KKR-backed Vertis Infrastructure Trust in India has selected Axis Capital and two other investment banks to manage its up to $568 million Indian initial public offering, investment banking sources said.

They said the company planned to seek regulatory approval for the offering before December.

A planned IPO for Vertis comes as Indian markets are trading near record highs. Companies have raised $16 billion so far this year via India's public markets, making it the world's third-largest market for debuts, according to Dealogic.

Vertis Infrastructure Trust, which is also backed by the Ontario Teachers' Pension Plan, is a so-called InvIT, or an infrastructure investment trust. These are schemes that allow investors to pool funds into income-generating infrastructure projects.

Vertis' plans

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