MUMBAI, October 29, 2025 — The KKR-backed Vertis Infrastructure Trust has appointed Axis Capital, Ambit Capital, and Avendus Capital as lead managers for its planned Initial Public Offering (IPO) in India. According to investment banking sources, the infrastructure-focused trust aims to raise up to $568 million and is preparing to seek regulatory approval by December 2025, targeting a Q2 2026 listing on Indian exchanges.

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Vertis Infrastructure Trust, supported by KKR & Co. Inc. and the Ontario Teachers’ Pension Plan (OTPP), manages infrastructure assets worth nearly $3 billion. The trust operates as an Infrastructure Investment Trust (InvIT) — a structure that allows investors to pool funds into income-generating infrastructure assets like roads, power projects, and logistics hubs.

The IPO marks a significant step in Vertis’ journey toward broadening its investor base and enhancing liquidity for its stakeholders. It also signals the growing maturity of India’s InvIT market, which is witnessing increasing participation from global institutional investors seeking stable, long-term returns.

Vertis’ public issue comes at a time when India’s equity markets are trading near historic highs. Companies have already raised over $16 billion in 2025 through IPOs, positioning India as the world’s third-largest market for new listings, according to Dealogic data.

This buoyant environment presents an ideal window for Vertis to debut. Investor confidence remains robust, driven by strong domestic demand, favorable regulations, and continued foreign investment inflows.

By bringing on board Axis Capital, Ambit Capital, and Avendus Capital, Vertis ensures expert handling of its IPO process. These firms will oversee valuation strategies, investor roadshows, and compliance with the Securities and Exchange Board of India (SEBI) guidelines. The trust is expected to submit its Draft Red Herring Prospectus (DRHP) before the end of December 2025.

The listing, projected for early 2026, is anticipated to attract both institutional and retail investors, particularly those interested in the infrastructure and renewable energy sectors.

India currently has 27 registered InvITs, with only six listed publicly. InvITs have become a preferred investment vehicle for channeling private capital into large-scale infrastructure projects while offering steady dividend-based returns to investors.

Vertis’ planned IPO highlights the growing confidence in India’s regulatory framework and its ability to attract long-term infrastructure investments. The government’s initiatives — including the National Infrastructure Pipeline (NIP) and PM Gati Shakti — have further strengthened investor sentiment in this space.

The global credibility of Vertis stems from its strong sponsors. KKR, a leading global investment firm, and OTPP, one of the world’s largest pension funds with over $250 billion in assets, bring financial strength and international expertise to the trust. Their involvement underscores India’s importance as a key growth market for global infrastructure investors.

Vertis intends to utilize IPO proceeds to expand its asset portfolio, reduce debt, and invest in new infrastructure opportunities such as renewable energy and logistics. A successful listing will enhance liquidity, improve governance standards, and strengthen India’s reputation as a hub for infrastructure investment.

Industry experts view the Vertis IPO as a potential milestone for India’s InvIT ecosystem, paving the way for more private trusts to go public in the coming years. It will also provide domestic investors with access to high-quality, income-generating assets, boosting participation in the nation’s infrastructure growth story.