India’s second-largest telecom tower operator is looking to file the draft red-herring prospectus (DRHP) by the end of the month or early June, the sources said.
Moneycontrol first reported Altius’s IPO plans on March 9. The InvIT was planning to raise around ₹3,000 crore in a pre-IPO funding round, Moneycontrol had reported.
Investment banks JM Financial, Kotak Mahindra Capital, Axis Capital, Citi and Jefferies are working on the Altius IPO.
Domestic demand for long, stable and high-yield products such as InvITs is strong right now, one of the sources cited above said. At the same time, the foreign investor demand that initially drove InvITs has waned, due to high interest rates in developed markets and sharp currency depreciation, the source said. This dynamic is driving almost all the InvIT operators to tap the public markets to access domestic capital.
“This is similar to what we have seen in REITs, where REIT IPOs are now being almost entirely driven by domestic capital,” the source said.
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A significant part of the funds raised by Altius will be used to reduce the debt of the InvIT and the underlying assets, the second source said.
The pre-IPO and IPO plan will also include a secondary stake sale by Brookfield, the source added.
Brookfield declined to comment on the development.
InvIT IPO rush
Moneycontrol reported on April 16 that InvIT fundraising could exceed ₹25,000 crore this year, driven primarily by IPOs, as both public and private sector sponsors tap the market to monetise 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 despite the deal launch coinciding with the West Asia war.
In April, EAAA-sponsored Citius TransNet InvIT, which also operates a large network of roads, raised Rs 1,105 crore in its IPO.
Other players, such as I Squared Capital-backed Cube Highways and KKR-backed Vertis are also lining up IPOs, collectively targeting more than ₹8,000 crore.
Altius portfolio
The InvIT was set up in 2019 when Brookfield acquired Reliance Jio’s telecom towers in a deal worth over ₹25,000 crore.
Since then, Altius has grown its portfolio of telecom assets from approximately 136,000 telecom sites to over 257,000 as of the end of 2025.
In 2024, it acquired over 76,000 telecom towers of American Tower Corporation in a Rs 18,200-crore deal. Altius has a market share of 39%, by number of towers, behind Indus Towers, which leads the market with a 42%, with over 274,000 telecom sites.
The telecom assets operated by Altius include ground-based towers and masts, rooftop towers and in-building sites.
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.
