Raajmarg Infra Investment Trust (Raajmarg InvIT), sponsored by NHAI, is launching a ₹6,000 crore public InvIT IPO on 11–13 March 2026 at a price band of ₹99–₹100 per unit, giving investors a way to earn stable, toll-linked cash flows from five operational national highway assets.

Raajmarg Infra Investment Trust IPO – Key Details

Item	Details
Instrument	Infrastructure Investment Trust (InvIT) backed by NHAI
Issue Size	₹6,000 crore (incl. ₹900 cr sponsor contribution)
Fresh Issue	₹5,100 crore net to public & strategic investors ​
Price Band	₹99 – ₹100 per unit
IPO Dates	Opens 11 Mar 2026 – Closes 13 Mar 2026
Allotment Date	18 Mar 2026
Refunds	20 Mar 2026
Demat Credit	23–20 Mar 2026 (per RHP/LMs)
Listing Date	24 Mar 2026 on NSE & BSE (NSE lead exchange)
Lot Size	150 units and multiples of 150 thereafter
Sponsor	National Highways Authority of India (NHAI)

Issue Structure:

• Total: ₹6,000 cr
  • Sponsor contribution: ₹900 cr (15%)
  • Net issue: ₹5,100 cr
    • Strategic investors: ₹1,260 cr (EPFO ₹1,000 cr + SBI Life ₹260 cr)
    • Public net issue: ₹3,840 cr (up to 75% QIBs, min 25% non-institutional/retail ≈ ₹960 cr)

Portfolio & Use of Proceeds

Initial Portfolio – 5 Toll Road Assets (TOT Model):

• Located across Jharkhand, Andhra Pradesh, Tamil Nadu, Karnataka
• Toll Operate Transfer (TOT) concessions: long-term rights to operate, maintain and collect tolls on completed highways
• Revenue model: User fee / toll collections shared via SPV → InvIT → unitholders

Use of IPO Proceeds:

• Debt & equity infusion into project SPV(s)
• SPV will pay concession value to NHAI for allotted highways
• Balance for general corporate purposes of the trust

This effectively monetises NHAI highway assets while offering investors yield + potential capital appreciation.

Strengths

• NHAI-sponsored InvIT – strong sovereign backing, lower perceived default risk.
• Operational toll road assets – traffic & revenue history, not greenfield construction risk. ​
• Anchor & strategic investors (EPFO, SBI Life) provide confidence and stability.
• InvIT structure aims for regular distributions (yield product) plus potential unit price upside.
• Diversified geography (4 states) reduces single-region policy or traffic risk.

Risks

• Traffic risk: Toll revenues depend on traffic growth, fuel prices, economic activity.
• Regulatory / policy risk: Government decisions on toll hikes, waivers or protests can hit cash flows.
• Interest rate risk: Higher yields on bonds/FDs may reduce InvIT attractiveness.
• Concentration in highways (single asset class) vs diversified REITs/InvITs.
• Distribution not guaranteed; depends on actual net distributable cash flows and InvIT policy.

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 

• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs

1. What is Raajmarg Infra Investment Trust?
It is an NHAI-sponsored infrastructure investment trust (InvIT) set up to acquire, operate and maintain national highway assets under long-term concession agreements and distribute toll-based cash flows to unitholders.

2. What are the Raajmarg InvIT IPO dates and price band?
The IPO opens on 11 March 2026 and closes on 13 March 2026, with a price band of ₹99–₹100 per unit.

3. What is the minimum investment / lot size for retail investors?
Retail investors must apply for a minimum of 150 units and in multiples of 150 thereafter; minimum outlay ≈ ₹14,850–₹15,000 at the upper band.

4. How big is the Raajmarg Infra IPO and who are the key anchor/strategic investors?
Total issue is ₹6,000 crore, including ₹900 cr sponsor (NHAI) and ₹1,260 cr strategic investors – EPFO (₹1,000 cr) and SBI Life (₹260 cr).

5. When will Raajmarg InvIT list on the stock exchanges?
Units are proposed to list on NSE and BSE on 24 March 2026; NSE is the designated lead exchange.

6. What returns can investors expect from Raajmarg Infra InvIT?
As an InvIT, Raajmarg aims to provide regular distributions (yield) from toll cash flows plus potential capital gains; actual yields depend on traffic, toll revisions, costs and leverage.

7. How can retail investors apply?
Retail/non-institutional investors can apply via ASBA through net-banking/broker platforms; UPI is available for bids up to ₹5 lakh, excluding anchor/strategic categories.