Anantam Highways Trust Makes Modest Debut with 6.95% Premium, Lists at ₹106.95 Against Moderate Subscription

Anantam Highways Trust, an infrastructure investment trust (InvIT) focused on road infrastructure with a portfolio of seven highway projects covering 271.65 km (1,086.60 lane km) across five Indian states and one union territory, made a modest debut on BSE and NSE on October 17, 2025. After closing its IPO bidding between October 7-9, 2025, the InvIT commenced trading with a 6.00% premium opening at ₹106 and rose to ₹106.95 with gains of 6.95%.

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Anantam Highways Trust Listing Details

Anantam Highways Trust launched its IPO at ₹100 per share with a minimum investment of 150 units. The IPO received moderate response with a subscription of 5.62 times - NII at solid 8.93 times and QIB at moderate 2.86 times.

First-Day Trading Performance Outlook

• Listing Price: Anantam Highways Trust units Opened at ₹106 representing a premium of 6.00% from the issue price of ₹100, and rose to ₹106.95, delivering modest gains of 6.95% for investors reflecting cautious market sentiment towards the road infrastructure InvIT sector.

Growth Drivers and Challenges

Growth Drivers:

• Strategic Asset Portfolio: Seven highway projects with a total length of 271.65 km (1,086.60 lane km) including Dhrol Bhadra, Dodaballapur Hoskote, Repallewada, Viluppuram, Narenpur Purnea, Bangalore Malur, and Malur Bangarpet highways across five states and one union territory.
• Strong Sponsor Support: Backed by Alpha Alternatives Fund Advisors LLP, a multi-strategy asset management company investing across infrastructure, credit, real estate, equities, commodities, and fixed income, with support from Dilip Buildcon Limited as Project Manager.
• Favourable Industry Dynamics: Attractive road infrastructure sector with strong underlying fundamentals, favorable government policies, long-term stable revenue-generating assets, and growth opportunities to expand the portfolio through acquisition rights.

Challenges:

• Revenue Decline Concerns: Top line decreased significantly by 63% from ₹2,527.05 crore in FY24 to ₹942.36 crore in FY25, raising serious questions about business stability despite turning profitable with PAT of ₹410.62 crore after losses in previous years.
• Limited Track Record: Relatively new InvIT registered with SEBI on August 19, 2024, with limited operational history and historical losses in FY23 (₹178.48 crore) and FY24 (₹160.05 crore) before turning profitable in FY25 requiring validation of sustainability.

Utilisation of IPO Proceeds

• Debt Repayment: ₹376 crore for providing loans to the Project SPVs for repayment or prepayment of debt, in part or in full, including any accrued interest, of their respective outstanding borrowings, improving the financial health of the underlying highway projects.
• General Purposes: Balance amount for general corporate purposes supporting the trust's operations and strategic initiatives in the road infrastructure sector.

Financial Performance of Anantam Highways Trust

• Revenue: ₹942.36 crore for FY25, showing a concerning decline of 63% from ₹2,527.05 crore in FY24, raising serious questions about business momentum and revenue stability in the road infrastructure portfolio.
• Net Profit: ₹410.62 crore in FY25, representing a remarkable turnaround from a loss of ₹160.05 crore in FY24 and ₹178.48 crore in FY23, demonstrating successful operational improvements and the benefit of stable revenue-generating highway assets.
• Assets: Total assets of ₹4,151.92 crore as of March 31, 2025, showing growth from ₹3,530.23 crore in FY24, reflecting the expanding road infrastructure portfolio and capital deployment in highway projects across multiple states.
• InvIT Structure: Designed for long-term regular returns and appreciation benefits for investors seeking exposure to stable road infrastructure assets with predictable cash flows from toll collections and annuity payments.