Cube Highways Trust IPO opens today: Should you subscribe to this InvIT issue?
Cube Highways Trust InvIT is selling its units in the price band of Rs 151-152 apiece, applied for a minimum of 95 shares and its multiples to raise Rs 5,000 crore between July 22-24.
- Jul 22, 2026,
- Updated Jul 22, 2026 10:55 AM IST
The initial public offering (IPO) of Cube Highways Trust InvIT opens for subscription on Wednesday, July 22. The issue is being sold in the fixed price band of Rs 151-152 apeice with a lot size of 95 units and its multiples thereafter. The issue shall close for subscription on Friday, July 24.
The Rs 5,000 crore primary offering of Cube Highways Trust InvIT is entirely an offer-for-sale (OFS) of up to 32,89,47,368 units by BCI IRR India Holdings and Cube Highway & Infrastructure. It will not receive any proceeds from the issue and entire sum shall go to the selling shareholders.
Incorporated in March 2022, New Delhi-based Cube Highways Trust is an Indian Infrastructure Investment Trust (InvIT) sponsored by Cube Highways and Infrastructure V, established to acquire, own, operate, and manage road and other infrastructure assets across India.
Ahead of its issue, Cube Highways Trust InvIT raise Rs 1,687.5 crore from anchor investors as it allocated 11,10,19,565 units for Rs 152 apiece. Bajaj Life Insurance, PNB Metlife, Bajaj General Insurance, Kotak Mahindra Bank, Morgan Stanley, Invesco India, Acko General Insurance, Neo Real Asset Yeild Fund, Care Health Insurance, Bajaj Finserv and others participated in its anchor book.
Analysts remain constructive on Cube Highways Trust, citing its diversified portfolio of operational road assets, strong sponsor support and visible acquisition pipeline as key strengths. They believe the InvIT is well positioned to benefit from India's expanding road infrastructure sector while offering stable long-term cash distributions with moderate capital appreciation potential.
For investors seeking stable long-term cash distributions with moderate capital appreciation potential, Cube Highways Trust presents an attractive infrastructure investment opportunity, said Sushil Finance, suggesting a 'subscribe' for long-term for investors, driven by its high-quality road asset portfolio, strong sponsor backing, visible growth pipeline, healthy distribution track record and robust credit profile
With all assumptions considered, the fair enterprise value of the subject asset, as on Mar 31,2026, is estimated at approximately Rs 36,842 crore, said Marwadi Financial Services. "We assign a 'subscribe' rating to the issue as the trust has a large and diversified portfolio of highway assets with a strong pipeline of committed assets, ROFO assets and other future growth opportunities."
It operates a diversified portfolio of highway assets comprising toll and annuity-based projects, generating stable cash flows through long-term concession agreements. As of March 31, 2026, its portfolio consisted of 27 road assets covering 8,754 lane kilometers across 12 states and one union territory, making it one of India's leading highway infrastructure InvITs.
One should note that 75 per cent of the issue has been reserved for qualified institutional bidders, while non-institutional and retail investors will have only 25 per cent of the units allocated towards them. Last heard, it was not commanding any grey market premium (GMP).
Market experts said that a robust credit profile, investment-grade capital structure, consistent distribution track record and multiple future growth opportunities through committed and ROFO assets further strengthen its long-term investment appeal.
"We believe Cube Highways Trust is well positioned to benefit from India's expanding road infrastructure sector, supported by its high-quality, diversified portfolio, experienced management platform, strong sponsor backing, and a visible acquisition pipeline," said BP Equities with a 'subscribe' rating.
"We recommend investors 'subscribe' to the Cube Highways Trust Offer. Cube offers a rare combination of scale, geographic diversification, a de-risked acquisition-led growth pipeline, an investment-grade capital structure and a consistent, growing distribution record — a combination that, in our assessment, is not matched in full by any single listed Road InvIT peer," said SMIFS.
Cube Highways Trust InvIT reported a net profit of Rs 1,422.89 crore with a total income of Rs 2,922.09 crore for the financial year ended on March 31, 2026. It clocked a net profit of Rs 999.57 crore with a total income of Rs 2,106.32 crore for the year 2024-25. It currently commands a market capitalization close more than Rs 20,400 crore.
