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HomeIPOCube Highways Trust InvIT

About Cube Highways Trust InvIT

Cube Highways Trust is an Infrastructure Investment Trust (InvIT), which is registered by the Securities and Exchange Board of India (SEBI) under InvIT Regulations. The Trust came into existence in December 2021 to invest in infrastructure assets and infrastructure-related investments through Special Purpose Vehicles (SPVs) and holding companies in India. The portfolio of the Trust consists of various infrastructures of roads in India. Till the date of the Draft Offer Document, the portfolio consists of 27 operational road assets along with 4 road infrastructures, which will be added to the portfolio in future. These assets consist of highway infrastructure, expressways, tolled roads, and transportation infrastructure. The Project SPV, which holds these assets, develops, operates, and maintains such infrastructure. Cube Highways Fund Advisors Private Limited is acting as the Investment Manager of the Trust and Cube Highways and Transportation Assets Advisors Private Limited is acting as the Project Manager of the Trust. The main purpose of investing in this Trust is to earn stable cash flows through investments in infrastructure projects as per SEBI InvIT Regulations.

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National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
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Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
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National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
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Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
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Cube Highways Trust InvIT

Cube Highways Trust InvIT

Open Date

Jul 22, 2026

Close Date

Jul 24, 2026

listed

Min Investment

₹14,440

Lot Size

95 Shares

Issue Size

₹5000 Cr

Price Range

₹151 - ₹151

Listing Date

Jul 31, 2026

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₹1(+1.15%)GMP
0.66%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Cube Highways Trust InvIT IPO - Issue Objectives

₹5,000 crore OFS to convert the InvIT from private to publicly listed. "Larger OFS float boosts liquidity, attracting institutional and retail investors."

1

Carry out the offer for sale

₹5,000 crore OFS to convert the InvIT from private to publicly listed.

2

Listing on stock exchanges

"Larger OFS float boosts liquidity, attracting institutional and retail investors."

IPO Subscription Status

QIB
13.28x
Individual
0.00x
Total
9.42x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Cube Highways Trust InvIT

In Cr.

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Large and diversified portfolio of road assets

The Trust has a diversified road portfolio in India with 27 road assets (26 after the expiry of one concession), spread across 12 states and 1 union territory.

02

Strong acquisition pipeline

The Trust has added nine road assets since its listing in April 2023, which has increased its Enterprise Value/AUM to ₹36,841.76 crore as of March 31, 2026. Going forward, the Trust has access to four committed assets that will be acquired through an equity swap. It also holds a Right of First Offer (ROFO) over 3 additional assets under its agreement with the sponsor, which provides further opportunities to expand its portfolio.

03

Proven acquisition and M&A track record

The Trust has acquired six Hybrid Annuity Model (HAM) projects, 1 BOT toll project (NAMEPL), and 2 annuity projects in Jammu & Kashmir from the National Investment and Infrastructure Fund (NIIF). These acquisitions have diversified both the portfolio and revenue mix beyond assets acquired from the Sponsor.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

Dependence on NHAI annuity payments

Annuity revenue increased from 1.37% of revenue in FY24 to 17.36% in FY26, but payment delays of 1-382 days and pending GST disputes of ~₹813.40 crore could affect cash flows.

02

Concession expiry risk

APEPL has only 0.50 years of concession remaining, and WUPTPL's concession ended on June 23, 2026. The Trust may not be able to replace these assets with projects generating similar cash flows.

03

Contact Details

Cube Highways Trust InvIT

B-376,/n Upper Ground Floor, Nirman Vihar, New Delhi, New Delhi, 110092

+911204868300
compliance.officer@cubehighways.com
https://www.cubehighwaystrust.com/

Cube Highways Trust InvIT IPO - FAQs

Cube Highways Trust InvIT IPO is a Mainboard IPO. The issue is priced at 151-₹152. The minimum order quantity is 95 Shares. The IPO opens on 22 Jul, and closes on 24 Jul. TBA is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.








IPO Timeline

  • Pre Apply2026-07-20
  • Bidding Starts2026-07-22
  • Bidding Ends2026-07-24
  • Allotment Finalisation2026-07-29
  • Release of Funds2026-07-30
  • Demat Transfer2026-07-30
  • Listing2026-08-03
04

Strong industry growth

India's transport infrastructure budget increased from ₹68,400 crore in FY20 to ~₹2.9 lakh crore in FY27. Looking ahead, the Government's Vision 2047 roadmap aims to develop 200,000-230,000 km of high-speed corridors by FY47, creating a strong long-term growth opportunity for the road infrastructure sector and for the Trust.

05

Comfortable financial profile

The Trust has maintained an AAA/Stable credit rating by several agencies. Furthermore, it has lowered its average borrowing cost through the years while maintaining capacity for borrowing in the future.

06

Consistent cash distributions to unitholders

The Trust has distributed at least 90% of its net distributable cash flows since the listing in April 2023, which is in line with InvIT regulations.

Geographic concentration

NH-44 contributed 35.79% of FY26 toll revenue, while Uttar Pradesh, Rajasthan, Jammu & Kashmir and Tamil Nadu account for 50.89% of lane kilometres, increasing regional concentration risk.

04

Government policy risk

Changes in infrastructure policies, regulations or budget allocations could affect project growth and performance.

05

Rising operating costs

O&M expenses increased from ₹504.64 crore in FY24 to ₹878.69 crore in FY26, while concession terms offer limited cost pass-through.

06

Weather and seasonality risk

Monsoon disruptions and landslides in hilly regions such as Jammu & Kashmir could reduce traffic and increase maintenance costs.