Mumbai-based asset manager Alpha Alternatives is planning to raise INR 4bn (USD 47m) from a public listing of its Anantam Highways Trust, sources familiar told Infralogic.

The company has filed a draft offer document with the Securities and Exchange Board of India. Nuvama Wealth Management is the lead manager on the issue.

This is the first time the asset manager has approached the public markets and will evaluate more fundraising from the capital markets later, one of the sources said, adding that the company expects financial institutions, family offices and individual investors to subscribe to the issue.

Alpha Alternatives invested in infrastructure for the first time in November 2023, acquiring 18 highway assets from developer Dilip Buildcon at the time. It will transfer nine of these to the trust, according to the prospectus.

At the time of announcing the deal in 2023, Alpha Alternatives agreed to invest up to INR 20bn over the next one and a half years in the assets.

Of those being transferred to the trust, seven are construction-stage assets while one is operational and another is nearing its commercial operations date, one of the sources said.

Bhopal-based Dilip Buildcon will serve as the operations and management contractor for the project vehicles in the trust, according to the offer document.

More developers and investors are likely to publicly list their highways trusts in the coming months. At least four sponsors are working towards a public listing, including Oriental Structural Engineers, and Cube Highways and Infrastructure.

Alpha Alternatives was in talks last year with other developers to acquire more assets. The discussions did not result in a deal.

Alpha Alternatives last November announced the close of its maiden infrastructure fund with a USD 450m commitment.

It plans to raise up to USD 750m, including a green shoe option of USD 250m. The fund has a five-year tenor and aims to invest in concessions offered by India’s central roads authority.

The investor, which has more than USD 2.5bn of assets under management, focuses on commodities and equity markets, structured credit, fixed income, infrastructure, real estate and quantitative strategies.

Alpha Alternatives did not respond to a request for comment.