Cube Highways files ₹5,000 cr OFS to convert into India's 1st public InvIT

Trust seeks to broaden investor base and improve liquidity through OFS as it transitions from a privately listed InvIT to a publicly listed structure

Cube Highways Trust has filed for an offer for sale (OFS) of units worth up to ₹5,000 crore to convert from a privately listed infrastructure investment trust (InvIT) into a publicly listed InvIT, marking the first such transition in India.

 

The proposed conversion will be executed through an OFS by existing unitholders, including BCI IRR India Holdings, Cube Highways group entities, and Seventy Second Investment Company LLC.

 

The move aims to broaden the investor base and improve liquidity by enabling participation from mutual funds, insurance firms, and pension funds, which have had limited exposure to private InvITs.

 

The trust had assets under management (AUM) of ₹36,519 crore as of September 30, 2025, and has recorded a 43 per cent rise in net asset value (NAV) per unit since its private listing in April 2023. Its unitholder base has expanded tenfold to over 400 investors during this period.

 

Cube Highways Trust currently operates 27 road assets across 12 states and one Union Territory, including toll, hybrid annuity, and annuity projects. Prior to completion of the offer, it plans to acquire four additional assets, taking the portfolio to 31 assets spanning 9,811 lane kilometres.

 

The conversion is expected to enhance liquidity for investors and strengthen the trust’s ability to raise capital for future expansion and acquisitions, supported by recent regulatory changes easing public listing norms for InvITs.