The Anantam Highways Trust IPO — an Infrastructure Investment Trust (InvIT) focused on investing in, owning, and managing road assets across India — entered its third day of bidding on Tuesday, October 7, 2025. The issue opened with a price band of ₹98–₹100 per unit and is scheduled to close on Thursday, October 9, 2025, targeting a total fundraise of up to ₹400 crore.

IPO Details and Fund Utilization

The proceeds, estimated at around ₹376 crore, will primarily be used to extend loans to project Special Purpose Vehicles (SPVs) to repay existing debts, while the remaining funds will support general corporate purposes.

Prior to the public issue, the Trust secured ₹180 crore through its anchor book on October 6, 2025, underscoring robust institutional confidence.

Sponsorship and Anchor Investors

Sponsored by Alpha Alternatives Fund Advisors, Anantam Highways Trust has allocated 1,79,99,850 units to 11 anchor investors at a unit price of ₹100.
Key participants include:

• WhiteOak Capital Mutual Fund – 30 lakh units worth ₹30 crore (largest investor)
• Minerva Ventures Fund – 25 lakh units worth ₹25 crore
• Trust Investment Advisors – 25 lakh units worth ₹25 crore

Other prominent investors in the anchor book include SBI Capital Markets, Edelweiss Life Insurance, Reliance General Insurance, Nuvama, Star Union Dai-Ichi Life Insurance, and Universal Sompo General Insurance.

Allocation Structure

Out of the total issue size:

• Up to 75% is reserved for institutional investors, including anchor investors.
• Up to 60% of the institutional portion can be allocated to anchors at the discretion of the Investment Manager.
• At least 25% of the issue will be reserved for non-institutional investors, ensuring wider participation.

Bidding Details

Investors can bid for a minimum of 150 units, with subsequent bids in multiples of 150 units. The minimum investment threshold ensures retail accessibility, while institutional allocations enhance liquidity and credibility for the InvIT.

Market Outlook

With its strong anchor investor lineup, clear capital deployment plan, and focus on India’s growing infrastructure and highway development sector, the Anantam Highways Trust IPO is being closely watched by investors seeking stable, yield-generating infrastructure exposure.

If successful, this offering could further strengthen investor appetite for InvITs and mark another step toward deepening India’s infrastructure financing ecosystem.