Anantam Highways Trust (AHT) is an Indian infrastructure investment trust (InvIT) that focuses on developing and managing road infrastructure assets nationwide. Established on July 24, 2024, and registered with the Securities and Exchange Board of India (SEBI) as an InvIT on August 19, 2024, AHT aims to deliver stable, long-term cash flows to investors through ownership and operation of completed highway projects under concession agreements with the National Highways Authority of India (NHAI).
The Sponsor, Alpha Alternatives Fund Advisors LLP, is a part of the Alpha Alternatives Group, a multi-strategy asset management platform that invests across infrastructure, credit, real estate, commodities, and equities. Leveraging its deep financial expertise, the Sponsor provides strategic direction and financial discipline to the Trust’s infrastructure investments.
AHT’s Investment Manager, Alpha Alternatives Fund-Infra Advisors Private Limited, oversees the management and performance of the portfolio, while Axis Trustee Services Limited acts as the Trustee, ensuring transparency, governance, and compliance under SEBI InvIT regulations.
The Trust’s initial portfolio comprises seven operational highway projects with a total road length of 271.65 km (1,086.60 lane km), strategically located across five Indian states and one union territory. These projects include:
- Dhrol Bhadra Highways Limited (DBHL)
- Dodaballapur Hoskote Highways Limited (DHHL)
- Repallewada Highways Limited (RHL)
- Viluppuram Highways Limited (VHL)
- Narenpur Purnea Highways Limited (NPHL)
- Bangalore Malur Highways Limited (BMHL)
- Malur Bangarpet Highways Limited (MBHL)
All projects operate under the Hybrid Annuity Model (HAM), ensuring predictable annuity-based revenues from NHAI. The Trust has appointed Dilip Buildcon Limited (DBL) as the O&M Contractor to maintain operational efficiency and quality across its assets.
Through disciplined management, diversified project exposure, and strong sponsor backing, Anantam Highways Trust is positioned to become a reliable platform for investors seeking steady, inflation-hedged returns from India’s rapidly expanding road infrastructure sector.
Anantam Highways InvIT IPO – Details
| IPO Opening Date | 07 October 2025 |
| IPO Closing Date | 09 October 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 4,00,00,000 Shares Worth ₹400.00 Crore Fresh Issue: 4,00,00,000 Shares Worth ₹400.00 Crore |
| IPO Price | ₹98 – ₹100 per share |
| Market Lot | 150 Shares |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 25% |
Anantam Highways InvIT IPO – Date Schedule
| IPO Open Date | 07 October 2025 |
| IPO Close Date | 09 October 2025 |
| Basis of Allotment | 14 October 2025 |
| Initiation of Refund | 16 October 2025 |
| Credit of Shares to Demat Account | 16 October 2025 |
| IPO Listing Date | 17 October 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 09, 2025 |
Competitive Strength
- Attractive industry sector with strong underlying fundamentals and favourable government policies.
- Sizeable portfolio of long-term, stable, revenue-generating assets.
- Strong support from the Sponsor, Dilip Buildcon Limited, Project Manager and Investment Manager.
- Growth opportunities and rights to expand portfolio of assets.
- Skilled and experienced management team.
- Strong O&M Support and favorable O&M structure.
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax |
|---|---|---|---|
| 31 March 2023 | ₹2,591.87 Cr | ₹2,764.34 Cr | –₹178.48 Cr |
| 31 March 2024 | ₹2,527.05 Cr | ₹2,646.74 Cr | –₹160.05 Cr |
| 31 March 2025 | ₹942.36 Cr | ₹546.94 Cr | ₹410.62 Cr |
| 30 June 2025 | ₹212.28 Cr | ₹112.84 Cr | ₹67.86 Cr |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Providing loans to the Project SPVs for repayment or pre-payment of debt, in part of in full, including any accrued interest, of their respective outstanding borrowings; and | ₹376.00 |
| General purposes. |
✅Strengths
- Operates in India’s fast-growing road infrastructure sector supported by strong government investment and policies.
- Portfolio of seven operational HAM-based highway projects (271.65 km) across multiple states ensures steady, diversified annuity income.
- Backed by experienced sponsor Alpha Alternatives Fund Advisors LLP and reliable O&M partner Dilip Buildcon Limited.
- ROFO agreements provide a clear future acquisition pipeline and long-term growth visibility.
⚠️Risks
- Dependence on NHAI annuity payments for revenue; delays can affect distributions.
- Entirely focused on the road sector, exposing it to sector-specific policy or regulatory risks.
- Limited operating history as a newly formed InvIT (2024).
- Exposure to debt and maintenance risks that could impact profitability.
Anantam Highways InvIT IPO Prospectus
Company Contact Information
| Anantam Highways Trust 33rd Floor, Sunshine Tower, Senapati Bapat Marg Dadar West, Mumbai, Maharashtra, 400013 Phone: +022 6145 8900 Email: anantam.cs@alt-alpha.com Website: http://www.anantamhighways.com/ |
Anantam Highways InvIT IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: anantam.invitipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Anantam Highways InvIT IPO Lead Manager(s)
| 1. Nuvama Wealth Management Ltd. |
Anantam Highways InvIT IPO FAQs
| What is Anantam Highways InvIT IPO? Anantam Highways InvIT IPO is a main-board IPO. The issue is priced at ₹98 to ₹100 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will Anantam Highways InvIT IPO open? The IPO is to open on 07 October 2025 for QIB and NII Investors. |
| What is Anantam Highways InvIT IPO Investors Portion? The investors’ portion for QIB – 75% and NII – 25%. |
| What is Anantam Highways InvIT IPO Size? Anantam Highways InvIT IPO size is ₹400.00 Crore. |
| What is the Anantam Highways InvIT IPO Allotment Date? Anantam Highways InvIT IPO allotment date is 14 October 2025. |
| What is the Anantam Highways InvIT IPO Listing Date? Anantam Highways InvIT IPO listing date is 17 October 2025. The IPO is to be listed on BSE and NSE. |
