Summary of this article
Cube Highways Trust's Rs 5,000 crore InvIT issue opened for subscription on July 22
The issue is priced at Rs 151-152 per unit and closes July 24
The issue is entirely an offer for sale with no fresh issue component
Cube Highways Trust InvIT opened for public subscription on July 22, seeking to raise Rs 5,000 crore through a book-built issue. The public offer comprises entirely an offer for sale (OFS) of 328.95 million units by existing unitholders, which means the Trust will not receive any proceeds from the issue.
The Infrastructure Investment Trust (InvIT) has fixed a price band of Rs 151-152 per unit. Investors can apply in a minimum lot of 95 units, requiring an investment of Rs 14,440 at the upper end of the price band. The public issue will remain open for subscription until July 24.
The basis of allotment is expected to be finalised on July 29. Successful applicants are likely to receive units in their demat accounts on July 30, while the InvIT is scheduled to make its stock market debut on the NSE and the BSE on August 3.
Qualified Institutional Buyers (QIBs) can receive up to 75 per cent of the offer, while at least 25 per cent has been reserved for non-institutional investors (NIIs). Unlike traditional IPOs, there is no separate reservation for retail investors in this issue.
Kotak Mahindra Capital Company is the book-running lead manager (BRLM) to the issue, while Kfin Technologies is the registrar.
An InvIT is an investment vehicle that owns and operates completed infrastructure assets such as highways, power transmission lines and pipelines. It allows investors to earn returns through periodic distributions generated by cash flows from these operational assets while providing developers with a route to monetise mature infrastructure projects.
Established in March 2022, Cube Highways Trust is sponsored by Cube Highways and Infrastructure V Pte. Ltd. The InvIT owns and operates a diversified portfolio of 27 highway assets spanning 8,754 lane kilometres across 12 states and one Union Territory as of March 31, 2026. Its portfolio includes both toll and annuity-based road projects that generate stable cash flows under long-term concession agreements.
The public issue is part of the Trust's transition from a privately listed InvIT to a publicly listed one. Since the issue is entirely an OFS, Cube Highways Trust will not receive any proceeds from the IPO. The selling unitholders include BCI IRR India Holdings, Seventy Second Investment Company, Cube Highways and Infrastructure, and Cube Mobility Investments.
Cube Highways Trust InvIT IPO Subscription Status
According to exchange data available as of 11:30 AM on July 22, the Cube Highways Trust InvIT IPO was subscribed 0.01 times on the first day of bidding.
The portion reserved for other investors was subscribed 0.02 times after receiving bids for 1.04 million units against 62.10 million units on offer. Within this category, individual investors, NRIs and HUFs bid for 1.03 million units, while corporates bid for 95 units and other investors applied for 7,505 units.
The institutional investors' portion, which has 74.50 million units reserved, had not received any bids at the time of the update.
Cube Highways Trust InvIT IPO GMP
The grey market premium (GMP) for Cube Highways Trust InvIT IPO stood nil as of the latest available update on July 22. Based on the upper price band of Rs 152, the estimated listing price remains Rs 152, indicating no expected listing premium in the unofficial market.
Cube Highways Trust InvIT Financial Performance
Cube Highways Trust reported strong financial growth in FY26. Total income increased nearly 39 per cent to Rs 2,922.09 crore from Rs 2,106.32 crore in FY25.
Profit after tax rose around 42 per cent year-on-year to Rs 1,422.89 crore compared with Rs 999.57 crore in the previous financial year.
The Trust's total assets increased to Rs 30,763.19 crore as of March 31, 2026, from Rs 28,624.25 crore a year earlier. Total borrowings also rose to Rs 491.65 crore from Rs 439.96 crore.
Cube Highways Trust IPO Anchor Investors
Ahead of the IPO opening, Cube Highways Trust raised Rs 1,687.5 crore from anchor investors on July 21 by allocating 111 million units to 59 anchor investors at the upper price band of Rs 152 per unit.
The anchor book saw participation from several domestic mutual funds, including HDFC Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life Mutual Fund, Tata Mutual Fund, HSBC Mutual Fund and Invesco India through 26 schemes.
Global institutional investors such as Citigroup and Morgan Stanley also participated in the anchor round. Among domestic institutional investors, SBI Life Insurance, ICICI Prudential Life Insurance, Bajaj Life Insurance, Army Group Insurance, PNB MetLife India Insurance, Tata AIG General Insurance, Bharti AXA Life Insurance, Universal Sompo General Insurance Company and Care Health Insurance were allotted units.
Azim Premji-backed Prazim Trading and Investment Company also increased its exposure to the Trust by purchasing an additional 19.70 million units worth Rs 300 crore through the anchor book, after earlier investing Rs 950 crore under the strategic investors' category.
