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Anantam Highways Trust is coming up with its initial public offering (IPO) worth Rs 400 crore.

The IPO, structured as a book build issue, is entirely a fresh issue of 4 crore shares, raising funds directly for the trust.

The subscription window for this IPO opens today on October 7, 2025, and will close on October 9, 2025.

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Allotment is likely to be finalised on October 14, 2025, and the shares are expected to list on both BSE and NSE on October 17, 2025.

: New to IPOs? A beginner's guide to the primary market on Dalal Street

The price band for the IPO has been fixed between Rs 98 and Rs 100 per share, offering investors an entry into India’s growing infrastructure investment trust (InvIT) space.

Nuvama Wealth Management Ltd. is the book-running lead manager, while Kfin Technologies Ltd. is the registrar for this issue.

Anantam Highways Trust is an InvIT focused primarily on road infrastructure in India. Established by Alpha Alternatives Fund Advisors LLP on July 24, 2024, the trust was registered with SEBI as an InvIT on August 19, 2024.

The sponsor, Alpha Alternatives, is a multi-strategy asset management company with investments spanning infrastructure, real estate, credit, equities, commodities, and fixed income.

Currently, the trust manages a portfolio of seven highway projects, covering 271.65 kilometres (1,086.60 lane kilometres) across five Indian states and one union territory.

The portfolio includes projects such as Dhrol Bhadra Highways, Dodaballapur Hoskote Highways, Repallewada Highways, Viluppuram Highways, Narenpur Purnea Highways, Bangalore Malur Highways, and Malur Bangarpet Highways.

Anantam Highways Trust has shown mixed financial performance in recent years. For the financial year ending March 31, 2025, the trust reported a significant drop in total income, which fell 63 per cent year-on-year, from Rs 2,527.05 crore in FY24 to Rs 942.36 crore in FY25.

However, profit after tax (PAT) showed a strong turnaround, rising 357 per cent, from a loss of Rs 160.05 crore in FY24 to a profit of Rs 410.62 crore in FY25.

As of June 30, 2025, the trust had total assets worth Rs 4,241.89 crore. This reflects steady growth compared to Rs 3,530.23 crore in March 2024 and Rs 2,425.48 crore in March 2023, indicating expanding operations and project acquisitions.

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Anubhav Maurya

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