Brookfield Asset Management backed Altius Telecom Infrastructure Trust is planning to raise up to Rs 9,000 crore, as it looks to make its markets debut.

The country’s second largest operator of telecom towers is aiming to raise around Rs 3,000 crore in a pre-IPO round and the rest through the offer, which is likely in the second half of this calendar year, the sources said.

“Domestic demand for long, stable and high-yield products like InvITs is extremely strong right now. At the same time, foreign investor demand that initially drove InvITs has waned due to high interest rates in developed markets and sharp currency depreciation. This dynamic is driving almost all the InvIT operators to tap the public markets to access domestic capital flows,” one of the sources cited above said.

“This is similar to what we have seen in REITs, where REIT IPOs are now being almost entirely driven by domestic capital.”

A significant part of the proposed fundraising will be directed at reducing debt of the InvIT and the underlying assets, the source said. The pre-IPO and IPO plan will also include secondary stake sale by Brookfield.

Brookfield declined to comment on the development.

Brookfield is the latest infrastructure trust operator to firm up a public market debut of its InvIT.

Despite the raging war in West Asia and its impact on stock markets, the National Highways Authority of India (NHAI) is launching an initial public offering of its infrastructure investment trust this week. 

NHAI’s Raajmarg Infra Investment Trust has fixed a price band of Rs 99 to Rs 100 a unit for its Rs 6,000-crore IPO, which opens for subscription on March 11.

Driven by the strong demand from domestic institutions, family offices and HNIs, many other InvIT operators such as KKR, Cube Highways, EAAA are also working on the IPOs of their infrastructure trusts. 

The InvIT was set up in 2019 when Brookfield acquired Reliance Jio’s telecom towers in a deal worth over Rs 25,000 crore. Since then, Altius has grown its portfolio of telecom assets from approximately 136,000 telecom sites to over 257,000, at the end of 2025.

In 2024, it acquired over 76,000 towers of American Tower Corporation in a Rs 18,200-crore deal.

Altius has a market share of 39 percent, by number of towers, slightly behind Indus Towers, which has a market share of 42 percent, with over 274,000 telecom sites.

The telecom assets operated by Altius includes ground-based towers and masts, rooftop towers and in-building sites.

The InvIT’s revenues have grown from around Rs 3,600 crore in FY21 to approximately Rs 9,800 crore in FY25, while EBITDA grew from Rs 3,000 crore to around Rs 7,000 crore in the same period.