The ₹5,000 crore Cube Highways Trust InvIT IPO opened for subscription today, July 22, 2026, with a price band of ₹151 to ₹152 per unit. As of 10:30 AM on Day 1, the issue had been subscribed 0.01 times.

The IPO will remain open for subscription until July 24, 2026. The basis of allotment is expected to be finalised on July 29, 2026, while the units are tentatively scheduled to be listed on the NSE and BSE on August 3, 2026.

Cube Highways Trust InvIT IPO - Issue Details

Issue Type: Book Built Issue (OFS Only)
Total Issue Size: Up to ₹5,000 crore
Fresh Issue: Not Applicable
Offer for Sale (OFS): Up to ₹5,000 crore
Price Band: ₹151 to ₹152 per unit
Listing: BSE, NSE
Sponsor: Cube Highways and Infrastructure V Pte. Limited
Investment Manager: Cube Highways Fund Advisors Private Limited
Trustee: Axis Trustee Services Limited
Book Running Lead Managers: Kotak Mahindra Capital Company Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited and JM Financial Limited
Registrar: KFin Technologies Limited

Cube Highways Trust InvIT IPO Timeline (Tentative)

The expected IPO schedule is as follows:

Event	Date
Subscription Opening Date	Wednesday, July 22, 2026
Subscription Closing Date	Friday, July 24, 2026
Finalisation of the Basis of Allotment	Wednesday, July 29, 2026
Refund Initiation Date	Thursday, July 30, 2026
Credit of Units	Thursday, July 30, 2026
Listing on BSE and NSE	Monday, August 3, 2026

Note: The allotment and listing dates are tentative and may be revised.

Explore other upcoming IPOs on BSE and NSE.

IPO Offer Structure and Selling Unitholders

The Cube Highways Trust InvIT IPO is a complete Offer for Sale (OFS) with no fresh issue of units. Therefore, the Trust will not receive any proceeds from the issue. The entire ₹5,000 crore offer comprises units sold by the existing unitholders, who will receive the net proceeds after applicable expenses and taxes.

The selling unitholders include BCI IRR India Holdings Inc., BCI IRR India Holdings Limited Partnership, Cube Highways and Infrastructure II Pte. Ltd., Cube Highways and Infrastructure III Pte. Ltd., Cube Mobility Investments Pte. Ltd., and Seventy Second Investment Company LLC.

Cube Highways Trust InvIT IPO Day 1 Subscription Status

[July 22, 2026, 10:30 AM]

Category	Subscription (x)
Institutional Investors	0.00x
Other Investors	0.01x
Total	0.01x

About Cube Highways Trust InvIT

Cube Highways Trust is an Infrastructure Investment Trust (InvIT) focused on owning and operating completed road infrastructure projects across India. Backed by Cube Highways and Infrastructure V Pte. Ltd., the Trust has been listed on Indian stock exchanges since April 2023. As of March 31, 2026, its portfolio included 27 highway assets spanning 8,754 lane kilometres across 12 states and one Union Territory. Following the completion of one concession agreement, the portfolio currently consists of 26 operational road assets.

The Trust's asset base comprises both toll and annuity road projects, enabling diversified and stable cash flow generation. Its investment portfolio and day-to-day operations are managed by Cube Highways Fund Advisors Private Limited, which serves as the Investment Manager.

Key Financial Information

Particulars	FY26 (₹ crore)	FY25 (₹ crore)	FY24 (₹ crore)
Enterprise Value / AUM	36,841.76	32,265.72	25,810.60
Revenue from Operations	4,238.89	3,307.14	2,916.14
Total Income	4,359.03	3,453.15	3,074.11
EBITDA	3,234.54	2,379.70	1,368.86
Distribution per Unit (DPU) (₹)	13.77	11.00	10.09
Net Debt to AUM Ratio (%)	46.82%	44.65%	33.65%