The ₹5,000 crore Cube Highways Trust InvIT IPO entered its second day of subscription today, July 23, 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

As a complete Offer for Sale (OFS) totaling ₹5,000 crore, the Cube Highways Trust InvIT IPO features no fresh unit issuance, meaning the Trust itself will not gain any capital from the sale. Instead, the net proceeds, following deductions for taxes and associated costs, will go directly to the participating current unitholders who are offloading their stakes.

The list of unitholders divesting their holdings includes Seventy Second Investment Company LLC, BCI IRR India Holdings Inc., BCI IRR India Holdings Limited Partnership, Cube Mobility Investments Pte. Ltd., Cube Highways and Infrastructure II Pte. Ltd., and Cube Highways and Infrastructure III Pte. Ltd.

Cube Highways Trust InvIT IPO Day 1 Subscription Status

[July 22, 2026, 5:00 PM]

Category	Subscription (x)
Institutional Investors	0.00x
Other Investors	0.11x
Total	0.05x

About Cube Highways Trust InvIT

Cube Highways Trust is an Infrastructure Investment Trust (InvIT) that owns and operates completed road infrastructure assets across India. Sponsored 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 comprised 27 highway assets covering 8,754 lane kilometres across 12 states and one Union Territory. Following the expiry of one concession agreement, the portfolio now includes 26 operational road assets.

The Trust's portfolio consists of a mix of toll and annuity-based road projects, supporting diversified and predictable cash flows. Its investments and operational activities are managed by Cube Highways Fund Advisors Private Limited, which acts 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%