Kotak Mahindra Capital Company, HDFC Bank Ltd, HSBC Securities and Capital Markets (India) and JM Financial Ltd are the book running lead managers for Cube Highways Trust InvIT and Kfin Technologies Ltd is the registrar of the issue. Axis Trustee Services is the trustee for the issue. Units shall be listed on both BSE and NSE.
The initial public offering (IPO) of Cube Highways Trust InvIT opens for subscription on Wednesday, July 22. The issue is being sold in the fixed price band of Rs 151-152 apeice with a lot size of 95 units and its multiples thereafter. The issue shall close for subscription on Friday, July 24.
The Rs 5,000 crore primary offering of Cube Highways Trust InvIT is entirely an offer-for-sale (OFS) of up to 32,89,47,368 units by BCI IRR India Holdings and Cube Highway & Infrastructure. It will not receive any proceeds from the issue and entire sum shall go to the selling shareholders.
Incorporated in March 2022, New Delhi-based Cube Highways Trust is an Indian Infrastructure Investment Trust (InvIT) sponsored by Cube Highways and Infrastructure V, established to acquire, own, operate, and manage road and other infrastructure assets across India.
Ahead of its issue, Cube Highways Trust InvIT raise Rs 1,687.5 crore from anchor investors as it allocated 11,10,19,565 units for Rs 152 apiece. Bajaj Life Insurance, PNB Metlife, Bajaj General Insurance, Kotak Mahindra Bank, Morgan Stanley, Invesco India, Acko General Insurance, Neo Real Asset Yeild Fund, Care Health Insurance, Bajaj Finserv and others participated in its anchor book.
Analysts remain constructive on Cube Highways Trust, citing its diversified portfolio of operational road assets, strong sponsor support and visible acquisition pipeline as key strengths. They believe the InvIT is well positioned to benefit from India's expanding road infrastructure sector while offering stable long-term cash distributions with moderate capital appreciation potential.
For investors seeking stable long-term cash distributions with moderate capital appreciation potential, Cube Highways Trust presents an attractive infrastructure investment opportunity, said Sushil Finance, suggesting a 'subscribe' for long-term for investors, driven by its high-quality road asset portfolio, strong sponsor backing, visible growth pipeline, healthy distribution track record and robust credit profile
With all assumptions considered, the fair enterprise value of the subject asset, as on Mar 31,2026, is estimated at approximately Rs 36,842 crore, said Marwadi Financial Services. "We assign a 'subscribe' rating to the issue as the trust has a large and diversified portfolio of highway assets with a strong pipeline of committed assets, ROFO assets and other future growth opportunities."
It operates a diversified portfolio of highway assets comprising toll and annuity-based projects, generating stable cash flows through long-term concession agreements. As of March 31, 2026, its portfolio consisted of 27 road assets covering 8,754 lane kilometers across 12 states and one union territory, making it one of India's leading highway infrastructure InvITs.
One should note that 75 per cent of the issue has been reserved for qualified institutional bidders, while non-institutional and retail investors will have only 25 per cent of the units allocated towards them. Last heard, it was not commanding any grey market premium (GMP).
Market experts said that a robust credit profile, investment-grade capital structure, consistent distribution track record and multiple future growth opportunities through committed and ROFO assets further strengthen its long-term investment appeal.
"We believe Cube Highways Trust is well positioned to benefit from India's expanding road infrastructure sector, supported by its high-quality, diversified portfolio, experienced management platform, strong sponsor backing, and a visible acquisition pipeline," said BP Equities with a 'subscribe' rating.
"We recommend investors 'subscribe' to the Cube Highways Trust Offer. Cube offers a rare combination of scale, geographic diversification, a de-risked acquisition-led growth pipeline, an investment-grade capital structure and a consistent, growing distribution record — a combination that, in our assessment, is not matched in full by any single listed Road InvIT peer," said SMIFS.
Cube Highways Trust InvIT reported a net profit of Rs 1,422.89 crore with a total income of Rs 2,922.09 crore for the financial year ended on March 31, 2026. It clocked a net profit of Rs 999.57 crore with a total income of Rs 2,106.32 crore for the year 2024-25. It currently commands a market capitalization close more than Rs 20,400 crore.
Kotak Mahindra Capital Company, HDFC Bank Ltd, HSBC Securities and Capital Markets (India) and JM Financial Ltd are the book running lead managers for Cube Highways Trust InvIT and Kfin Technologies Ltd is the registrar of the issue. Axis Trustee Services is the trustee for the issue. Units shall be listed on both BSE and NSE.