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Anantam Highways Trust
Infrastructure Investment TrustsIPO
₹100 - 100
Anantam Highways Trust (the "Trust") is an Indian infrastructure investment trust which proposes to invest in road infrastructure assets. The Trust is sponsored by Alpha Alternatives Fund Advisors LLP (the "Sponsor"). The Sponsor established the Trust on July 24, 2024 and the Trust was registered with SEBI on August 19, 2024 as an InvIT in accordance with the InvIT Regulations.
Lot150Min Invest₹15,000Face Value₹100Issue Size₹400 CrFresh Issue₹400 CrListing Price₹103CMP₹103
Timeline
7 Oct
Bidding opens
9 Oct
Bidding closes
14 Oct
Allotment
16 Oct
Refund & demat credit
16 Oct
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹400 Cr4.00 Cr shares
Fresh Issue₹400 Cr
Face Value₹100
Lot Size150 shares
ReservationQIB 75% · NII 25%
Application Sizes
Retail₹15,0001-13 lots
sNII₹2,10,000from 14 lots
bNII₹10,05,000from 67 lots
Managers & Registrar
Lead ManagerNuvama Wealth Management Ltd
RegistrarKFin Techologies Ltd
Financials
Profit & Loss
| Financial Year | FY25 | FY26 | Latest |
|---|---|---|---|
| RevenueCr | 0 | 313 | 642 |
| Operating ProfitCr | 0 | 270 | 544 |
| OPM% | - | 86.2 | 84.8 |
| PBTCr | 0 | 214 | 403 |
| PATCr | 0 | 196 | 311 |
| EPS | 0 | 19 | 24 |
Balance Sheet
| Financial Year | FY25 | FY26 | Latest |
|---|---|---|---|
| Equity CapitalCr | 0 | 2,175 | 2,144 |
| ReservesCr | 0 | 160 | 163 |
| BorrowingsCr | 0 | 2,101 | 1,849 |
| Fixed AssetsCr | - | 2 | 2 |
| Total AssetsCr | 0 | 4,664 | 4,490 |
Cash Flow
| Financial Year | FY25 | FY26 | Latest |
|---|---|---|---|
| Operating Cash FlowCr | 0 | 487 | - |
| Investing Cash FlowCr | 0 | 184 | - |
| Financing Cash FlowCr | 0 | -491 | - |
| Net Cash FlowCr | 0 | 179 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- Strong lineage and support from our Sponsor and Project Manager.
- Consistent and stable cash flows from assets with long term visibility and low counter party risks.
- Strong financial position.
- Government support and an established regulatory framework.
- Skilled and experienced Investment Manager having strong corporate governance philosophy.
- Skilled and experienced O&M Contractor.
Strategies · as stated in the DRHP
- Continue to pursue accretive growth by expanding the portfolio of road infrastructure assets.
- Maintain optimum capital structure to maximise distributions to Unitholders.
- Continue to ensure efficient and active operation and management of our projects.
Risks · as stated in the DRHP
- The Trust is a newly settled trust and does not have an established operating history, which will make it difficult to accurately assess our future growth prospects.
- DPJ Pollachi HAM Project Private Limited ("DPHPPL") had received a cure period notice from the concessioning authority, NHAI, on account of, inter alia, delay in completion of the project, noncompletion of punch list items and breach of certain covenants under its Concession Agreement.
- Consummation of the Formation Transactions pursuant to which we will acquire the Project SPVs is subject to certain conditions.
- In relation to the proposed acquisition of one of the Project SPVs, namely, DPHPPL, the Trust will acquire 100% of the issued, subscribed and paid-up equity share capital of DPHPPL from AAHPL (directly or indirectly through its affiliates) only once the acquisition of DPHPPL is completed by AAHPL (directly or indirectly through its affiliates) from DP Jain And Co Infrastructure Private Limited.
- The acquisition by the Trust of the Project SPVs (except DPHPPL) from DBL, DBL Infraventures Private Limited, Alpha Alternatives Infrastructure Fund, Alpha Alternatives Financial Services Private Limited, Spectrum Edge LLP, Build India Infrastructure Fund and other shareholders of the Project SPVs and acquisition of DPHPPL from AAHPL(directly or indirectly through its affiliates) , or any other asset from third parties in the future, may be subject to certain risks, which may result in damages and losses. We may not be able to recover losses arising from the acquisition of such Project SPVs from the above-mentioned parties under relevant contractual arrangements.
- We intend to acquire 100% of the issued, subscribed and paid-up share capital of PHL pursuant to the PHL Securities Purchase Agreement and any failure to acquire such percentage of PHL could have a material adverse effect on our business, financial condition and results of operations.