New Delhi: The initial public offering of state-owned National Highways Authority of India-sponsored Raajmarg Infra Investment Trust was fully subscribed on the second day of bidding on Thursday.

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The Rs 6,000-crore IPO received bids for 22,30,37,100 units against 21,33,33,150 units on offer, registering 1.05 times subscription, as per NSE data.

Other investors category subscribed 1.56 times, while the portion for institutional investors received 62 per cent subscription.

Raajmarg Infra Investment Trust (RIIT) on Tuesday raised Rs 1,728 crore from anchor investors, including LIC, ICICI Prudential Life Insurance, Kotak Mahindra Life Insurance and Bajaj Life Insurance.

The InvIT's IPO price has been fixed at Rs 99-100 per unit. The issue will conclude on March 13.

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.

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According to the Red Herring Prospectus (RHP), Raajmarg Infra Investment Trust's IPO issue size aggregates up to Rs 6,000 crore.

The InvIT proposes an initial portfolio of five toll roads in Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka, operating under the Toll-Operate-Transfer model based on concessions granted by the NHAI to the project SPV.

The toll roads consist of five toll roads spanning over 260 km, forming part of the Golden Quadrilateral project.

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