Cube Highways Trust InvIT IPO to Open on July 22, 2026: Price Band, Issue Size, Timeline & Key Details
Cube Highways Trust InvIT, which is transitioning from a privately listed InvIT to a publicly listed InvIT, is set to open its Initial Public Offering (IPO) for subscription on July 22, 2026. According to the Red Herring Prospectus (RHP), the ₹5,000 crore IPO is entirely an Offer for Sale (OFS) of 32.89 crore units by existing unitholders, with no fresh issue component.
The IPO will remain open for subscription from Wednesday, July 22, 2026, to Friday, July 24, 2026. The basis of allotment is expected to be finalised on July 29, 2026, and the units are tentatively scheduled to be listed on both the NSE and BSE on August 3, 2026.
Ahead of the public issue, Cube Highways Trust allotted 8.22 crore units to five strategic investors, raising ₹1,250 crore at the upper end of the price band. The strategic investor allocation was led by Prazim Trading and Investment Company Private Limited, which subscribed to units worth ₹950 crore. Other participants included HDFC Life Insurance Company Limited and HDFC Pension Fund Management Limited, each investing ₹100 crore, while Axis Max Life Insurance Limited and WhiteOak Capital REIT & InvIT Alternatives Fund I invested ₹50 crore each
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 Shares |
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.
Cube Highways Trust InvIT IPO Category-wise Investment Limits
The application size for each category is as follows -
|
Category |
Investment Range |
|
Qualified Institutional Buyers (QIBs) |
Not more than 75% of the Net Issue |
|
Non-Institutional Investors (NIIs) |
Not less than 25% of the Net Issue |
IPO Offer Structure and Selling Unitholders
The Cube Highways Trust InvIT IPO is entirely an Offer for Sale (OFS), with no fresh issue of units. Consequently, the Trust will not receive any proceeds from the public issue. Instead, the net proceeds from the offer will be received by the selling unitholders after deducting applicable offer-related expenses and taxes.
The selling unitholders include:
- BCI IRR India Holdings Inc., proposing to sell units worth up to ₹791.52 crore.
- BCI IRR India Holdings Limited Partnership, proposing to sell units worth up to ₹20.30 crore.
- Cube Highways and Infrastructure II Pte. Ltd., proposing to sell units worth up to ₹1,572.35 crore.
- Cube Highways and Infrastructure III Pte. Ltd., proposing to sell units worth up to ₹770.02 crore.
- Cube Mobility Investments Pte. Ltd., proposing to sell units worth up to ₹1,303.66 crore.
- Seventy Second Investment Company LLC, proposing to sell units worth up to ₹542.16 crore.
Together, these selling unitholders are offering units aggregating to ₹5,000 crore through the public issue.
About Cube Highways Trust InvIT
Cube Highways Trust is an Infrastructure Investment Trust (InvIT) that owns and manages operational road infrastructure assets across India. Sponsored by Cube Highways and Infrastructure V Pte. Ltd., the Trust has been listed on the stock exchanges since April 2023. As of March 31, 2026, its portfolio comprised 27 highway assets, aggregating to 8,754 lane kilometres across 12 states and one Union Territory. Following the expiry of one concession, the Trust currently operates 26 road assets.
Its portfolio includes a combination of toll and annuity-based projects, providing diversified cash flows. Cube Highways Fund Advisors Private Limited acts as the Investment Manager and is responsible for overseeing the Trust's investment portfolio and operations.
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% |
Disclaimer: This news is solely for educational purposes. The securities/investments quoted here are not recommendatory. To read the RA disclaimer, please click here