Brookfield-backed Altius Telecom Infrastructure Trust is preparing to file draft papers for an estimated Rs 6,000-crore initial public offering, marking what could become one of India’s most closely watched infrastructure trust listings in the telecom sector. According to people familiar with the development, the telecom tower InvIT is expected to submit its draft red herring prospectus by the end of May or early June as it looks to tap rising domestic investor demand for stable-yield infrastructure assets.

The proposed offering comes at a time when India’s InvIT market is witnessing a sharp shift in capital sources. While foreign institutional participation initially drove growth in infrastructure investment trusts, higher global interest rates and persistent currency depreciation pressures have weakened overseas appetite. Domestic institutions, insurers, pension funds and high-net-worth investors are increasingly filling that gap, particularly in yield-generating sectors such as telecom towers, highways and renewable infrastructure.

Altius’ IPO plans are also aligned with a broader monetisation cycle underway in India’s infrastructure sector. Sponsors are using InvIT structures to unlock capital from operational assets while simultaneously reducing leverage and funding future expansion. A substantial portion of the proceeds from the proposed IPO is expected to be utilised for debt reduction at both the InvIT and underlying asset levels, according to sources cited in the report.

The issue may additionally include a secondary stake sale by Brookfield, highlighting how global infrastructure investors are increasingly seeking partial monetisation opportunities after years of aggressive acquisitions in India’s digital and transport infrastructure sectors.

Investment banks including JM Financial, Kotak Mahindra Capital, Axis Capital, Citi and Jefferies are managing the transaction. Brookfield has not officially commented on the development.

Altius has emerged as a major force in India’s telecom infrastructure landscape since Brookfield acquired Reliance Jio’s telecom tower assets in 2019 in a transaction valued at more than Rs 25,000 crore. Since then, the InvIT has significantly expanded its footprint through both organic growth and acquisitions.

Its portfolio has reportedly grown from nearly 136,000 telecom sites to more than 257,000 telecom sites by the end of 2025. A major milestone came in 2024 when Altius acquired over 76,000 telecom towers from American Tower Corporation in a deal valued at Rs 18,200 crore. The acquisition substantially strengthened its market position and increased scale advantages in tenancy and network coverage.

The telecom tower industry in India remains structurally important due to rising mobile data consumption, ongoing 5G rollouts and increasing rural connectivity requirements. Tower infrastructure providers typically benefit from long-term contracts and recurring cash flows, making them suitable candidates for InvIT structures designed to distribute stable income to investors.

Industry data cited in the report indicates that Altius currently commands nearly 39 percent market share by tower count, second only to Indus Towers, which controls roughly 42 percent with over 274,000 telecom sites. The company’s portfolio spans ground-based towers, rooftop infrastructure and in-building telecom sites.

Financially, the scale-up has been substantial. Revenue reportedly increased from around Rs 3,600 crore in FY21 to nearly Rs 9,800 crore in FY25, while EBITDA rose from about Rs 3,000 crore to roughly Rs 7,000 crore during the same period. These figures indicate strong operating leverage and underline why telecom infrastructure continues attracting long-duration capital despite macroeconomic volatility.

The timing of the IPO also reflects growing momentum in India’s broader InvIT market. Fundraising through InvITs is expected to exceed Rs 25,000 crore this year, driven largely by public offerings from both government-backed and private-sector infrastructure owners. In March, NHAI-backed InvITs collectively raised more than Rs 9,000 crore, while other infrastructure operators have also entered the market to monetise mature assets.

The strong subscription seen in recent InvIT offerings suggests investors are increasingly viewing these vehicles as alternatives to traditional fixed-income products, especially in a moderating interest rate environment. However, the sector still faces risks linked to interest rate movements, refinancing costs and distribution sustainability.

For Indian markets, the Altius IPO could become an important test of domestic liquidity depth for large-scale infrastructure offerings. A successful listing may encourage additional telecom, transport and energy infrastructure sponsors to accelerate monetisation plans. It may also deepen India’s listed yield-product ecosystem, which remains relatively underdeveloped compared to global markets.

From a sector perspective, the development reinforces confidence in India’s digital infrastructure buildout. Telecom tower operators are expected to remain key beneficiaries of rising network densification needs as telecom operators continue investing in data capacity and 5G coverage expansion.