Altius Telecom Infrastructure Trust, the Brookfield Asset Management-backed telecom tower infrastructure investment trust (InvIT), is reportedly preparing to file draft papers for a Rs 60 billion initial public offering (IPO) shortly.
The telecom tower operator is looking to file the draft red herring prospectus (DRHP) by the end of this month or in early June. The InvIT had also been planning to raise around Rs 30 billion through a pre-IPO funding round. Investment banks JM Financial, Kotak Mahindra Capital, Axis Capital, Citi and Jefferies are advising on the offering.
Domestic demand for long-duration, stable, high-yield instruments such as InvITs is currently strong. At the same time, foreign investor appetite, which had initially driven InvIT issuances, has moderated due to elevated interest rates in developed markets and sharp currency depreciation. This dynamic is pushing most InvIT operators to tap public markets to access domestic capital.
