Brookfield Asset Management backed Altius Telecom Infrastructure Trust is planning to raise up to ₹9,000 crore through its initial public offering, according to reports from Moneycontrol. The country's second largest telecom tower operator is aiming to raise around ₹3,000 crore in a pre-IPO funding round, with the remainder to be raised through the public offering. The IPO is expected to launch in the second half of this calendar year. As per Moneycontrol sources, a significant part of the proposed fundraising will be directed at reducing debt of the InvIT and the underlying assets, with the pre-IPO and IPO plan also including secondary stake sale by Brookfield.
As reported by Moneycontrol, domestic demand for long, stable and high-yield products like InvITs is extremely strong right now. However, 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 the public markets to access domestic capital flows, similar to what has been seen in REITs where REIT IPOs are now being almost entirely driven by domestic capital. The strong domestic demand is being driven by domestic institutions, family offices and HNIs, with many other InvIT operators such as KKR, Cube Highways, and EAAA also working on their IPOs.
According to Moneycontrol, Altius now operates over 257,000 telecom sites in India and holds a 39% market share by number of towers, slightly behind Indus Towers, which has a 42% market share with over 274,000 telecom sites. The InvIT was established in 2019 when Brookfield acquired Reliance Jio's telecom towers in a deal worth over ₹25,000 crore. In 2024, it acquired over 76,000 towers of American Tower Corporation in a ₹18,200 crore deal. The telecom assets operated by Altius include ground-based towers and masts, rooftop towers and in-building sites.
According to Moneycontrol reports, Altius has achieved significant growth in its financial metrics. The InvIT's revenues have grown from around ₹3,600 crore in FY21 to approximately ₹9,800 crore in FY25, while EBITDA grew from ₹3,000 crore to around ₹7,000 crore in the same period. The telecom assets operated by Altius include ground-based towers and masts, rooftop towers and in-building sites.
