Edelweiss Alternatives Asset Advisors (EAAA), the alternatives platform of the Edelweiss Group, is set to take a major step in India’s infrastructure capital markets as it prepares to file DRHP next month for an INR 2,500-crore IPO of its newly created Roads Infrastructure Investment Trust (InvIT). Roads Infrastructure Investment Trust InvIT filing, expected in December 2025, positions EAAA among a fast-growing list of domestic and global sponsors taking infrastructure assets to public markets.
Investment banks Axis Capital, Ambit Capital, and ICICI Securities have been mandated to manage the share sale, as confirmed by sources.
This will be EAAA’s second InvIT, following the launch of Anzen Energy Trust in November 2022. Unlike Anzen—which was privately placed—the new roads InvIT will be publicly listed, aligning EAAA with prominent listed infrastructure trusts such as India Grid Trust and IRB InvIT Fund.
InvIT Market Enters a High-Momentum Phase
Edelweiss Roads InvIT plans arrive at a pivotal moment for India’s InvIT ecosystem. The country is witnessing a sharp pickup in public-market fundraising activity, driven by investor appetite for long-term, stable, inflation-linked yields.
EAAA now joins KKR, I Squared Capital, and the National Highways Authority of India (NHAI)—all preparing large InvIT offerings. Collectively, these upcoming listings are expected to mobilise over INR 20,000 crore, marking one of the strongest fundraising cycles in the history of the segment.
- NHAI InvIT IPO: ~INR 10,000 crore
- Cube Highways Trust (I Squared Capital): ~INR 5,000 crore
- Vertis Infrastructure Trust (KKR): ~INR 3,500 crore
The synchronised push from these heavyweight sponsors indicates a structural deepening of India’s listed infrastructure market.
Domestic Investors Fuel a Structural Shift
Recent months have seen nearly INR 6,000 crore in secondary market trades across seven major InvITs—including KKR’s Vertis Infrastructure Trust and EAAA’s own Anzen Energy Trust—between September and October 2025. Other active trusts include Cube Highways Trust, IRB InvIT Fund, NDR InvIT Fund, and India Grid Trust.
This surge signals a decisive shift in investor composition. While InvITs were once dominated by pension funds and global infrastructure investors, today the flows are increasingly driven by:
- High-net-worth individuals (HNIs)
- Family offices
- Domestic insurers
- Mutual funds
- Corporate treasuries
These investors are turning to InvITs as regulated, low-correlation, yield-generating alternatives amid volatile equity markets.
Edelweiss Roads InvIT: Inside the Portfolio
EAAA manages over INR 12,000 crore in infrastructure assets through its Yield Plus Funds and has aggressively expanded its roads portfolio over the past 18 months. The roads InvIT will draw upon this expanded asset base.
Major Acquisitions That Form the Backbone of the Upcoming InvIT
1. L&T IDPL Roads Portfolio — INR 6,000 crore (Apr 2024)
One of EAAA’s largest acquisitions to date, the deal added:
- 7 toll road projects covering 4,400 lane-km
- 1 power transmission line of 960 circuit-km
This took EAAA’s total roads footprint to ~5,000 lane-km, significantly strengthening its standing in the private roads sector.
2. Ashoka Buildcon HAM Road Portfolio — INR 2,324 crore
Announced recently, this acquisition includes 11 hybrid annuity model (HAM) road projects across:
- Punjab
- Andhra Pradesh
- Maharashtra
- Telangana
- Gujarat
- Jharkhand
- Karnataka
The diversification across geographies and revenue models provides a robust foundation for the roads InvIT’s cash-flow stability.
Industry analysts point out that few infrastructure funds in India have added assets at this pace, making EAAA particularly well-positioned for a successful public listing.
EAAA’s Track Record Inspires Confidence
EAAA’s management of Anzen Energy Trust—one of the standout privately placed energy InvITs—has created an expectation that the roads InvIT will follow a similarly disciplined operating model.
Sources indicate that beyond the INR 2,500 crore primary raise, additional asset transfers from EAAA’s infrastructure yield funds could position this InvIT among the largest publicly traded road asset platforms in India.
Industry Outlook
With more than INR 20,000 crore worth of InvIT IPOs slated for FY26, India’s infrastructure capital markets are entering a high-momentum phase. The government’s continued emphasis on private capital mobilisation, especially in roads, transmission, and logistics, is further accelerating market depth.
The entry of EAAA InvIT into the public space underscores the maturing of India’s infrastructure asset monetisation framework and reflects the growing comfort of both global and domestic investors with the InvIT structure.
Conclusion
Edelweiss Roads InvIT filing next month marks a powerful strategic leap in its infrastructure ambitions. With a rapidly expanding roads portfolio, strong institutional pedigree, and favourable macro conditions for yield-oriented assets, the InvIT is poised to draw meaningful investor interest.
As India approaches a watershed year for infrastructure fundraising, EAAA’s roads InvIT IPO adds significant momentum to the sector’s transformation and stands out as one of the most closely watched public offerings in FY26.
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