Robust Interest from Institutional Investors Fuels Early Momentum
Anantam Highways Trust, a prominent Infrastructure Investment Trust (InvIT), witnessed a strong debut for its Initial Public Offering (IPO) on October 7, achieving 41% subscription on the very first day. This encouraging start was largely driven by the active participation of qualified institutional buyers (QIBs) and other key investor groups.
IPO Details: Size, Pricing, and Subscription Figures
The IPO, backed by Alternatives Fund Advisors, aims to raise ₹400 crore through its maiden public issue. The units are priced in a range of ₹98 to ₹100 each. On the opening day of bidding, investors placed bids for 91.8 lakh units against the total issue size of 2.24 crore units.
The offering reserved 75% of units for QIBs and 25% for non-institutional investors. As of the first day, the QIB portion saw 40% subscription, while the non-institutional portion reached just 0.41%.
Anchor Investors Back the Trust Ahead of Public Launch
Ahead of the IPO opening, the Trust successfully secured ₹180 crore on October 6 by issuing 1.8 crore units to 11 anchor investors. These include notable names such as WhiteOak Mutual Fund, SBI Capital Markets, Edelweiss Life Insurance, Minerva Ventures Fund, Star Union Dai-ichi Life Insurance, and Universal Sompo General Insurance. The anchor allotment was made at the upper end of the price band.
Use of Proceeds: Focus on Road Projects and Debt Repayment
From the ₹400 crore to be raised, approximately ₹376 crore will be infused into Special Purpose Vehicles (SPVs) — namely DHHL, RHL, BHHL, MBHL, and NPHL — primarily in the form of loans for debt repayment. The remaining funds will be allocated for general corporate purposes.
IPO Timeline and Listing Date
The IPO window will remain open until October 9. The allotment of units is expected to be finalized by October 14, with listing and trading of the InvIT units scheduled to begin on stock exchanges from October 17.
Background of the Trust: Operational Footprint and Financial Turnaround
Established in July 2024, Anantam Highways Trust currently holds a portfolio of seven project SPVs, spanning 271.65 kilometers across five Indian states and one union territory. The Trust has shown remarkable financial performance in the fiscal year ending March 2025, reporting a profit of ₹410.6 crore — a sharp turnaround from a loss of ₹160 crore in the previous year. Revenue from operations reached ₹926.5 crore in FY25, compared to ₹2,525.7 crore in the prior fiscal.
Lead Manager and Strategic Oversight
Nuvama Wealth Management is serving as the book-running lead manager for the Anantam Highways Trust IPO, guiding the process and ensuring regulatory compliance throughout the offering.
