Cube Highways Trust InvIT

Cube Highways Trust InvIT IPO Details

Cube Highways Trust InvIT IPO (Initial Offering of Units) is a book-built issue of ₹5,000 crore, entirely an offer for sale of 32.89 crore units. The trust filed its draft offer document with SEBI on March 17, 2026.

The price band of the issue is ₹151 to ₹152 per unit and the lot size of an application is [-] units. The IPO will be open for subscription from July 22 to 24, 2026, on the BSE and the NSE platforms, with a tentative listing date fixed as July 29, 2026. The book-running lead managers of the issue are Kotak Mahindra Capital Company Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited and JM Financial Limited, while the registrar to the offer is KFin Technologies Limited, and the trustee to the issue is Axis Trustee Services Limited.

Cube Highways Trust InvIT IPO Date & Timeline

The Cube Highways Trust InvIT IPO is officially set to open for subscription on July 22, 2026 and will close on July 24, 2026. The trust initially filed its Draft Red Herring Prospectus (DRHP) on March 17, 2026 and has now finalised its schedule following SEBI approval. Once the subscription window closes, allotment is expected on July 27, 2026. Following this, the trust will initiate refunds and credit units to successful investors’ demat accounts on July 28, 2026. Finally, units of Cube Highways Trust are tentatively scheduled to list on the stock exchanges on July 29, 2026.

Cube Highways Trust InvIT IPO GMP (Grey Market Premium)

“Grey Market Premium” or GMP is defined as the rate at which the IPO's shares are traded in the market before they are officially listed on the stock exchange.

The Cube Highways Trust IPO GMP is currently trading at ₹[ ], reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹[ ], which is [ ]% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.

Company Background

Cube Highways Trust ("Cube InvIT") was established as an irrevocable trust under the Indian Trusts Act, 1882 and registered with SEBI as an Infrastructure Investment Trust, Headquartered in New Delhi. The trust was initially listed as a privately listed InvIT on April 19, 2023, and is now proposing conversion to a publicly listed InvIT through the OFS route. Cube InvIT is sponsored by Cube Highways and Infrastructure Pte. Ltd. and managed by Cube Highways Fund Advisors Private Limited as the Investment Manager. The trust is backed by a diversified investor base including I Squared Capital, Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, Mubadala Investment Company, International Financial Corporation, and Japan Highways International BV.

Operations & Product Range

Cube InvIT operates a portfolio of highway assets across India, with 27 operational assets spanning 8,754 lane kilometres across 12 states and one Union Territory as of March 31, 2026. About 85% of the portfolio comprises toll road assets that benefit from traffic growth and inflation-linked toll revisions, and the remaining 15% consists of annuity assets backed by contracted payments from the National Highways Authority of India (NHAI). The average residual concession life of the portfolio is 18 years. Before the offer's completion, the trust plans to acquire four additional highway and tunnel project SPVs through swap transactions, which would expand the portfolio to 31 assets across 13 states and one Union Territory.

Revenue Streams & Business Model

Cube InvIT generates revenue primarily from toll collections on its operational highway assets and annuity payments from NHAI for its annuity-model assets. The trust distributes a significant portion of its net distributable cash flows to unitholders periodically, which is a key feature of the InvIT structure. The business model is designed to provide investors with stable, long-term yield from infrastructure assets with contracted or predictable cash flows.

Financial Performance

As of March 31, 2026, Cube InvIT's assets under management (AUM) stood at ₹36,842 crore, supported by nine acquisitions during the fiscal year. The trust has also signed commitment letters for four highway projects with a combined enterprise value of about ₹7,300 crore. Cube InvIT declared a distribution per unit of ₹13.77 for FY26, taking total distributions for the year to ₹1,851 crore. Its net debt stood at ₹17,768 crore at the end of March, while its net debt-to-enterprise value ratio was 46.82%. The trust has AAA ratings from CRISIL, India Ratings and Research, and ICRA Limited.

Management & Shareholdings

The InvIT is sponsored by Cube Highways and Infrastructure V Pte. Ltd., which holds a significant stake in the platform. The promoters bring deep institutional background and extensive global experience in infrastructure asset management. Prior to the offering, the promoters and strategic institutional investors maintained majority control over the trust's units. Post-IPO, the shareholding structure will expand to accommodate new institutional and retail unitholders, providing a partial exit for historical investors while broadening the public ownership base in the Indian capital markets.

Board & Key Management

Cube Highways Trust is sponsored by Cube Highways and Infrastructure Pte. Ltd., and the Investment Manager is Cube Highways Fund Advisors Private Limited. Key management personnel include Vinay C. Sekar as CEO and Pankaj C. Vasani as Group CFO. Mridul Gupta serves as the Company Secretary and Compliance Officer. The trust's board includes representatives from the sponsor and independent trustees, with Axis Trustee Services Limited acting as the trustee.