Anantam Highways Trust was incorporated on July 24, 2024. The Trust is an Indian infrastructure investment trust focused on road assets, backed by a multi-strategy asset management sponsor with expertise across asset classes. Its initial portfolio will comprise seven Project SPVs covering 271.65 km (1,086.60 lane km) across five states and one union territory, with the Trust expected to hold 100% equity interest in these projects (subject to approvals)
| Bidding Dates |
|---|
| 07 Oct 2025 - 09 Oct 2025 |
| Subscription |
|---|
| 5.62x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,700 | 1 | 13 | 150 | 40.0 M | ₹98 - ₹100 | - | ₹3920.0 M - ₹4000.0 M | RHP DOC |
Anantam Highways InvIT IPO SUBSCRIPTION STATUS
09 Oct '25Anantam Highways InvIT IPO overall subscription rate was 5.62 times the total available shares
Anantam Highways InvIT IPO non-institutional investor subscription rate was 8.93 times in the non-institutional investor category
Anantam Highways InvIT IPO Qualified Institutional Bidder subscription rate was 2.86 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | - | 25% | 75% |
09 Oct 2025 (Day 3) | - | 8.93x | 2.86x |
08 Oct 2025 (Day 2) | - | 1.69x | 0.36x |
07 Oct 2025 (Day 1) | - | 0.17x | 0.24x |
Anantam Highways InvIT FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) |
| Q1FY26 | 202.0 | 67.9 | -40.9 | -40.9 |
| FY25 | 926.5 | 410.6 | -958.9 | -959.0 |
| FY24 | 2,525.7 | -160.1 | -1,889.2 | -1,889.7 |
| FY23 | 2,590.2 | -178.5 | -230.0 | -230.0 |
Anantam Highways InvIT IPO SUBSCRIPTION STATUS DETAILS
Anantam Highways InvIT had 40.0 M shares on offer
Anantam Highways InvIT IPO offer price was in the range ₹98 - ₹100
Anantam Highways InvIT IPO minimum Investment was ₹14700
Anantam Highways InvIT IPO issue size was ₹ 3920.0 M - ₹ 4000.0 M
Anantam Highways InvIT had a minimum lot size of 150 Shares per application
Anantam Highways InvIT NUMBER OF SHARES ON OFFER
Anantam Highways InvIT IPO IMPORTANT DATES
| Issue Open Date | 07 Oct 2025 |
| Issue close Date | 09 Oct 2025 |
| Allotment Date | 14 Oct 2025 |
| Refund Date | 15 Oct 2025 |
| Demat Account Credit Date | 15 Oct 2025 |
| Listing Date | 16 Oct 2025 |
| Listing on Exchange(s) | NSE |
| Anantam Highways InvIT Allotment Status | Exchange/ Registrar |
Anantam Highways InvIT IPO subscription opened on 07 Oct 2025, and closed on 09 Oct 2025
IPO allotment for Anantam Highways InvIT was finalized on Tuesday, 14 Oct 2025
IPO listing for Anantam Highways InvIT was on NSE on Thursday, 16 Oct 2025
Anantam Highways InvIT IPO LISTING GAINS
| Issue Price (adjusted) | 100.0 |
| Listing Open Price | 103.0 |
| Listing Close Price | 105.4 |
| Listing Gain% | 3.0% |
| Current Gain% | 5.5% |
Anantam Highways InvIT Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Anantam Highways Trust | 105.5 | 421.9 | 1 | 0 | 0.4 | 99.3 | 9.9 | 942.4 | -62.7 | 410.6 | 356.6 | 102.7 | -356.6 |
| Knowledge Realty Trust | 117.3 | 52024.4 | 10.5 | 0.9 | 4146.9 | 15.6 | 222.5 | -34.5 | |||||
| Altius Telecom Infrastructure Trust | 171.5 | 44641.4 | 5.6 | 1.1 | 19623.7 | 47 | 839.9 | -25 | |||||
| Embassy Office Parks REIT | 441.3 | 41828.7 | 1.6 | 0.7 | 4675.8 | 11.8 | 338.5 | -79.2 | |||||
| Bagmane Prime Office REIT | 107.4 | 36509.2 | 56.5 | 12.4 | 2390.9 | 6.9 | 896.5 | 10.8 | |||||
| National Highways Infra Trust | 164 | 31764.3 | 2.9 | 1.3 | 4322.2 | 78.9 | 685.5 | 110.9 |
Anantam Highways InvIT IPO Reports
Anantam Highways InvIT INFORMATION ON IPO ISSUE
About Anantam Highways InvIT
Anantam Highways Trust was incorporated on July 24, 2024. The Trust is an Indian infrastructure investment trust focused on road assets, backed by a multi-strategy asset management sponsor with expertise across asset classes. Its initial portfolio will comprise seven Project SPVs covering 271.65 km (1,086.60 lane km) across five states and one union territory, with the Trust expected to hold 100% equity interest in these projects (subject to approvals)
