New Delhi: State-owned NHAI-sponsored Raajmarg Infra Investment Trust (RIIT) on Thursday fixed a price band of Rs 99 to Rs 100 per unit for its upcoming Rs 6,000-crore Initial Public Offering (IPO).

The InvIT's maiden public offering will open on March 11 and conclude on March 13, while the bidding for anchor investors will take place on March 10, according to a public announcement.

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The initiative marks an important step in broadening public participation in the National Highway infrastructure growth story.

The public InvIT aims to unlock the monetisation potential of the National Highway assets while creating a high-quality, long-term investment instrument primarily targeting retail and domestic investors.

As per the Red Herring Prospectus (RHP), Raajmarg Infra Investment Trust's IPO issue size aggregates up to Rs 6,000 crore. This was an increase from Rs 5,700 crore planned at the time of filing draft papers in January.

Earlier, NHAI had incorporated Raajmarg Infra Investment Managers Pvt. Ltd.(RIIMPL) as the investment manager for the Raajmarg Infra Investment Trust.

RIIMPL is a collaborative venture with equity participation from leading banks and financial institutions, including State Bank of India, Punjab National Bank, NaBFID, Axis Bank, Bajaj Finserv Ventures Ltd., HDFC Bank, ICICI Bank, IDBI Bank, IndusInd Bank, and Yes Bank.

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The InvIT said that 75 percent of the offer size has been reserved for qualified institutional buyers and the remaining 25 percent for non-institutional investors.

Raajmarg Infra Investment Trust would make its stock market debut on March 24.

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