NHAI Prepares ₹10,000 Crore InvIT IPO to Boost Infrastructure Funding

The National Highways Authority of India (NHAI) is preparing to launch its second highways infrastructure investment trust (InvIT) initial public offering (IPO), aiming to raise up to ₹10,000 crore. This strategic move expands NHAI’s asset monetisation model and opens new investment opportunities for both retail and institutional investors.

The National Highways Authority of India (NHAI), headquartered in New Delhi, is India’s apex government agency for developing and managing the national highway network. Operating under the Ministry of Road Transport and Highways, NHAI is central to the nation’s infrastructure growth, executing large-scale road and expressway projects across states.

NHAI has begun groundwork for the IPO of its highways Infrastructure Investment Trust (InvIT) and invited bids from leading law firms to act as legal advisers. The process of appointing legal counsel is expected to conclude this month.

The proposed ₹10,000 crore public offering will be NHAI’s second InvIT, following the success of the National Highways Infra Trust (NHIT), which is backed by global investors such as CPP Investments and Ontario Teachers’ Pension Plan. InvITs have become a proven asset monetisation tool for NHAI, allowing it to raise capital by leasing operational road assets to investors in return for upfront funds.

This IPO will further diversify NHAI’s funding sources, complementing the toll-operate-transfer (TOT) model. In March 2025, NHAI closed its fourth InvIT monetisation round, transferring road projects worth ₹18,380 crore to NHIT — the largest deal in the Indian road sector’s history. In total, more than ₹46,000 crore has been raised through four monetisation rounds.

Investor interest in InvIT IPOs is growing, supported by demand from family offices, high-net-worth individuals, and corporate treasuries. Recent public InvIT offerings include the ₹1,578 crore Capital Infra Trust IPO in January 2024 and the ₹2,500 crore Bharat Highways InvIT IPO in February 2024.

Investor Takeaways

• IPO Size & Purpose: Targeting ₹10,000 crore to fund new highway projects and monetise operational assets.
  
• Track Record: NHAI has raised over ₹46,000 crore through InvITs, including a record ₹18,380 crore deal this year.
  
• Retail Participation: Public InvIT IPOs allow small investors to join alongside large institutional players.
  
• Income Potential: InvITs often provide regular, yield-based income, making them attractive for income-focused investors.
  
• Sector Momentum: Multiple large InvIT IPOs are lined up for FY 2025–26, signalling robust infrastructure investment appetite.
  

How to Check Allotment Status (Once Announced)

When the NHAI InvIT IPO allotment status is declared, investors can check it online through these steps:

1. Via Registrar’s Website
   
   • Visit the official website of the IPO registrar (details will be provided in the NHAI InvIT IPO prospectus).
     
   • Select IPO Allotment Status.
     
   • Enter your PAN, application number, or DP ID/Client ID.
     
   • Click Submit to view allotment details.
     
2. Through BSE Website
   
   • Visit the BSE IPO Allotment Page.
     
   • Select Equity under Issue Type and choose the IPO name.
     
   • Enter application number and PAN.
     
   • Click Search to check allotment status.
     
3. Via Demat Account / Broker App
   
   • Log in to your demat account or broker platform.
     
   • Navigate to the IPO section to see allotted shares.
     

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