Mumbai-based Citius Transnet Investment Trust has filed its Draft Offer Document (DOD) with the Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offering (IPO).

The offer, of units aggregating up to ₹ 1,340 crore, and strategic investor portion would be subject to a maximum of 25% of the issue size.

The proceeds from its fresh issuance worth Rs 1,235 crore will be utilised for partial or full acquisition of securities of SRPL and certain identified project SPVs namely TEL, JSEL, Dhola and Dibang, and general purposes.

A transport sector-focused infrastructure investment trust (the Trust), established with an objective to acquire, manage and invest in a portfolio of transport infrastructure assets, including roads, in India.

It was settled by way of the Trust Deed, by the Sponsor, and registered as an InvIT with SEBI on August 1, 2025, in accordance with the provisions of the InvIT Regulations. The sponsor of the Trust is Epic TransNet Infrastructure Private Limited (formerly known as Watrak Infrastructure Private Limited) (the Sponsor).

The Sponsor is wholly-owned by the schemes of the Infrastructure Yield Trust (that is, Infrastructure Yield Plus II, Infrastructure Yield Plus IIA and India Infrastructure Yield Plus II), an AIF managed by EAAA India Alternatives Limited (EAAA). As of September 30, 2024, EAAA managed three out of the 14 funds focused on infrastructure investments and ranks third among infrastructure investment managers by total assets under management (AUM) (Source – CRISIL Report).

EAAA operates a diversified, multi-strategy platform, in large, under-tapped and fast-growing alternative asset classes, focusing on providing income and yield solutions to a diverse client base, including, global pension funds, insurance companies and ultra-high net worth individuals. It is supported by an asset management team of 26 members (in addition to in-house teams of our initial portfolio assets comprising 346 employees) and 76 investment professionals as of June 30, 2025.

The sponsor group comprises the Sponsor, Infrastructure Yield Trust (through its schemes Infrastructure Yield Plus II, Infrastructure Yield Plus IIA and India Infrastructure Yield Plus II), Epic Transnet Project Management Private Limited (formerly known as Chennai-Tada Tollway Private Limited) (the Project Manager), and Neelambur Madukkarai Tollway Private Limited (collectively, the Sponsor Group).

Subject to completion of the formation transactions, its initial portfolio of road assets will comprise 10 toll and annuity projects, together with the relevant project special purpose vehicles (the Project SPVs) through which they are held, and Epic Concesiones 3 Private Limited and SRPL Roads Private Limited, the holding companies of all Project SPVs (the HoldCos, and together with the Project SPVs, the initial portfolio assets), except for one project SPV, Thrissur Expressway Limited (TEL), which will be held directly by us.

The initial portfolio assets comprise a total of 3,406.71 lane-kilometers (seven toll assets spanning more than 3,043.22 lane-kilometers, and three annuity assets spanning more than 363.49 lane-kilometers) across nine different Indian states as of the date of this Draft Offer Document.

It’s revenue from operations was Rs 500.8 crore during the June 2025 quarter and it had a net loss of Rs 92.2 crore.

Its revenue from operations was Rs 1,987 crore during FY25 vis-à-vis Rs 1,773.5 crore during FY23.

Its net loss was Rs 417.7 crore during FY25 vis-à-vis Rs 654 crore during FY23. Axis Capital, Ambit Private Limited and ICICI Securities are the book running lead managers, and Kfin Technologies Limited is the registrar of the offer. The units are proposed to be listed on BSE and NSE.