Brookfield Advances IPO Plans for Altius Telecom Trust
Brookfield Asset Management is preparing a potential initial public offering of Altius Telecom Infrastructure Trust, its India-based telecom tower platform, in a deal that could raise up to INR60bn ($630m), with draft prospectus filings possibly submitted as early as May. The IPO involves a syndicate of advisors including JM Financial, Axis Bank, Kotak Mahindra Capital, Citigroup, Jefferies Financial Group, and Novaaone Capital, according to Private Equity Wire. If the listing proceeds, it would rank among the larger infrastructure investment trust (InvIT) deals in India, amid ongoing discussions that could alter details, including a possible pre-listing fundraising round of as much as INR30bn.
Background and Growth of Altius
Altius Telecom Infrastructure Trust was established in 2019 by Reliance Industries’ infrastructure investment arm, and Brookfield acquired a stake later that year in a transaction valuing the underlying tower portfolio at approximately $2.6bn. The platform has since become one of India’s largest telecom tower operators, holding an estimated market share of around 40% and expanding its portfolio from roughly 136,000 sites in 2019 to more than 257,000 today. This growth includes acquisitions such as assets from American Tower Corporation in a deal valued at about $2.5bn in 2024, reflecting the company’s strategic expansion in the telecom sector.
India’s InvIT Market Landscape
India’s InvIT sector has expanded steadily, with 27 registered trusts and six currently listed vehicles, and recent performance shows listed InvITs delivering average total returns of around 17% over the past year, outperforming the broader equity market index. As widely known, InvITs in India provide investors with exposure to infrastructure assets that generate steady yields, which has fueled interest in such listings. The potential IPO of Altius aligns with this trend, potentially adding to the roster of yield-generating infrastructure investments available in the market.
Advisors and Transaction Details
The IPO process is being advised by a syndicate that includes JM Financial, Axis Bank, Kotak Mahindra Capital, Citigroup, Jefferies Financial Group, and Novaaone Capital, though neither Brookfield, Altius, nor the banks have publicly commented on the plans. According to Private Equity Wire, the deal could include a pre-listing fundraising round of up to INR30bn, with all aspects subject to change as discussions continue. This structure underscores the scale of infrastructure financing in India, where such transactions often involve multiple financial institutions.
