Cube Highways Trust Limited
Minimum investment
Bidding date
22 Jul - 24 Jul 2026
Price range
₹151 - ₹152
Minimum quantity
95
Minimum investment
₹14,345
Issue size
₹5,000 Cr.
IPO doc (link)
RHP docs
Listing exchange
NSE/BSE
Total Issue Size:
₹5,000 Crore
Fresh Issue: 0% (₹0 Cr)
OFS: 100% (₹5,000 Cr)
Fresh Issue – ₹0 Crore
Offer for Sale – ₹5,000 Crore
Lock-in / Stabilization | Timeline |
|---|---|
Anchor Investors | 30 Days from the date of allotment |
Strategic Investors | 180 Days from the date of listing |
Sponsor & Sponsor Group (Year 4 to Year 5) | Minimum 5% of total units (or Rs. 500 crore, whichever is lower) |
Sponsor & Sponsor Group (Year 6 to Year 10) | Minimum 3% of total units (or Rs. 500 crore, whichever is lower) |
Sponsor & Sponsor Group (Year 11 to Year 20) | Minimum 2% of total units (or Rs. 500 crore, whichever is lower) |
Sponsor & Sponsor Group (After 20 Years) | Minimum 1% of total units (or Rs. 500 crore, whichever is lower) |
Note: Retail IPO investors have no lock-in and can sell shares from the listing day.
Category | Subscription |
|---|---|
Qualified Institutional Buyers | - |
Retail Individual Investor | - |
Non-Institutional Investor | - |
Others | - |
Total | 0.01x |
Cube Highways Trust InvIT is an Infrastructure Investment Trust (InvIT) incorporated in March 2022 and sponsored by Cube Highways and Infrastructure V Pte. Ltd. The Trust was established to acquire, own, operate, and manage highway and transportation infrastructure assets across India.
As of March 31, 2026, Cube Highways Trust manages a diversified portfolio of 27 operational road assets covering approximately 8,754 lane kilometers across 12 states and one union territory. Its portfolio includes a balanced mix of toll roads and annuity-based highway projects, providing relatively stable and predictable cash flows through long-term concession agreements.
The Trust focuses on acquiring mature infrastructure assets that already generate cash flows while improving operational efficiency through effective maintenance, technology-driven asset management, and disciplined capital allocation. It also benefits from a strong pipeline of future acquisition opportunities through committed assets and Right of First Offer (ROFO) arrangements from its sponsor.
Cube Highways Trust is managed by Cube Highways Fund Advisors Private Limited, which oversees investment management, operations, compliance, and portfolio growth. As of March 2026, the Trust employed over 800 permanent employees and more than 5,000 contractual staff supporting operations across its nationwide highway network.
Financially, the Trust reported healthy growth during FY2026. Total income increased to Rs. 4,359.03 crore from Rs. 3,453.15 crore in FY2025, while it reported a Profit After Tax (PAT) of Rs. 216.72 crore, compared to a loss of Rs. 35.72 crore in the previous year. EBITDA also improved significantly to Rs. 3,234.54 crore, reflecting strong operational performance.
Diversified Highway Asset Portfolio: Cube Highways Trust InvIT owns a diversified portfolio of 27 operational highway assets spread across 12 states and one union territory. This geographical diversification helps reduce dependence on any single road project or region.
Stable and Predictable Cash Flows: The Trust generates revenue from a balanced mix of toll and annuity-based highway projects. Long-term concession agreements provide relatively stable and predictable cash flows over time.
Strong Institutional Sponsorship: The InvIT is sponsored by Cube Highways and Infrastructure V Pte. Ltd., which has extensive experience in acquiring, developing, and managing infrastructure assets. The sponsor also provides access to future acquisition opportunities through committed assets and ROFO arrangements.
Improving Financial Performance: The Trust reported strong financial growth in FY2026, with total income increasing by around 26% and Profit After Tax (PAT) turning positive. EBITDA also witnessed healthy growth, reflecting improved operational efficiency.
Experienced Management Team: Cube Highways Fund Advisors Private Limited manages the Trust with expertise in investment management, asset operations, maintenance, compliance, and long-term infrastructure portfolio expansion.
High Debt Levels: As of March 31, 2026, the Trust had total borrowings of Rs. 17,664.71 crore. Higher debt obligations may impact financial flexibility if interest rates rise or cash flows weaken.
Traffic Volume Risk: Revenue from toll-based highway assets depends on traffic movement. Lower traffic volumes due to economic slowdowns, alternate routes, or other external factors could affect earnings.
Regulatory and Concession Risks: Infrastructure assets operate under government regulations and concession agreements. Any changes in policies, regulations, or concession terms may impact future operations and revenue.
Growth Execution Risk: The Trust's future expansion strategy depends on successfully acquiring and integrating new infrastructure assets. Delays or challenges in executing acquisitions may affect long-term growth.
Operational and Maintenance Risks: Highway assets require continuous maintenance and efficient operations. Unexpected maintenance expenses, operational disruptions, or project-specific issues could impact profitability and cash flow generation.
4 Cr.
Mar'26
216.72 Cr.
Mar'26
3 Cr.
Mar'26
57 investors voted
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