Key Takeaways
- • Citius Transnet Investment Trust established July 2025 as SEBI-registered infrastructure InvIT focused on road assets across nine Indian states, with initial portfolio of 10 road SPVs (7 toll, 3 annuity) totaling 3,406.71 lane-kilometres.
- • IPO launched April 17–21, 2026 with issue size of ₹1,105 crore comprising 11.05 crore units priced at ₹99–100 per unit; post-issue implied market cap of ₹6,100 crore at upper price band.
- • Initial portfolio demonstrated strong operating performance in FY2025 with toll collections of ₹1,563.23 crore and annuity receipts of ₹336 crore, with multiple toll assets operational for over a decade.
- • Sponsored by Epic TransNet Infrastructure Private Limited, indirectly owned by infrastructure-focused funds managed by India Alternatives Ltd, an experienced alternative asset manager with demonstrated track record across infrastructure classes.
- • Trust has entered ROFO (Right of First Offer) agreement for acquisition of 11 HAM (Hybrid Annuity Model) assets held or to be acquired by EAAA Platform, providing medium-term growth pipeline.
Summary
Citius Transnet Investment Trust, a newly established infrastructure investment trust registered with SEBI, launched its initial public offering in mid-April 2026, approximately nine months after its establishment on July 21, 2025. The trust represents a focused play on India's road infrastructure sector, offering units to institutional and retail investors seeking exposure to toll and annuity-based road assets across multiple Indian states.
The IPO, which commenced bidding on April 17, 2026, consisted of a fresh issue of 11.05 crore units aggregating ₹1,105 crore at a price band of ₹99–100 per unit, with a post-issue implied market capitalization of ₹6,100 crore at the upper price band. The minimum investment threshold was set at ₹14,850–15,000 per bidder (100 units). The offering was jointly managed by Axis Capital, Ambit Private Limited, and ICICI Securities as BRLMs (Book Running Lead Managers), with KFin Technologies serving as the registrar.
The trust's initial portfolio comprises ten road special purpose vehicles (SPVs) and two holding companies (HoldCos), collectively operating 3,406.71 lane-kilometres of road assets across Gujarat, Odisha, Telangana, Karnataka, Kerala, Haryana, Assam, Meghalaya, and Arunachal Pradesh. The portfolio breaks down into seven toll assets and three annuity-based assets, with concessions granted by the National Highways Authority of India (NHAI), Ministry of Road Transport and Highways (MoRTH), Gujarat State Road Development Corporation (GSRDC), and the Works Department of Odisha. Operationally, the portfolio demonstrated resilience, with FY2025 toll collections reaching ₹1,563.23 crore and annuity receipts of ₹336 crore, supported by multiple toll assets having been in operation for over a decade.
The trust is sponsored by Epic TransNet Infrastructure Private Limited, which is indirectly held by infrastructure-focused funds managed by India Alternatives Ltd, an established alternative asset manager with a proven track record across infrastructure asset classes. Beyond the initial portfolio, the trust has secured a ROFO agreement enabling acquisition of up to 11 HAM (Hybrid Annuity Model) assets currently held or to be acquired by the EAAA Platform, providing a defined growth pathway for future distributions and capital appreciation.
The IPO, which commenced bidding on April 17, 2026, consisted of a fresh issue of 11.05 crore units aggregating ₹1,105 crore at a price band of ₹99–100 per unit, with a post-issue implied market capitalization of ₹6,100 crore at the upper price band. The minimum investment threshold was set at ₹14,850–15,000 per bidder (100 units). The offering was jointly managed by Axis Capital, Ambit Private Limited, and ICICI Securities as BRLMs (Book Running Lead Managers), with KFin Technologies serving as the registrar.
The trust's initial portfolio comprises ten road special purpose vehicles (SPVs) and two holding companies (HoldCos), collectively operating 3,406.71 lane-kilometres of road assets across Gujarat, Odisha, Telangana, Karnataka, Kerala, Haryana, Assam, Meghalaya, and Arunachal Pradesh. The portfolio breaks down into seven toll assets and three annuity-based assets, with concessions granted by the National Highways Authority of India (NHAI), Ministry of Road Transport and Highways (MoRTH), Gujarat State Road Development Corporation (GSRDC), and the Works Department of Odisha. Operationally, the portfolio demonstrated resilience, with FY2025 toll collections reaching ₹1,563.23 crore and annuity receipts of ₹336 crore, supported by multiple toll assets having been in operation for over a decade.
The trust is sponsored by Epic TransNet Infrastructure Private Limited, which is indirectly held by infrastructure-focused funds managed by India Alternatives Ltd, an established alternative asset manager with a proven track record across infrastructure asset classes. Beyond the initial portfolio, the trust has secured a ROFO agreement enabling acquisition of up to 11 HAM (Hybrid Annuity Model) assets currently held or to be acquired by the EAAA Platform, providing a defined growth pathway for future distributions and capital appreciation.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.