The IPO is a book-built issue for a total issue size of ₹6,000 crore, entirely a fresh issue of 60 crore shares. The company filed its DRHP document with SEBI on Jan 14, 2026. The price band and dates for subscription and listing of shares will be notified in due course by the company.

However, the IPO is expected to list its shares on the BSE and NSE platforms. The issue is being managed by SBI Capital Markets Ltd., Axis Capital Ltd., ICICI Securities Ltd., and Motilal Oswal Investment Advisors Ltd. as book-running lead managers for the issue. KFin Technologies Ltd. is the registrar for the issue.

Company Background

The trust was registered as an irrevocable trust under the Indian Trusts Act on November 24, 2025 and it was registered under SEBI InvIT on December 22, 2025. The trust was created by the NHAI in August 2025 to operate and maintain operational road infrastructure assets in India.

The company is currently managing toll road assets developed under the Toll Operate and Transfer (TOT) model, where they have conveyed the exclusive right to collect tolls to their Special Vehicle (SPV). The office of the company is located in Dwarka, New Delhi and its geographical presence includes important areas of Jharkhand, Andhra Pradesh, Tamil Nadu and Karnataka.

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