Object of the Issue
- Providing loans to the Project SPVs for repayment or pre-payment of debt, in part of in full, including any accrued interest, of their respective outstanding borrowings
- General corporate purposes
Anantam Highways InvIT - PROMOTERS
| Name |
|---|
| The Sponsor and Sponsor Group |
| Axis Trustee Services Limited |
Anantam Highways InvIT Book Running Lead Manager
Nuvama WealthManagement Limited
anantam@nuvama.com
Anantam Highways InvIT Registrar to the Offer
KFin Technologies Limited
anantam.invitipo@kfintech.com
Anantam Highways InvIT Strengths
Attractive industry sector
The road infrastructure sector in India has seen strong government focus and rising investments, with the Ministry of Road Transport and Highways’ budget doubling from Rs 1,280 billion in FY19 to Rs 2,640 billion in FY24 (Source: CRISIL). Supported by initiatives like Bharatmala, state spending, and steady capex, the sector grew at a 14% CAGR between FY18 to FY23 and maintains a positive outlook (Source: CRISIL)
Sizeable portfolio
The Trust’s initial portfolio comprises seven completed, revenue-generating road projects totaling 1,086.60 lane km across Karnataka, Telangana, Gujarat, Bihar, Tamil Nadu, and Puducherry. With NHAI concession agreements of 17 years (2 years construction + 15 years operation), these projects have a residual concession period of 12.65–13.42 years (as of June 30, 2025) and are expected to deliver stable long-term cash flows
Growth opportunities
The sponsor and its associates bring strong infrastructure expertise, enabling the Trust to pursue profitable acquisitions and growth opportunities. Under ROFO agreements, the Trust has right to acquire assets from DBL, Build India Infrastructure Fund, and others, providing a robust pipeline of future road assets to drive expansion
Anantam Highways InvIT Risks
Inflation/deflation & interest rate risks
Some of the Trust’s concession agreements link O&M income to inflation indices and interest on balance completion costs to RBI Bank Rate or the average MCLR of top banks. However, there are limited protections against rising interest rates or raw material costs, and increases in O&M costs or interest rates may not be fully offset by inflation adjustments, potentially impacting revenues
Compliance risks
Non-compliance or changes in safety, health, and environmental laws in India may adversely impact the Project SPVs’ operations and financial condition. Violations could lead to fines, penalties, or orders restricting operations, and there is no assurance that the Project SPVs will always remain fully compliant
Debt financing & regulatory limits
Debt financing and refinancing for the Trust are subject to regulatory limits, which may restrict operations and affect distributions to Unitholders. Under InvIT Regulations, total borrowings cannot exceed 70% of InvIT assets, with amounts above 25% requiring conditions like Unitholder approval and credit ratings
IPO FAQs
The promoters of the company are The Sponsor and Sponsor Group and Axis Trustee Services Limited.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 25.0% and for retail investors it is 0.0%.
The price band of the IPO is Rs 98.0 - 100.0.
The IPO application opens on Oct 07, 2025 and closes on Oct 09, 2025.
The minimum lot size for the IPO is 150. The maximum lot size for the IPO is 1950.
For all category investors, the minimum application amount for this IPO is Rs. 14,700.0, the maximum value for this IPO is Rs 195,000.0.
This IPO will be allotted on Oct 14, 2025.
The refund will be credited to your account on Oct 15, 2025.
The allotted shares will be credited to your demat on Oct 15, 2025.
Anantam Highways Trust’s shares listed on the stock exchanges on Oct 16, 2025.