Key Takeaways
- • Brookfield Asset Management is preparing a $630 million (INR60bn) initial public offering of Altius Telecom Infrastructure Trust, India's largest telecom tower operator with approximately 40% market share and over 257,000 sites.
- • Draft prospectus filings could be submitted as early as May 2026, with a syndicate of six major financial advisors including JM Financial, Axis Bank, Kotak Mahindra Capital, Citigroup, Jefferies, and Novaaone Capital managing the transaction.
- • The IPO may be accompanied by a pre-listing fundraising round of up to INR30bn ($315m), though terms remain subject to change during ongoing discussions.
- • Altius represents one of India's largest infrastructure investment trust (InvIT) deals in recent years, capitalizing on strong investor demand for yield-generating assets in the sector, which has delivered average total returns of 17% over the past year.
- • The portfolio has expanded substantially since Brookfield's 2019 stake acquisition (then valued at $2.6bn), including a $2.5bn acquisition of American Tower Corporation assets in 2024, growing from 136,000 sites to 257,000 sites.
Summary
Brookfield Asset Management is advancing plans to take its India-based telecom tower platform, Altius Telecom Infrastructure Trust, public through an initial public offering expected to raise up to INR60bn ($630 million). According to Bloomberg sources, draft prospectus filings could be submitted as early as May 2026, marking a significant milestone in the monetization of Brookfield's Indian telecom infrastructure assets.
The transaction is being advised by a prominent syndicate of six financial institutions: JM Financial, Axis Bank, Kotak Mahindra Capital, Citigroup, Jefferies Financial Group, and Novaaone Capital. The IPO is also expected to be accompanied by a pre-listing fundraising round of as much as INR30bn, although such details remain subject to change as discussions continue. Neither Brookfield, Altius, nor any of the advising banks have issued public statements confirming these plans.
Altius Telecom Infrastructure Trust operates as one of India's largest tower operators, commanding approximately 40% market share with a portfolio exceeding 257,000 sites. The platform was originally established in 2019 by Reliance Industries' infrastructure investment arm before Brookfield acquired a stake in the same year, valuing the underlying tower portfolio at approximately $2.6 billion. Since that acquisition, the portfolio has nearly doubled in size and value, notably through a substantial $2.5 billion acquisition of American Tower Corporation assets completed in 2024.
The proposed listing would rank among India's larger infrastructure investment trust (InvIT) deals in recent years and reflects robust investor appetite for yield-generating infrastructure assets. India's InvIT sector has demonstrated consistent growth, with 27 registered trusts and six currently listed vehicles. Performance metrics have been compelling, with listed InvITs delivering average total returns of approximately 17% over the past year, substantially outperforming the broader equity market index over the same period.
The transaction is being advised by a prominent syndicate of six financial institutions: JM Financial, Axis Bank, Kotak Mahindra Capital, Citigroup, Jefferies Financial Group, and Novaaone Capital. The IPO is also expected to be accompanied by a pre-listing fundraising round of as much as INR30bn, although such details remain subject to change as discussions continue. Neither Brookfield, Altius, nor any of the advising banks have issued public statements confirming these plans.
Altius Telecom Infrastructure Trust operates as one of India's largest tower operators, commanding approximately 40% market share with a portfolio exceeding 257,000 sites. The platform was originally established in 2019 by Reliance Industries' infrastructure investment arm before Brookfield acquired a stake in the same year, valuing the underlying tower portfolio at approximately $2.6 billion. Since that acquisition, the portfolio has nearly doubled in size and value, notably through a substantial $2.5 billion acquisition of American Tower Corporation assets completed in 2024.
The proposed listing would rank among India's larger infrastructure investment trust (InvIT) deals in recent years and reflects robust investor appetite for yield-generating infrastructure assets. India's InvIT sector has demonstrated consistent growth, with 27 registered trusts and six currently listed vehicles. Performance metrics have been compelling, with listed InvITs delivering average total returns of approximately 17% over the past year, substantially outperforming the broader equity market index over the same period.
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