Raajmarg Infra Investment Trust InvIT came to market through an IPO that opened on 11 March 2026 and closed on 13 March 2026, and the shares listed on 24 March 2026 on BSE, NSE. The price band was ₹99 to ₹100 per share and one lot was 150 shares, so the minimum application was ₹15,000. The issue size was ₹6000 crore. The whole issue was fresh shares, so the money raised went to the company.
Kfin Technologies Ltd was the registrar to the issue, and SBI Capital Markets Ltd., Axis Capital Ltd., ICICI Securities Ltd., Motilal Oswal Investment Advisors Ltd were the lead managers.
As of 13 March 2026.
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Raajmarg Infra Investment Trust (Trust) has been incorporated as an infrastructure investment trust and has registered with SEBI under the InvIT Regulations on December 22, 2025. It has been formed for the acquisition, operation, and maintenance of existing road infrastructure assets located in India. The toll roads of the Trust consist of the following stretches of toll roads:
Gorhar to Barwa Adda Chilakaluripet – Vijayawada Chennai Bypass Chennai – Tada Nelamangala – Tumkur The Trust has been sponsored by the National Highways Authority of India (NHAI), which is an autonomous authority under the Ministry of Road Transport and Highways, Government of India. It has also appointed the Investment Manager, who has a team of qualified professionals with over two decades of experience in the roads and highways sector.
The Trust has planned an initial portfolio of five existing toll road assets, which have been developed under the Toll Operate Transfer model of the National Highways Authority of India. These toll roads are located in the states of Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, forming part of the Golden Quadrilateral, with a total length of approximately 260.198 km.
As described in the offer document.
Raajmarg Infra InvIT raises ₹1,728 crore from anchor investors. Anchor Investors include LIC, ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance, and Bajaj Life Insurance. Other key investors include Aditya Birla Sun Life Insurance, Tata AIG General Insurance, Kotak Mahindra Bank, and various schemes of NPS Trust managed by SBI, UTI, ICICI Prudential, and Kotak Pension Funds.
Mutual Funds such as HDFC MF, Nippon India MF, Axis MF, Aditya Birla Sun Life MF, DSP, Quant, WhiteOak Capital, and Edelweiss also invested in this issue. In addition to this, investments were also received from the provident fund of Indian Oil Corporation, Sebi employees, and Maharashtra State Electricity Board.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Raajmarg Infra Investment Trust InvIT was a ₹6,000 crore book-built issue, made up entirely of a fresh issue. It was priced at ₹99–₹100 per share with a lot size of 150 shares (₹15,000). The IPO was open from March 11 to March 13, 2026 and was subscribed 13.74x. Shares listed on BSE and NSE on March 24, 2026 at ₹107, a 7.0% premium to the issue price of ₹100. Kfin Technologies Ltd. is the registrar. SBI Capital Markets Ltd.
and 3 other book running lead managers manage the issue.
The price band of Raajmarg Infra Investment Trust InvIT is ₹99 to ₹100 per share.
The lot size of Raajmarg Infra Investment Trust InvIT is 150 shares.
The minimum investment for Raajmarg Infra Investment Trust InvIT is approximately ₹15,000 based on the upper price band.
The allotment date of Raajmarg Infra Investment Trust InvIT is Mar 18, 2026.
Raajmarg Infra Investment Trust InvIT's final recorded GMP before listing was ₹3 per share (a 3% premium over the ₹100 upper price band). The shares listed at ₹107. GMP is unofficial and does not forecast or guarantee the actual listing price.
Raajmarg Infra Investment Trust InvIT listed on Mar 24, 2026. It was issued at ₹107.0(NSE) and is currently around ₹120.02 as on 2-Nov-2026 3:30 PM, which is approximately 20.0% versus issue price. The 52-week high is ₹127.75.
You can check Raajmarg Infra Investment Trust InvIT allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Raajmarg Infra Investment Trust InvIT allotment status on Rupix for quick and easy access.
₹99 to ₹100 per share. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 150 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹15,000.
₹15,000, for one lot of 150 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 11 March 2026 and closed on 13 March 2026.
The basis of allotment was published on 18 March 2026 by Kfin Technologies Ltd, and allotted shares were credited to demat accounts before listing.
The shares listed on 24 March 2026 on BSE, NSE.
The issue size was ₹6000 crore. The fresh issue was 60,00,00,000 shares (aggregating up to ₹6000 crore).