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Vertis Infrastructure Trust, backed by KKR and the Ontario Teachers' Pension Plan, has appointed Axis Capital, Ambit Capital, and Avendus Capital as lead managers for its planned Indian initial public offering (IPO) worth up to USD 568 million. The infrastructure investment trust (InvIT) is expected to seek regulatory approval within the next few weeks and aims to list by the second quarter of 2026. The decision comes amid a strong year for Indian public markets, where companies have already raised around USD 16 billion through IPOs, according to Dealogic.
Vertis Infrastructure Trust, supported by global investment firm KKR and the Ontario Teachers' Pension Plan, has chosen Axis Capital, Ambit Capital, and Avendus Capital to manage its upcoming Indian IPO, which is expected to raise up to USD 568 million, according to investment banking sources familiar with the development. Advertisement
The company is preparing to approach regulators for approval before the end of this year. Sources indicated that the filing process is likely to begin within the next few weeks. Vertis' proposed IPO comes at a time when India's stock markets are near record highs and continue to attract strong investor interest.
Data from Dealogic shows that Indian companies have raised nearly USD 16 billion from public markets so far this year, making India the third-largest market for IPOs globally. The strong market performance and rising investor appetite for infrastructure and long-term assets are encouraging more companies to explore listings.
Vertis Infrastructure Trust operates as an infrastructure investment trust, commonly known as an InvIT. These trusts allow investors to pool funds into income-generating infrastructure projects such as roads, energy assets, and utilities. The model helps developers recycle capital while offering investors steady returns from operational assets.
Vertis manages infrastructure assets worth around USD 3 billion, according to its website. Its planned IPO aims to diversify its investor base and improve liquidity for existing stakeholders. The listing, expected around the second quarter of 2026, would also make Vertis one of the few publicly traded InvITs in India.
Currently, India has 27 InvITs registered with the Securities and Exchange Board of India (SEBI), but only six are listed on the stock exchanges. In recent years, several private InvITs have been preparing to go public to tap into the growing demand for infrastructure-linked investments.
Sources mentioned that the appointed banks-Axis Capital, Ambit Capital, and Avendus Capital-will jointly oversee the IPO process, including regulatory filings, investor outreach, and pricing. However, Vertis and the banks have not issued any public statements on the matter.
KKR, a key backer of Vertis, has been actively expanding its infrastructure investments in India over the past few years, focusing on sectors such as renewable energy, logistics, and telecom infrastructure. The upcoming IPO marks another step in deepening its footprint in the country's infrastructure investment space.
Source Reuters
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