Raajmarg InvIT Lists at ₹107, Up 7%

Raajmarg Infra Investment Trust, an infrastructure investment trust registered with SEBI on December 22, 2025 sponsored by National Highways Authority of India (NHAI) under Ministry of Road Transport and Highways established to acquire, operate, and maintain operational road infrastructure assets comprising five toll road assets developed under NHAI's Toll Operate Transfer (TOT) model located across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka forming part of Golden Quadrilateral network with aggregate length of approximately 260.198 km, made a solid debut on BSE and NSE on Tuesday, March 24, 2026. The Raajmarg InvIT unit price opened at ₹107.00 representing premium of 7% from issue price of ₹100.00, touched high of ₹107.45 (up 7.45%) before trading around ₹106.30 (up 6.30%).

Raajmarg InvIT Listing Details

Raajmarg InvIT launched its issue at ₹100 per unit raising ₹6,000 crore including ₹1,728 crore from anchor investors. The InvIT received strong institutional response with subscription of 13.74 times - QIB (Ex-Anchor) at 19.14 times, NII at 7.26 times.

First-Day Trading Performance

Listing Price: Raajmarg InvIT unit price opened at ₹107.00 representing premium of 7% from issue price, touched high of ₹107.45 (up 7.45%) before trading around ₹106.30 (up 6.30%), with VWAP at ₹106.76. The solid listing delivered healthy gains for InvIT investors with turnover of ₹195.59 crore, traded volume of 183.20 lakh units, exceptional delivery of 99.98%, and market capitalisation of ₹6,385.20 crore with 66.89% buy-side visible in order book indicating sustained investor interest.

Growth Drivers and Challenges

Growth Drivers:

NHAI Sponsorship: Backed by National Highways Authority of India under Government of India providing strong counterparty credibility with low counterparty risk and favourable government policies supporting highway infrastructure development.

Strategic Asset Location: Five operational toll road assets on Golden Quadrilateral network across key economic corridors - Gorhar to Barwa Adda, Chilakaluripet-Vijayawada, Chennai Bypass, Chennai-Tada, and Nelamangala-Tumkur spanning 260.198 km.

Long-Term Revenue Visibility: Exclusive rights to operate, manage, maintain, and collect toll user fees under concession agreements with defined pipeline of future assets and diversified portfolio across four states.

Challenges:

No Track Record: Trust registered only in December 2025 with no operating history, yet to start normal operations indicating longer gestation period for fund servicing.

Emerging Competition: Highway development on full swing with many more toll plazas emerging potentially impacting traffic volumes and toll revenues.

Interest Rate Sensitivity: InvIT yields sensitive to interest rate movements affecting investor returns and unit price performance.

Utilisation of InvIT Proceeds

Concession Value Payment: ₹5,850 crore for infusion of debt and equity into Project SPV for payment of concession value of InvIT assets to NHAI representing primary utilisation enabling acquisition of toll road portfolio.

General Purposes: Remaining amount for general purposes supporting trust operations.

Portfolio Assets

The trust's toll road portfolio comprises five operational stretches: Gorhar to Barwa Adda (Jharkhand), Chilakaluripet-Vijayawada (Andhra Pradesh), Chennai Bypass (Tamil Nadu), Chennai-Tada (Tamil Nadu), and Nelamangala-Tumkur (Karnataka). All assets are part of Golden Quadrilateral network operated under TOT model with exclusive toll collection rights under NHAI concession agreements.

Financial Performance

Being a newly registered InvIT with no operating history, financial performance data is limited. The trust will generate revenues through toll collections from five operational road assets spanning 260.198 km across key economic corridors. Investors tracking Raajmarg InvIT unit price should note the strong institutional subscription of 13.74x reflecting confidence in NHAI-sponsored infrastructure assets.

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