Edelweiss Alternatives Gears Up to File Rs.2,500-Crore Roads InvIT IPO Next Month

Edelweiss Alternatives to Launch ₹2,500 Crore Roads InvIT IPO; Draft Filing Expected in December

Edelweiss Alternatives Asset Advisors (EAAA), the alternative investment arm of the Edelweiss Group, is gearing up to file draft papers for its much-anticipated ₹2,500 crore Roads Infrastructure Investment Trust (InvIT) IPO next month. The proposed listing marks a major step for Edelweiss’s infrastructure platform, which continues to expand its footprint in India’s fast-growing yield-generating asset space.

According to market sources, the draft prospectus for the EAAA Roads InvIT IPO will be filed with the Securities and Exchange Board of India (SEBI) in December 2025, with the firm engaging Axis Capital, Ambit Capital, and ICICI Securities as lead managers for the issue.

This will be EAAA’s second InvIT after the launch of Anzen Energy Trust in November 2022, which focused on energy transmission assets. Unlike Anzen—which was privately placed—the new EAAA Roads InvIT will be publicly listed, joining the ranks of existing listed trusts like India Grid Trust and IRB InvIT Fund.

Edelweiss Alternatives Joins InvIT IPO Wave Led by KKR, I Squared Capital, and NHAI

The planned EAAA Roads InvIT IPO comes at a time when India’s infrastructure investment trust market is witnessing renewed investor enthusiasm and multiple listings on the horizon. EAAA now joins global investment giants such as KKR and I Squared Capital, as well as the National Highways Authority of India (NHAI), all of which are preparing to bring their own InvITs to the public market.

According to recent reports, NHAI’s InvIT IPO could raise around ₹10,000 crore, while I Squared Capital-backed Cube Highways Trust is expected to launch a ₹5,000 crore public offer. Meanwhile, KKR-sponsored Vertis Infrastructure Trust is planning to raise close to ₹3,500 crore through its listing.

Collectively, these upcoming InvIT IPOs are expected to raise over ₹20,000 crore from the public markets, reflecting growing appetite among domestic investors for long-term, yield-oriented infrastructure assets.

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Investor Appetite for InvITs on the Rise

Investor sentiment toward InvITs has surged in recent months, driven by the promise of steady, inflation-linked yields and a low-correlation asset class in a volatile equity market.

As per data from stock exchanges, between September and October 2025, nearly ₹6,000 crore worth of secondary transactions took place across seven InvITs, including KKR’s Vertis Infrastructure Trust and Edelweiss-backed Anzen Energy Trust.

Other major InvITs that saw strong secondary market activity included Cube Highways Trust, IRB InvIT Fund, NDR InvIT Fund, and India Grid Trust.

This trend marks a structural shift in the investor base—what was once a niche product favored by global infrastructure and pension funds is now increasingly attracting domestic high-net-worth individuals (HNIs), family offices, insurers, mutual funds, and corporate treasuries seeking predictable income streams.

Inside EAAA’s Expanding Infrastructure Portfolio

EAAA India Alternatives Ltd, formerly known as Edelweiss Alternatives, manages over ₹12,000 crore in infrastructure assets under its Yield Plus Funds, which focus on operating infrastructure projects delivering stable, long-term cash flows.

EAAA is currently investing through its second fund, Infrastructure Yield Plus II, which has been particularly active in the roads and highways sector.

In April 2024, EAAA completed one of its largest acquisitions to date—a portfolio of seven toll road projects and one power transmission line—from Larsen & Toubro Infrastructure Development Projects Ltd (L&T IDPL) for an enterprise value of ₹6,000 crore. This acquisition added approximately 4,400 lane kilometers of roads and a 960-circuit-kilometer transmission line, significantly expanding the fund’s infrastructure footprint.

With this acquisition, EAAA’s total road portfolio now spans over 5,000 lane kilometers, positioning it as a major player in India’s private road infrastructure space.

Recent Acquisitions Strengthen Roads Portfolio Ahead of IPO

Further enhancing its pipeline, EAAA recently announced the acquisition of 11 hybrid annuity model (HAM) road projects from Ashoka Buildcon Ltd and its subsidiary Ashoka Concessions Ltd in a ₹2,324 crore deal.

These projects are spread across seven Indian states—including Punjab, Andhra Pradesh, Maharashtra, Telangana, Gujarat, Jharkhand, and Karnataka—providing a well-diversified revenue base for the upcoming EAAA Roads InvIT.

Industry experts say this strong asset portfolio, combined with the group’s established infrastructure management experience, places EAAA in a favorable position to attract both institutional and retail investors in the public issue.

Growing Domestic Interest Could Support Strong IPO Demand

The increasing domestic appetite for infrastructure investment trusts bodes well for Edelweiss Alternatives’ upcoming Roads InvIT IPO. Market observers note that Indian investors, particularly HNIs and mutual funds, are now more comfortable with the InvIT structure, which offers regulated, stable, and yield-generating exposure to real assets.

Given EAAA’s proven track record with Anzen Energy Trust, and its recent road asset acquisitions, analysts expect strong institutional participation in the IPO.

The company has so far declined to comment on the development, but sources indicate that post-listing, the Roads InvIT could emerge as one of the largest publicly traded infrastructure trusts in the Indian market.

Outlook: InvIT Market Gathers Momentum Ahead of 2026

The upcoming EAAA Roads InvIT IPO adds to the growing pipeline of infrastructure trust listings expected in FY26, as India continues to push for private capital participation in infrastructure development.

With over ₹20,000 crore worth of InvIT offerings expected from major sponsors, the next fiscal year could mark a record phase for India’s infrastructure capital markets, bridging global and domestic investment flows into roads, transmission, and logistics assets.

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