🗓 Timeline
| Event | Date |
|---|---|
| IPO Open Date | October 7, 2025 (Tuesday) |
| IPO Close Date | October 9, 2025 (Thursday) |
| Basis of Allotment | October 10, 2025 (Friday) |
| Refunds Initiation | October 13, 2025 (Monday) |
| Units Credited to Demat | October 13, 2025 (Monday) |
| Listing Date (NSE & BSE) | October 14, 2025 (Tuesday) |
📌 Price Band: ₹98 – ₹100 per unit
📌 Issue Size: ₹400 crore (Fresh Issue)
📌 Listing Exchange: NSE & BSE
Contents
Overview
- Name: Anantam Highways Trust (InvIT)
- Sponsor: Alpha Alternatives Fund Advisors LLP
- Establishment / SEBI Registration: Trust established July 24, 2024; registered with SEBI August 19, 2024 under InvIT Regulations.
- Projects / Portfolio: Initially, nine Project SPVs, aggregate length ~359.7 km (≈1,434.86 lane-km), across 5 states + 1 union territory.
- The assets are Hybrid Annuity Model (HAM) road projects.
- Ownership: 100% in eight SPVs; 49% in one SPV.
- Valuation / Portfolio Size: Fair enterprise value ~ ₹5,000 crore as of ~30 June 2025.
- Debt Rating: The InvIT debt has been assigned provisional AAA (Stable) rating by India Ratings & Research and ICRA.
- IPO / Fund Raising:
- Amount: ₹400 crore via issue of units.
- Price band: ₹98–100 per unit.
- Purpose: Largely to deleverage (repayment/pre-payment of external debt of the project SPVs, including accrued interest), plus general corporate / other uses. The outstanding debt targeted for repayment/prepayment approx ₹376 crore.
- Post-IPO leverage expected to reduce; they expect leverage to fall to about 42% after IPO.
🏗️ Business Overview
Anantam Highways Trust is an Infrastructure Investment Trust (InvIT) established in July 2024. It focuses on investing in road infrastructure assets across India, primarily operating under the Hybrid Annuity Model (HAM). The trust’s portfolio includes seven HAM road projects developed by Dilip Buildcon, with an average residual concession life of 13 years. The National Highways Authority of India (NHAI) bears the traffic risk, providing predictable, inflation-linked cash flows for the trust.
🎯 Use of IPO Proceeds
The funds raised will be utilized for:
- Debt Repayment: Providing loans to Special Purpose Vehicles (SPVs) for the repayment or pre-payment of outstanding borrowings.
- General Corporate Purposes: Supporting the trust’s expansion and operational needs.
Financials
Some financial data is reported, but with caveats: these may be preliminary, estimates, or varying depending on SPVs vs consolidated, and in some cases, only partial disclosure. Here’s what is known / reported:
| Metric | Value / Trend | Comments / Notes |
|---|---|---|
| Portfolio Fair Enterprise Value | ~ ₹5,000 crore as of ~30 June 2025 | Gives sense of scale of the InvIT’s asset base. |
| Revenue (recent year) | In one report: ~ ₹942.36 crore for year ended March 31, 2025, down sharply from ~₹2,500-odd crore in prior year. | However, this is from a source (Univest blog) whose data isn’t fully officially verifiable; might also reflect accounting between SPVs or recognition of annuities, etc. Use with caution. |
| Profit After Tax (PAT) | ~ ₹410.62 crore for FY25 (vs losses in previous years) in the same source. | Again, data source may not be fully audited / official; consistent with expectation that post acquisition / after IPO, cash flows improve. |
| Leverage / Debt | External debt of Project SPVs to be repaid/prepaid ~ ₹376 crore (i.e. ₹3,760 million) using IPO proceeds. | Also, on portfolio valuation vs debt, etc, the leverage after IPO expected ~42%. |
Strengths
- Stable Cash Flows
- The InvIT primarily holds HAM (Hybrid Annuity Model) road projects, which offer predictable annuity-based revenue.
- Minimal traffic risk because NHAI pays a portion of costs plus fixed annuity.
- Experienced Sponsor & Management
- Alpha Alternatives Fund Advisors LLP brings expertise in infrastructure investments.
- ROFO (Right of First Offer) agreements allow adding more projects from Dilip Buildcon / other partners, providing growth visibility.
- Strong Asset Portfolio
- Initial portfolio: 9 SPVs covering ~359.73 km of highways (~1,434.86 lane-km) across 5 states + 1 UT.
- Long residual concession periods → predictable income for years.
- Credit Ratings / Low Financing Risk
- Debt rated provisional AAA (Stable) by ICRA and India Ratings, allowing lower borrowing costs.
Weaknesses / Risks
- Regulatory / Policy Risk
- Revenue depends on timely annuity payments from government authorities (NHAI / other agencies).
- Changes in HAM policy or interest rate fluctuations can impact returns.
- Limited Diversification
- All assets currently are HAM roads; exposure concentrated in one asset class.
- Limited exposure to toll-based projects where traffic growth can provide upside.
- Execution / Maintenance Risk
- While construction is mostly complete, O&M costs over the long term may fluctuate due to inflation or unforeseen repairs.
- Debt & Leverage Risk
- Although post-IPO leverage improves, debt servicing obligations still exist.
- Interest rate hikes or refinancing risks could affect net distributable cash flow.
- Liquidity & Market Risk
- Units of InvITs may not have as high liquidity as stocks; price may fluctuate with interest rate cycles or market sentiment.
Anantam Highways Trust InvIT – FAQs
- What is Anantam Highways Trust?
- It is an Infrastructure Investment Trust (InvIT) in India, primarily holding Hybrid Annuity Model (HAM) road projects. Its objective is to invest in, operate, and manage road infrastructure assets.
- Who is the sponsor of the InvIT?
- Alpha Alternatives Fund Advisors LLP is the sponsor. They manage the InvIT and provide strategic direction.
- When was Anantam Highways Trust established and SEBI-registered?
- Established on July 24, 2024 and registered with SEBI as an InvIT on August 19, 2024.
- How many projects are part of the InvIT portfolio?
- Nine Project SPVs covering ~359.73 km of highways (≈1,434.86 lane‑km) across 5 states + 1 union territory.
- What types of projects are included in the portfolio?
- All are HAM (Hybrid Annuity Model) road projects under public-private partnerships.
- What is the purpose of the InvIT IPO?
- To raise ₹400 crore primarily to deleverage SPV debt, repay existing loans (~₹376 crore), and for general corporate purposes.
