National Highways Authority of India (NHAI)-backed Raajmarg Infrastructure Investment Trust (the trust) is set to open an initial public offering on 11 March to raise Rs 60 bn. The issue has been priced in a band of Rs 99-100 per unit and will invite bids from retail and institutional investors. The offering represents a significant capital raising in the infrastructure investment trust market. The issue may attract long term capital investors. The trust will list units to provide investors with exposure to revenue-generating highway assets held by entities promoted or supported by NHAI. Subscription details, allotment dates and lead managers were not disclosed in the brief release accompanying the announcement. Market observers noted that large infrastructure trust listings can attract long term investor interest given steady cash flows from toll and annuity arrangements. The size and structure of the issue will be evaluated against recent comparable listings. Analysts said the size of the offering, at Rs 60 bn, positions the trust among sizeable infrastructure capital raises this year and could set benchmarks for yields and valuation of similar assets. The trust is expected to use the proceeds to fund asset acquisitions and repay existing borrowings, according to standard industry practice noted in similar filings. Regulators and market participants will monitor the issue to assess appetite for infrastructure securities in the current macroeconomic environment. Investors were advised to review the offer document and consult their financial advisers before bidding, as decisions will depend on individual risk appetites and investment horizons. The launch comes amid a pipeline of infrastructure-related listings and renewed investor interest in assets with predictable cash flows. Pricing at the stated band will be closely examined for signals on investor valuation of toll and annuity assets. Market participants will watch subscription momentum when the issue opens on 11 March.