Anantam Highways Trust
Complete IPO details, including price band, financials, subscription status, and key insights.
Participate in the Anantam Highways Trust IPO with full transparency. Review issue details, company fundamentals, and financial performance, and apply securely through Alice Blue.
IPO Snapshot
Key metrics and details at a glance.
Price Band
₹100
Per ShareLot Size
150 Shares
Minimum Investment
₹15,000
Issue Size
₹400 Cr
Face Value
₹0
Per ShareIPO Type
Book Building
Retail Quota
0%
QIB Quota
75%
NII Quota
25%
IPO Timeline
Important dates for your applying strategy.
Subscription Status
Live demand across investor categories.
Track real-time subscription levels:
*Real-time data subject to exchange updates
Anantam Highways Trust
Business model, operations, and market positioning.
Issue Type
Book Building
ISIN
INE1UA823019
About the Company
Anantam Highways Trust (the "Trust") is an Indian infrastructure investment trust which proposes to invest in road infrastructure assets. The Trust is sponsored by Alpha Alternatives Fund Advisors LLP (the "Sponsor"). The Sponsor established the Trust on July 24, 2024 and the Trust was registered with SEBI on August 19, 2024 as an InvIT in accordance with the InvIT Regulations.
Industry Overview
Review of real GDP growth over fiscals 2019-2025 and outlook for fiscals 2026-2030: India ranks as the world's 4th largest economy and is the fastest growing among major economies. According to the National statistics Offices (NSO) second advance estimates (SAE) projects India's real gross domestic product (GDP) growth at 6.5% for the fiscal 2025. The Indian economy logged 4.3% CAGR between fiscals 2019 and 2024. This was a sharp deceleration from a robust 6.7% CAGR between fiscals 2017 and 2019, which was driven by rising consumer aspiration, rapid urbanization, the government's focus on infrastructure investment and growth of the domestic manufacturing sector. Economic growth was supported by benign crude oil prices, soft interest rates and low current account deficit. The Indian government also undertook key reforms and initiatives, such as implementation of the Goods and Services Tax (GST), Insolvency and Bankruptcy Code, Make in India, financial inclusion initiatives, and gradual opening of sectors such as retail, e-commerce, defense, railways, and insurance for foreign direct investments (FDIs). A large part of the lower growth between fiscals 2018 and 2023 was because of the economy contracting 5.8% in fiscal 2021 owing to the fallout of Covid-19. The pandemic's impact was more pronounced on contact-sensitive services and social distancing norms-affected services such as entertainment, travel, and tourism, with many industries in the manufacturing sector also facing issues with shortage of raw materials / components as lockdown in various parts of the world upended supply chains. Over the period, India's economic growth was led by services, followed by the industrial sector, while in part impacted by demonetization, the non-banking financial company (NBFC) crisis, slower global economic growth, and the pandemic. As lockdowns were gradually lifted, economic activity revived in the second half of fiscal 2021. After a steep contraction in the first half, owing to rising number of Covid-19 cases, gross domestic product (GDP) moved into positive territory towards the end of fiscal 2021. Subsequently, in fiscal 2022, India's real GDP grew 9.7% from the low base of fiscal 2021. India's GDP exceeded expectations during all four quarters of fiscal 2024. However, growth slowed down in fourth quarter but stayed strong. According to the National Statistics Office's (NSO) provisional estimates, GDP growth slowed to 7.8% year-on-year in the fourth quarter of last fiscal from 8.6% of third quarter but was higher than 6.1% in the year-ago quarter. This prompted the NSO to revise upward the fiscal 2024 GDP growth estimate to 8.2% (which is the provisional estimate), from the earlier estimate of 7.6%. Growth surpassed forecasts in the fiscal 2024, driven by strong government spending and a sharp rise in manufacturing and construction growth. Globally, growth in major economies such as the US and China beat estimates and has contributed to better export earnings for India. According to the National statistics Offices (NSO) second advance estimates (SAE) projects India's real gross domestic product (GDP) growth at 6.5% for the fiscal 2025, slightly higher than first advance estimates. GDP growth also revised upward to 9.2% for fiscal 2024 and 7.6% for fiscal 2023. However, the fiscal 2025 growth shows significant slowdown from the previous fiscal 2024 led by weak investments and reduced government consumption. However, growth improved in private consumption and exports. CRISIL Intelligence expects GDP growth 6.5% in fiscal 2026 owing to slower global growth led by tariff tensions and increase the uncertainty on investment and spending decision by businesses and households. India's goods exports are expected to be directly impacted due its trade agreement with the US; however services exports are expected to be resilient considering domestic drivers would support growth momentum.
