Raajmarg Infra Investment Trust plans to list units via an IPO seeking up to $656 million, aiming to raise 60 billion rupees. The trust proposes an initial portfolio of five toll roads spanning over 260 kilometers across Jharkhand, Andhra Pradesh, Tamil Nadu, and Karnataka. The offering will feature a price range of 99 to 100 rupees per unit, with anchor bids opening March 10 and public subscriptions from March 11-13.

This debut comes as India's IPO market faces headwinds. Companies listing so far this year saw an average 0.7% decline on their debut day, following two record-breaking years. The weak performance includes Clean Max Enviro Energy Solutions' 18% plunge post-$341 million IPO. The Raajmarg offering tests investor appetite for infrastructure trusts after these tepid results.

The IPO's success is crucial for India's infrastructure development. If successful, it would be the country's first infrastructure investment trust listing, potentially unlocking further capital for road projects. Success could signal renewed investor confidence in the sector, though it must overcome recent market skepticism.