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Cube Highways Trust (No cancellation) IPO
Cube Highways Trust
₹14,345 /95 sharesMinimum investment
IPO listing details
Listed on
31 Jul '26
Issue price
₹152.00
Listing price
₹155.00
Listing gains
₹3.00 (1.97%)
Exchange
BSE
IPO details
Minimum investment
₹14,345
Price range
₹151 - ₹152
Lot size
95
Issue size
5,000 Cr
Face value
0
IPO document
Subscription rate
Qualified Institutional Buyers9.06x
Non-Institutional Investor4.00x
Retail Individual Investor0.00x
Total6.76x
As of 24 Jul'26, 04:50 PM
Schedule
22 Jul 2026
IPO open date
24 Jul 2026
IPO close date
29 Jul 2026
Allotment date
29 Jul 2026
Funds unblock or debit
31 Jul 2026
Tentative listing date
About
Founded in
2021
MD/CEO
Mr Vinay Sekar
Parent organisation
Cube Highways Trust
Cube Highways Trust InvIT Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The trust claims to have a large and geographically diversified road asset portfolio. As of June 30, 2026, it operated 26 road assets across 12 states and one Union Territory, covering over 8,441 lane kilometres. The portfolio includes both toll and annuity-based projects, which helps diversify its revenue sources.
The trust claims to have a structured pipeline for future acquisitions through its sponsor group. Since its listing in April 2023, it has expanded its portfolio by adding nine road assets. It also has access to committed assets and right-of-first-offer (ROFO) assets, which may support future portfolio growth, subject to approvals and transaction conditions.
The trust claims to have in-house technology and engineering capabilities for highway maintenance. It has developed proprietary applications such as Road-Aid, BuildAid, HiRate, AI-powered inventory mapping systems, and pavement distress identification tools. It also claims to have an in-house R&D centre that works on materials research, engineering innovations, and maintenance practices.
The trust has received strong credit ratings from multiple rating agencies. Its debt facilities have been rated CRISIL AAA/Stable for long-term borrowings and CRISIL A1+ for short-term borrowings. It has also received India Ratings AAA/Stable and ICRA AAA/Stable ratings for various debt instruments, reflecting strong credit quality.
The trust claims to have demonstrated acquisition and integration capabilities in the road infrastructure sector. Since listing, it has increased its portfolio from 18 to 27 assets through acquisitions across different concession models, including the hybrid annuity model (HAM), BOT toll, and annuity projects. It also states that each acquisition undergoes technical, financial, legal, traffic, and ESG due diligence before completion.
The trust claims to use a lifecycle-based and data-driven approach to highway asset management. It states that it uses technologies such as falling weight deflectometers, network survey vehicles, predictive maintenance models, and centralised procurement to monitor road conditions and plan maintenance. The trust also claims to use advanced construction materials such as polymer-modified bitumen and highly modified asphalt in selected projects.
The trust claims to have access to experienced leadership and institutional backing. Its management team includes professionals with several years of experience in infrastructure financing, road operations, project management, and finance. The board also includes former regulators, banking professionals, chartered accountants, legal experts, and sponsor representatives from institutional investors.
A significant portion of the trust’s revenue depends on annuity payments from the National Highways Authority of India (NHAI). Revenue from annuity assets contributed Rs 735.71 crore (17.36%) in FY26, Rs 413.57 crore (12.51%) in FY25, and Rs 40.03 crore (1.37%) in FY24. Any delays, deductions, disputes, or changes in government policies affecting these annuity and HAM payments could adversely impact the trust’s cash flows, debt servicing ability, financial condition, and distributions to unitholders.
The trust has received GST-related notices on historical annuity receipts involving an amount of up to Rs 813.40 crore (excluding interest and penalties). If these matters are decided against the trust, it could result in additional tax liabilities, interest, and penalties, reducing the cash generated from its annuity assets.
A significant portion of the trust’s revenue is concentrated in a few highway corridors and states. Toll revenue from assets located along National Highway 44 (NH-44) contributed Rs 1,221.19 crore (35.79%) of total toll revenue in FY26, Rs 1,098.11 crore (38.84%) in FY25, and Rs 1,033.40 crore (41.81%) in FY24. Additionally, assets located in Uttar Pradesh, Rajasthan, Jammu and Kashmir, and Tamil Nadu account for 4,428.60 lane kilometres, representing 50.89% of the trust’s total portfolio. Any adverse economic, political, regulatory, or climatic developments in these regions could negatively impact traffic volumes and toll collections. The trust also faces the risk of traffic diversion due to the development of competing expressways and highways in these corridors. Such developments could adversely affect its revenue, financial condition, cash flows, and ability to make distributions to unitholders.
