JSA Advocates & Solicitors (JSA) advised NHAI, Raajmarg Infra Investment Managers Private Limited and Raajmarg Infrastructure Investment Trust, a public InvIT, sponsored by NHAI, on its IPO of Units aggregating to INR 6,000 crores. JSA also advised on the setting-up of the InvIT and the Investment Manager. As part of the deal, the InvIT will acquire concessioning rights of 5 road assets from NHAI, through a combination of equity and debt.
This is the largest IPO by a road sector InvIT and the second InvIT sponsored by NHAI. This is also the fastest listing by an InvIT, from the date of receipt of registration from SEBI, as an infrastructure investment trust and the highest subscribed InvIT IPO.
The IPO of Raajmarg Infrastructure Investment Trust is the 7th IPO by an InvIT with JSA advising on 5 of the 7 IPOs, establishing its market leadership position in InvIT IPOs. This is also the 6th completed InvIT transaction by JSA in the last 12 months.
The JSA team was led by Arka Mookerjee, Partner with support from Pracheta Bhattacharya, Partner; Sourav Modi, Principal Associate, and Jeebitesh Bhattacharya, Bhavna Sancheti, Ayushi Pandit,Aditya Shendye, Palak Karundia, Bhuvnesh Kumar and Sharad Panwar, Associates.
Arka Mookerjee is a Partner and Co-Head of the Equity Capital Markets practice, with over 21 years of experience advising on India’s most complex and high-value transactions. Widely recognised for pioneering mandates—including India’s first QIP and InvIT IPO—he represents issuers, underwriters and investors across capital markets and investment structures. Arka actively engages with regulators and industry bodies, playing a key role in shaping India’s evolving capital markets framework.