IRB InvIT Fund raises $240M for highway asset acquisitions
What's the deal? IRB InvIT FundDealroom has a profile for this one. Try Dealroom →, the public infrastructure investment trust sponsored by India's IRB Infrastructure DevelopersDealroom has a profile for this one. Try Dealroom →, has raised US$319.3M (roughly $240 million) through a post-IPO equity issue. The company announced the raise on September 29, 2026.
How it's structured: The total splits into US$271.6M via a Qualified Institutional Placement (QIP) and US$47.7M through a Preferential Allotment. IRB Infrastructure Developers itself put in the US$47.7M, keeping its roughly 16% stake in the fund.
Who's in? The raise drew domestic and international long-term institutional investors, including pension funds, insurance companies, mutual funds, and family offices.
What's the money for? The proceeds will partly finance the acquisition of two Build-Operate-Transfer highway assets — Solapur Yedeshi NH211 and Chittorgarh Gulabpura NH79 — from IRB Infrastructure TrustDealroom has a profile for this one. Try Dealroom →. That private trust is expected to receive about US$372.6M in equity consideration as seller, funding new projects.
Why now? This is the fund's second major raise since its 2017 inception. The first came last year, securing US$577.6M to buy highway assets worth US$1.17B in enterprise value.
What's the endgame? The IRB GroupDealroom has a profile for this one. Try Dealroom → runs 27 revenue-generating highway assets worth about US$12.8B across 13 Indian states, handling roughly 1.5 million vehicle crossings a day — nearly a tenth of India's toll revenue. It aims to grow its asset base to about US$19B by FY2029.
What they said: The raise "validates the InvIT platform as a credible, scalable, and transparent vehicle for long-term infrastructure investment," said Virendra D. Mhaiskar, chairman and managing director of IRB Infrastructure Developers.
The signal: At roughly $240 million, this ranks among the larger post-IPO equity raises in the energy and infrastructure space, landing in the 93rd percentile of comparable deals. It underscores how InvITs are becoming a preferred route for recycling capital as Indian infrastructure operators shift from building to monetising.
Read more: businessupturn.com
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