The trust relies heavily on external borrowings to fund acquisitions, refinance existing debt, and meet capital expenditure requirements. As of March 31, 2026, it had consolidated borrowings of Rs 17,755.77 crore and a net borrowing ratio of 46.82%. Any inability to refinance these borrowings on favourable terms, adverse conditions in the debt market, or tighter regulatory restrictions could adversely affect the trust’s liquidity, cash flows, and ability to make distributions to unitholders.
A large portion of the trust’s borrowings is linked to variable interest rates, exposing it to interest rate risk. Variable-rate borrowings stood at Rs 13,263.23 crore (74.77%) as of FY26, compared with Rs 11,969.50 crore (78.81%) in FY25 and Rs 9,567.73 crore (88.84%) in FY24. Any increase in interest rates or a downgrade in the trust’s credit ratings could increase borrowing costs, restrict access to funding, and adversely affect its financial condition.
The trust reported loss after tax in two of the last three financial years. It recorded losses of Rs 35.72 crore in FY25 and Rs 705.92 crore in FY24 before reporting a profit after tax of Rs 216.72 crore in FY26. Decline in traffic volumes, increase in borrowing or maintenance costs, delays in annuity payments, regulatory changes, or acquisition-related expenses could result in future losses, which could hurt the trust’s financial condition, cash flows, and ability to make distributions to unitholders.
A significant portion of the trust’s portfolio is concentrated in the Delhi-NCR, Uttar Pradesh, and Tamil Nadu regions. As of March 31, 2026, these regions accounted for 15.83%, 24.10%, and 15.44% of its assets under management (AUM), respectively, with a combined contribution of 55.37% of the total AUM. Any adverse economic, regulatory, political, climatic, or infrastructure-related developments in these regions could negatively impact traffic volumes, toll collections, operating costs, cash flows, and the trust’s financial performance.
The trust’s business is significantly dependent on government policies, concessions, and relationships with central and state government authorities. Its road assets operate under concession agreements awarded by government agencies, and future growth also depends on government-supported infrastructure projects. Any adverse changes in government policies, budget allocations, concession terms, or delays in approvals and project execution could adversely affect the trust’s operations, revenue, financial condition, and ability to acquire new assets.
The trust may not be able to recover rising operating and maintenance costs under its concession agreements. Operation and maintenance expenses increased to Rs 878.69 crore (21.78% of total expenses) in FY26 from Rs 755.46 crore (21.56%) in FY25 and Rs 504.64 crore (13.42%) in FY24. An increase in costs due to inflation, higher maintenance requirements, regulatory changes, adverse weather, or increased material and labour costs may reduce profitability, as the trust cannot freely increase toll rates or annuity income under its concession agreements.
The trust’s investment manager is subject to ongoing regulatory oversight by SEBI and must comply with the InvIT Regulations and related disclosure requirements. SEBI has previously conducted inspections and issued observations regarding disclosures of related-party transactions and consultation processes with the Trustee, for which the Investment Manager has undertaken corrective actions. Any future non-compliance with regulatory requirements or adverse action by SEBI could result in penalties, restrictions, or other enforcement measures, which may adversely affect the trust’s operations, financial condition, and reputation.
As of March 31, 2026, its total outstanding borrowings stood at Rs 17,664.71 crore, including Rs 13,199.02 crore in secured term loans and Rs 4,344.47 crore in secured non-convertible debt securities. Any inability to service or refinance these borrowings on favourable terms could adversely affect the trust’s liquidity, cash flows, financial condition, and ability to make distributions to unitholders.
Application details
For Cube Highways Trust InvIT IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹151 - ₹152 | Upto ₹2 Lakhs | 95 |
| High Networth Individual | ₹151 - ₹152 | ₹2 - ₹5 Lakhs | 95 |
About
Book Running Lead Manager & Registrar of Cube Highways Trust InvIT IPO
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Book Running Lead Manager |
Kotak Mahindra Capital Company Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, JM Financial Limited |
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Registrar to the Issue |
KFin Technologies Limited |
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Investment Manager |
Cube Highways Fund Advisors Private Limited |
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Trustee |
Axis Trustee Services Limited |
Cube Highways Trust InvIT IPO Contact Details
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Company Name |
Cube Highways Trust InvIT(India) Limited |
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Registered Office |
B-376, Upper Ground Floor, Nirman Vihar, New Delhi -110 092 |
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Phone |
+ 91 12048 68300 |
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Website |
Cube Highways Trust InvIT IPO Registrar Contact Details
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Company Name |
KFin Technologies Limited |
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Phone |
+91 40 6716 2222 / 1800 309 4001 |
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Website |