Anantam Highways InvIT IPO opens for subscription on October 7, 2025, and closes on October 9, 2025, with allotment expected to be finalised on October 14, 2025. The IPO will list on both BSE and NSE, with a tentative listing date fixed as October 17, 2025.
Incorporated on July 24, 2024, Anantam Highways Trust is an Indian infrastructure investment trust (InvIT) focused on road infrastructure projects. It was set up by Alpha Alternatives Fund Advisors LLP, the sponsor of the trust, and registered with SEBI as an InvIT on August 19, 2024.
The sponsor is part of Alpha Alternatives Holdings Private Limited. This multi-strategy asset management company invests across asset classes, including infrastructure, real estate, credit, equities, commodities, and fixed income.
The trust’s portfolio consists of seven highway projects covering a total of 271.65 km (1,086.60 lane km) across five Indian states and one union territory, namely Dhrol Bhadra Highways (DBHL), Dodaballapur Hoskote Highways (DHHL), Repallewada Highways (RHL), Viluppuram Highways (VHL), Narenpur Purnea Highways (NPHL), Bangalore Malur Highways (BMHL), and Malur Bangarpet Highways (MBHL).
With its diversified portfolio and the sponsor’s financial expertise, Anantam Highways Trust positions itself as a significant player in India’s growing infrastructure investment space, aiming to generate stable returns backed by operational road assets and steady cash flows.
Anantam Highways InvIT IPO Date
The key pointers for the Anantam Highways InvIT IPO dates are:
- Bidding Opening Date: October 7, 2025
- Bidding Closing Date: October 9, 2025
- Allotment Date: October 14, 2025
- Initiation of Refunds (in case of less or no allotment): October 16, 2025
- Shares Credited to Your Demat Account: October 16, 2025
- IPO Listing Date: October 17, 2025
- Listing on Exchange: BSE and NSE
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Anantam Highways InvIT IPO Issue Size
Anantam Highways InvIT IPO valuation, as denoted by the market capitalisation, is targeted at ₹16000.00 Cr. Here are the essential details:
- Anantam Highways InvIT IPO Price Band: ₹98 to ₹1o0 per share
- Lot Size: 150 Shares
- Issue Size and Amount: 4,00,00,000 shares (aggregating up to ₹400.00 Cr)
Anantam Highways InvIT IPO Proceeds Usage
Anantam Highways InvIT plans to use the net proceeds from the issue for the following purposes:
- Provide loans to the project SPVs so they can repay or prepay their existing borrowings (partly or fully), including any accrued interest. Amount: ₹376.00 crore.
- Use the remaining funds for general purposes as permitted (e.g., routine expenses and other allowable uses).
Anantam Highways InvIT IPO Reservations
Anantam Highways InvIT IPO reservations to different investors are:
- For QIBs: Not more than 75% of the Issue Size
- For NIIs: Not less than 25% of the Issue Size
Anantam Highways Trust: Company Overview
Anantam Highways Trust is an Indian infrastructure investment trust (InvIT) dedicated to investing in road infrastructure projects. Established by Alpha Alternatives Fund Advisors LLP on July 24, 2024, and registered with SEBI as an InvIT on August 19, 2024, the trust benefits from the strong backing of its sponsor. The sponsor, a subsidiary of Alpha Alternatives Holdings Private Limited, is a multi-strategy asset management company with investments across infrastructure, credit, real estate, equities, commodities, and fixed income. The trust’s portfolio currently includes seven operational highway projects with a total road length of 271.65 km (1,086.60 lane km), spread across five Indian states and one union territory.
These projects include Dhrol Bhadra Highways, Dodaballapur Hoskote Highways, Repallewada Highways, Viluppuram Highways, Narenpur Purnea Highways, Bangalore Malur Highways, and Malur Bangarpet Highways.
The business is supported by several strengths, including its presence in an attractive industry sector with favourable government policies and strong underlying fundamentals. It manages a sizeable portfolio of long-term, revenue-generating assets that provide stability, while also benefiting from the strong support of its sponsor, Dilip Buildcon Limited, along with the project manager and investment manager.
The trust is well-positioned to pursue growth opportunities and expand its portfolio further, supported by a skilled and experienced management team. In addition, robust operations and maintenance (O&M) support and a favourable O&M structure add further resilience to its business model, reinforcing its position as a promising participant in India’s infrastructure investment landscape.
Anantam Highways InvIT IPO: Financial Performance
Anantam Highways InvIT IPO key financials for different periods are as follows:
| Particulars (₹ in Crore) | 30 Jun 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 | YoY Change* |
|---|---|---|---|---|---|
| Assets | 4,241.89 | 4,151.92 | 3,530.23 | 2,425.48 | +18% |
| Total Income | 212.28 | 942.36 | 2,527.05 | 2,591.87 | -63% |
| Profit After Tax (PAT) | 67.86 | 410.62 | -160.05 | -178.48 | +357% |
*YoY Change is calculated FY25 vs FY24.
- Revenue Growth: Anantam Highways InvIT reported a 63% decline in total income, falling from ₹2,527.05 crore in FY24 to ₹942.36 crore in FY25. The decrease reflects reduced inflows from its operational highway portfolio compared to the previous year.
- Profitability: Despite lower revenues, the trust delivered a sharp turnaround in profitability. PAT improved by 357% YoY, moving from a loss of ₹160.05 crore in FY24 to a profit of ₹410.62 crore in FY25. This rebound indicates stronger cost controls, debt restructuring, and improved operational efficiency.
- Asset Base: The trust’s total assets grew by 18%, increasing from ₹3,530.23 crore in FY24 to ₹4,151.92 crore in FY25. This growth highlights ongoing investments in road projects and a stronger balance sheet position.
Anantam Highways InvIT IPO Risk Factors
Anantam Highways InvIT IPO is exposed to various risk factors that can eventually affect its business and investors’ perception:
- No operating track record: The trust is newly set up and does not have a history of operations, so future growth and performance are hard to assess.
- Acquisition conditions and dependencies: The plan to acquire the project SPVs depends on several conditions. In particular, the trust can buy DPHPPL only after AAHPL first acquires it from DP Jain, which could delay timelines.
- DPHPPL cure notice risk: DPHPPL has received a cure period notice from NHAI for delays, pending punch list items, and covenant breaches. This could lead to penalties, extra costs, or other adverse actions if not resolved.
- Acquisition and integration risks: Buying SPVs from multiple parties may bring hidden liabilities. Contractual protections may not fully cover losses, and integration could be complex.
- PHL stake risk: The trust intends to acquire 100% of PHL. If it fails to secure the full stake, the business, financial condition, and results could be affected.
- Growth pipeline risk: If the trust cannot identify and acquire new road assets that deliver similar revenues, profits, or cash flows, distributions and overall performance may suffer.
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Frequently Asked Questions – FAQs
1. What is the Anantam Highways InvIT IPO?
Anantam Highways InvIT IPO is the public offering of units of Anantam Highways Trust, an infrastructure investment trust (InvIT) focused on road infrastructure projects across India.
2. When will the Anantam Highways InvIT IPO open and close?
The IPO will open for subscription on October 7, 2025, and close on October 9, 2025.
3. What is the expected listing date of the IPO?
The units are expected to be listed on BSE and NSE on October 17, 2025.
4. How will the IPO proceeds be used?
The trust plans to use the proceeds mainly to provide loans to project SPVs for debt repayment or prepayment (₹376 crore) and for general corporate purposes.
5. What is included in the portfolio of Anantam Highways Trust?
The trust’s portfolio includes seven highway projects with a total length of 271.65 km (1,086.60 lane km) across five Indian states and one union territory.
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