pipeline (NMP) relies heavily on InvITs to recycle capital. This structure offers a steady stream of operational assets hitting the market.
Market Trends:
Toll revenues are legally linked to the Wholesale Price Index (WPI), offering a natural hedge against inflation. With rising commercial traffic on the Golden Quadrilateral, toll collections are expected to maintain an upward trajectory.
What Are The Strengths and Risks of Raajmarg Infra InvIT?
Strengths:
- NHAI Parentage: Backed by the sovereign-owned NHAI, which provides unmatched credibility, transitional support for 30 months, and guaranteed termination payments in default scenarios.
- Visible Growth Pipeline: NHAI has already approved offering an additional 1,500 km of highways to the Trust over the next 3-5 years, providing massive scalability.
- High Credit Rating: The Trust and its proposed debt hold a provisional 'AAA / Stable' rating, ensuring access to low-cost capital.
Risks:
- Traffic Volatility: Since revenues are directly tied to toll collections, any economic downturns, weather disruptions, or the development of competing free routes could severely impact cash flows.
- Fixed O&M Costs: The Trust is obligated to maintain roads to strict standards. Unexpected spikes in material or labor costs for repairs cannot be immediately offset by raising tolls.
- No Operating History: The Trust is a newly formed entity with pending concession agreements, lacking an independent operational track record.
Key Considerations for Investors
This section is neutral and for informational purposes only.
- Yield Expectation: InvITs are designed for yield. Investors should assess the projected distributions (mandated at 90% of Net Distributable Cash Flows) against prevailing interest rates.
- Inflation Protection: The WPI-linked toll structure offers protection against inflation, a key advantage for long-term income seekers.
- Capital Risk: While the yield is attractive, the underlying assets (toll concessions) have a finite life, and the capital value may depreciate towards the end of the concession period if new assets are not continually added to the portfolio.
Key Takeaways
- IPO Price: ₹99 - ₹100 per unit.
- Issue Size: ₹6,000 Crores (Fresh Issue).
- Asset Value: Enterprise Value of ₹9,298.7 Crores.
- Structure: InvIT is mandated to distribute 90% of cash flows.
- Allotment: March 16, 2026
- Listing: BSE & NSE on March 24, 2026.
FAQs on Raajmarg Infra InvIT
What is Raajmarg Infra InvIT IPO GMP today?
The GMP is an unofficial market indicator. You can check it at our gmp hub page.
What is Raajmarg Infra InvIT IPO price band?
The price band is fixed at ₹99 to ₹100 per unit.
What is Raajmarg Infra InvIT IPO allotment date?
The allotment status is expected to be finalized on Monday, March 16, 2026.
What is Raajmarg Infra InvIT IPO listing date?
The units are tentatively scheduled to list on Wednesday, March 24, 2026.
Investment Perspective on Raajmarg Infra InvIT
Raajmarg Infra InvIT offers a compelling opportunity for investors seeking steady, inflation-protected yields backed by sovereign-grade assets. The strong NHAI pipeline guarantees future growth, though investors must be mindful of traffic volatility risks and the lack of historical operating data for the newly formed Trust.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
