The second-largest telecom tower operator in India aims to submit the draft red-herring prospectus (DRHP) by the month’s end or early June, according to the sources.
Moneycontrol initially reported on March 9 regarding Altius’s IPO intentions. The InvIT was planning to secure approximately ₹3,000 crore through a pre-IPO funding round, as reported by Moneycontrol.
Investment banks JM Financial, Kotak Mahindra Capital, Axis Capital, Citi, and Jefferies are managing the Altius IPO.
Currently, domestic demand for long-term, stable, high-yield products like InvITs is robust, as noted by one of the sources. Meanwhile, the external investor interest that previously fueled InvITs has diminished, primarily due to high interest rates in developed markets and significant currency depreciation, according to the source. This situation is prompting nearly all InvIT operators to seek public market access for domestic capital.
“This mirrors the trend seen in REITs, where IPOs are now largely supported by domestic funding,” the source added.
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A substantial portion of the funds raised by Altius is intended to decrease the debt of the InvIT and its underlying assets, stated the second source.
The pre-IPO and IPO strategy will also encompass a secondary stake sale by Brookfield, the source noted.
Brookfield chose not to comment on this matter.
InvIT IPO rush
Moneycontrol reported on April 16 that InvIT fundraising could surpass ₹25,000 crore this year, primarily driven by IPOs, as both public and private sector sponsors seek to monetize 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.
The ₹6,000-crore Raajmarg issue was subscribed 13.74 times, even as its launch coincided with the West Asia war.
In April, Citius TransNet InvIT, sponsored by EAAA and maintaining an extensive road network, raised ₹1,105 crore in its IPO.
Other players, including I Squared Capital-backed Cube Highways and KKR-backed Vertis, are also preparing for IPOs, collectively targeting more than ₹8,000 crore.
Altius portfolio
The InvIT was established in 2019 when Brookfield acquired Reliance Jio’s telecom towers in a transaction valued at over ₹25,000 crore.
Since then, Altius has expanded its telecom asset portfolio from about 136,000 sites to over 257,000 by the end of 2025.
In 2024, it purchased more than 76,000 telecom towers from American Tower Corporation for ₹18,200 crore. Altius holds a market share of 39% in terms of the number of towers, following Indus Towers, which leads at 42% with over 274,000 telecom sites.
The telecom assets operated by Altius consist of ground-based towers and masts, rooftop towers, and in-building sites.
The InvIT’s revenues have escalated from approximately ₹3,600 crore in FY21 to around ₹9,800 crore in FY25, while EBITDA increased from ₹3,000 crore to about ₹7,000 crore during the same period.
