EAAA India Alternatives-backed Citius TransNet Investment Trust’s initial public offering (IPO) issue to raise ₹1,105 crore will open on April 17, 2026, as the infrastructure investment trust (InvIT) is aiming to expand its portfolio by acquiring 11 hybrid annuity model (HAM) projects.
The InvIT’s current portfolio has 10 road assets, including seven toll roads and three annuity assets. The adjusted enterprise value of the project special purpose vehicles (SPVs) was estimated at ₹12,058 crore at the end of December last year.
The price band for the InvIT’s IPO is set at ₹99–100 per unit. It is seeking a valuation of ₹6,100 crore at the top of the price band. The InvIT has a Right of First Offer (ROFO) agreement for the acquisition of 11 National Highways Authority of India (NHAI) HAM assets, held or to be acquired by the EAAA platform.
If all 11 identified ROFO assets are successfully acquired by the InvIT, its total portfolio shall comprise 21 road assets representing approximately 5,773 lane-kilometres across 12 different states. EAAA TransInfra Managers is the investment manager of the InvIT. The investment manager is a wholly owned subsidiary of EAAA.
For further expansion apart from roads, Sreekumar Chatra, managing director, infrastructure funds at EAAA Alternatives, stated that the InvIT will explore adjacent transport asset classes — such as logistics infrastructure and other transport assets — with similar contractual frameworks, credible counterparties, predictable cash flows, and regulatory safeguards.
Chatra added that there are opportunities of around ₹33–35 trillion in roads alone, with additional opportunities in metro rail, logistics infrastructure, ropeways, and airports. “However, highways will remain the primary focus area given the size of the opportunity.”
The InvIT reported revenue from operations of ₹1,987 crore in 2024–25, up from ₹1,773 crore in 2022–23. Net cash flow from operating activities rose to ₹1,044 crore in 2024–25 from ₹907 crore in 2022–23. For the nine months ended December 31, 2025 (9M FY26), revenue from operations stood at ₹1,496 crore, while net cash flow from operating activities came in at ₹782 crore.
On being asked about the current market conditions, Sujaya Moghepadhye, head, capital markets and investor relations – Infra Yield, EAAA Alternatives, said, “We believe InvITs have relatively low-beta products in terms of volatility, as they are quasi-debt in nature. Therefore, broader equity market conditions are less relevant. The investor base for InvITs is also different because the product is not equity-like.”
The issue will close on April 21, 2026. Bhavyang Oza, chief investment officer of the InvIT, stated that of the total amount raised, ₹1,000 crore will be used to acquire securities of certain identified initial portfolio assets. The balance will be used for general purposes.
