Brookfield Asset Management is preparing a potential initial public offering of its India-based telecom tower platform Altius Telecom Infrastructure Trust, in a deal that could raise up to INR60bn ($630m), according to a report by Bloomberg citing unnamed people familiar with the matter.
Draft prospectus filings could be submitted as early as May, with a syndicate including JM Financial, Axis Bank, Kotak Mahindra Capital, Citigroup, Jefferies Financial Group and Novaaone Capital advising on the transaction.
The IPO could be accompanied by a pre-listing fundraising round of as much as INR30bn, although details remain subject to change as discussions continue. Neither Brookfield, Altius, nor the banks involved have publicly commented on the plans.
If completed, the listing would rank among the larger infrastructure investment trust (InvIT) deals in India in recent years, reflecting continued investor appetite for yield-generating infrastructure assets in the market.
India’s InvIT sector has expanded steadily, with 27 registered trusts and six currently listed vehicles. Recent performance has been strong, with listed InvITs delivering average total returns of around 17% over the past year, outperforming the broader equity market index over the same period.
Altius Telecom Infrastructure Trust was originally established in 2019 by Reliance Industries’ infrastructure investment arm before Brookfield acquired a stake later that year in a transaction valuing the underlying tower portfolio at approximately $2.6bn.
The platform is now one of India’s largest telecom tower operators, with an estimated market share of around 40% and a portfolio that has grown from roughly 136,000 sites in 2019 to more than 257,000 today. Expansion has included acquisitions such as assets from American Tower Corporation in a deal valued at about $2.5bn in 2024.
