Anantam Highways Trust InvIT

About the company

Anantam Highways Trust is an Indian infrastructure investment trust (InvIT) sponsored by Alpha Alternatives Fund Advisors LLP. The Trust was established in July 2024 and registered with SEBI in August 2024. Anantam Highways Trust focus on monetising operational road assets across India through a public-private partnership (PPP) on a hybrid annuity model (HAM), which provides predictable, annuity-linked cash flows with limited traffic risk exposure. The Trust’s initial portfolio consists of seven project SPVs, aggregating over 271.65 km (1,086.6 lane km) of national highways spread across five states and one union territory- Karnataka, Telangana, Gujarat, Bihar, Tamil Nadu, and Puducherry. These projects are all concessioned under long-term agreements with the National Highways Authority of India (NHAI), providing residual concession periods of 12.65 to 13.42 years as of June 2025. Importantly, the trust directly or indirectly holds 100% equity interest in each of the seven SPVs, ensuring full ownership of the associated cash flows. The portfolio includes strategically important stretches such as the Bangalore–Chennai Expressway(Bangalore-Malur & Malur-Bangarpet segments), the Repallewada–Telangana/Maharashtra border section, the Viluppuram–Puducherry highway, and corridors in Gujarat and Bihar. These roads are built under a public-private partnership (PPP) on the HAM model, where NHAI or the government bears 40% of the project cost in advance, and the remaining amount is recovered through guaranteed annuity payment. This model provides return stability, with flows from annuities adjusted for inflation and rate of interest changes, thus reducing revenue volatility compared to toll-based concessions. The trust has robust sponsor and partnership backing. Its sponsor is Alpha Alternatives, a multi-strategy asset manager with a footprint in infrastructure, real estate, credit, and other asset classes. Further, the Trust has access to the technical and operational experience of Dilip Buildcon Limited (DBL), a major road EPC developer in India, which built these projects and continues to act as O&M contractor. To facilitate growth, Anantam Highways Trust also has right-of-first-offer (ROFO) agreements with DBL, Build India Infrastructure Fund, and other subsidiaries, providing access to a five-year pipeline of future and identified road assets. This provides visibility of future deals, facilitating portfolio growth without compromising yield stability. Investments in the roads and highways sector rose from ₹1.7 trillion in FY18 to approximately ₹2.9 trillion in FY22, registering approximately 1.7x growth. Further, the government launched the National Infrastructure Pipeline (NIP) for FY20 to FY25, to boost infrastructure, with a projected investment of ₹111 trillion during the period. The Anantam Highways Trust is well-positioned to capitalise on the strong project pipeline with increasing government focus on HAM projects and leveraging its presence in the PPP space. The Anantam Highways Trust will focus on achieving an optimal capital structure for its projects and will continue to draw upon the experience, relationship and expertise of its sponsor and its affiliates in sourcing funds from multiple sources, both from domestic and international markets. The investment manager of the trust intends to be selective with respect to any projects it acquires in the future and will consider factors such as access to important locations in the vicinity, connecting roads, remaining life of the assets, total costs of the projects, etc. Now, Anantam Highways Trust Ltd is launching its initial public offering (IPO), which consists of a fresh issue of ₹400 crore. The total issue size of the IPO is ₹400 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   07 Oct 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   09 Oct 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   14 Oct 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   16 Oct 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   16 Oct 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   16 Oct 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.