Raajmarg Infra Investment Trust makes stock market debut
Raajmarg Infra Investment Trust (InvIT), backed by the National Highways Authority of India, hit the stock market at ₹107 per unit, a 7% bump over its ₹100 issue price.
The IPO raised ₹6,000 crore and was a hot ticket, oversubscribed nearly 14 times between March 11-13.
InvIT has an initial portfolio of 5 busy toll roads
Raajmarg InvIT has an initial portfolio of five busy toll roads across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, part of the Golden Quadrilateral project.
It earns money from toll collections and plans to infuse IPO proceeds into the project SPV(s), which will use the funds to pay the concession value to NHAI.
IPO price band set at ₹99-₹100 per unit
The IPO price band was set at ₹99 to ₹100 per unit with a minimum application of 150 units (₹14,850 at ₹99; ₹15,000 at ₹100).
Big names like LIC and top insurers came in as anchor investors.
75% of the issue was reserved for qualified institutional buyers (including anchor investors), and the remaining 25% was allocated to non-institutional investors (NII), making this NHAI's first big retail highway monetization move.