KKR, OTPP-backed Vertis eyes IPO filing by Dec-Jan, public listing by April 2027
Vertis Infrastructure Trust, an infrastructure investment trust (InvIT) backed by KKR & Co. and Ontario Teachers' Pension Plan (OTPP), is preparing to file a draft offer document by December-January to convert into a publicly traded trust, according to two people with direct knowledge of the matter.
The trust targets a listing on Indian exchanges by April or May, these people said, and the investment manager of the InvIT—Vertis Fund Advisors Pvt.—already constituted an IPO committee in April this year for the purposes of the public listing, according to regulatory documents reviewed by Mint.
Sponsors KKR and Ontario Teachers' Pension Plan plan to sell a combined 13-14% stake through an initial public offering that will likely consist entirely of an offer for sale of existing units, one of these persons added.
Vertis currently operates as a privately listed infrastructure investment trust with a market capitalization of ₹17,515 crore (~$2.1 billion). Units of the trust are currently listed on the exchange at ₹116 apiece.
A 13-14% stake at this market cap would value an offer for sale at over ₹2,000 crore.
The second person that Mint spoke to said that Vertis is finalizing investment banks to manage the transaction, and has shortlisted Ambit Capital Pvt., Avendus Capital Pvt., Axis Capital Ltd., and SBI Capital Markets Ltd.
Both the people explained that while internal targets are in place for Vertis, offer details including final size, structure, and timing remain under discussion and could change before filings are completed.
Since the InvIT is already privately listed on the stock exchanges, the trust is in no rush to go ahead with a public listing, and instead is focusing on improving distribution and adding more lucrative assets to its portfolio, the first person explained.
Vertis' main objectives now are to maintain an optimal mix of Toll and Hybrid Annuity Model (HAM) assets to balance cash-flow stability, growth potential and long-term returns, this person added.
Emails sent to Vertis, KKR, OTPP, Ambit, Axis, Avendus and SBI Capital did not immediately elicit responses.
An infrastructure investment trust, is a vehicle regulated by the Securities and Exchange Board of India that pools revenue-generating assets, such as roads or power transmission lines, and distributes ongoing cash yield to unit holders.
A public listing enables private InvITs to list units on stock exchanges for retail and institutional trading, establishing market liquidity and expanding the investor base.
Vertis managed 8,428 lane kilometres of highway assets across nine states in India at the end of FY26, with assets under management exceeding ₹27,000 crore.
For FY26, Vertis had a revenue of ₹4,005 crore and net distributable cash flows of ₹1,869 crore. The trust announced a distribution of ₹12 per unit, which brought the year's contribution to ₹1,812 crore.