Company History
(Registered in the Republic of India as an irrevocable trust set up under the Indian Trusts Act, 1882, on July 24, 2024 and registered as an infrastructure investment trust under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, on August 19, 2024 having registration number IN/InvIT/24-25/003f1).
Products & Services
- Anantam Highways Trust (the "Trust") is an Indian infrastructure investment trust which proposes to invest in road infrastructure assets. The Trust is sponsored by Alpha Alternatives Fund Advisors LLP (the "Sponsor").
Growth Strategy
- Continue to pursue accretive growth by expanding the portfolio of road infrastructure assets.
- Maintain optimum capital structure to maximise distributions to Unitholders.
- Continue to ensure efficient and active operation and management of our projects.
Customer Base
Wholesaler and Retailer
Financial Performance
Revenue, profit after tax and total assets across the last 2 reported financial years.
Revenue
Amount in ₹ crore
Profit After Tax (PAT)
Amount in ₹ crore
Total Assets
Amount in ₹ crore
Figures in ₹ crore, on a consolidated basis, as reported for FY25 to FY26.
Objects of the Issue
How the company plans to utilize IPO proceeds.
Use of Proceeds
The funds raised through this IPO will be used for:
Anantam Highways Trust (the "Trust") is issuing up to 40,000,000 units (as defined below) for cash at a price of Rs. 100 per unit aggregating up to Rs. 400.00 crores (the "Issue"). Minimum of 150 units and in multiples of 150 units thereafter by bidders other than anchor investors.
*Subject to approvals and market conditions.
Strengths & Risks
Key competitive advantages and factors to consider before investing.
- Strong lineage and support from our Sponsor and Project Manager.
- Consistent and stable cash flows from assets with long term visibility and low counter party risks.
- Strong financial position.
- Government support and an established regulatory framework.
- Skilled and experienced Investment Manager having strong corporate governance philosophy.
- The Trust is a newly settled trust and does not have an established operating history, which will make it difficult to accurately assess our future growth prospects.
- DPJ Pollachi HAM Project Private Limited ("DPHPPL") had received a cure period notice from the concessioning authority, NHAI, on account of, inter alia, delay in completion of the project, noncompletion of punch list items and breach of certain covenants under its Concession Agreement.
- Consummation of the Formation Transactions pursuant to which we will acquire the Project SPVs is subject to certain conditions.
- In relation to the proposed acquisition of one of the Project SPVs, namely, DPHPPL, the Trust will acquire 100% of the issued, subscribed and paid-up equity share capital of DPHPPL from AAHPL (directly or indirectly through its affiliates) only once the acquisition of DPHPPL is completed by AAHPL (directly or indirectly through its affiliates) from DP Jain And Co Infrastructure Private Limited.
- The acquisition by the Trust of the Project SPVs (except DPHPPL) from DBL, DBL Infraventures Private Limited, Alpha Alternatives Infrastructure Fund, Alpha Alternatives Financial Services Private Limited, Spectrum Edge LLP, Build India Infrastructure Fund and other shareholders of the Project SPVs and acquisition of DPHPPL from AAHPL(directly or indirectly through its affiliates) , or any other asset from third parties in the future, may be subject to certain risks, which may result in damages and losses. We may not be able to recover losses arising from the acquisition of such Project SPVs from the above-mentioned parties under relevant contractual arrangements.