According to reports from Moneycontrol, Altius Telecom Infrastructure Trust, the Brookfield Asset Management-backed telecom tower InvIT, plans to file draft red-herring prospectus (DRHP) for a ₹6,000-crore initial public offering by the end of this month or early June. The IPO will be managed by investment banks JM Financial, Kotak Mahindra Capital, Axis Capital, Citi and Jefferies. A significant portion of the funds raised will be used to reduce debt of the InvIT and underlying assets, with the pre-IPO and IPO plan also including a secondary stake sale by Brookfield.
As reported by Moneycontrol, domestic demand for long, stable and high-yield products such as InvITs is currently strong, while foreign investor demand that initially drove InvITs has waned due to high interest rates in developed markets and sharp currency depreciation. This dynamic is driving almost all InvIT operators to tap public markets to access domestic capital. The source noted this is similar to what has been seen in REITs, where REIT IPOs are now being almost entirely driven by domestic capital.
According to Moneycontrol, the InvIT's revenues have grown from around ₹3,600 crore in FY21 to approximately ₹9,800 crore in FY25, while EBITDA increased from ₹3,000 crore to around ₹7,000 crore in the same period. Since its establishment in 2019 when Brookfield acquired Reliance Jio's telecom towers in a deal worth over ₹25,000 crore, Altius has grown its portfolio from approximately 136,000 telecom sites to over 257,000 as of end-2025. In 2024, it acquired over 76,000 telecom towers of American Tower Corporation in a ₹18,200-crore deal.
As reported by Moneycontrol, Altius holds a 39% market share by number of towers, trailing behind Indus Towers which leads the market with 42% market share and over 274,000 telecom sites. The telecom assets operated by Altius include ground-based towers and masts, rooftop towers and in-building sites. The InvIT's market capitalization is expected to be around ₹18,000 crore at the IPO price of ₹240 per unit, with the issue priced at a 20% discount to NAV.
According to Moneycontrol, InvIT fundraising could exceed ₹25,000 crore this year, driven primarily by IPOs, as both public and private sector sponsors tap the market to monetise operational assets and recycle capital. In March, the National Highways Authority of India (NHAI) raised over ₹9,000 crore through two InvITs — Raajmarg Infra Investment Trust and National Highways Infrastructure Trust, with the ₹6,000-crore Raajmarg issue subscribed 13.74 times despite launching during the West Asia war. Other players such as I Squared Capital-backed Cube Highways and KKR-backed Vertis are also lining up IPOs, collectively targeting more than ₹8,000 crore.
