Cube Highways Trust InvIT IPO invites bids; should you consider applying?

Cube Highways Trust InvIT IPO opens for public subscription: Infrastructure Investment Trust (InvIT) Cube Highways Trust InvIT is set to launch its initial public offering (IPO) today, July 24, 2026. At the upper end of ₹152, the company seeks to raise ₹5,000 crore through the public issue, which comprises an entirely offer-for-sale (OFS) issue of 328.9 million equity shares.

 

The brokerages, meanwhile, remain optimistic about the public offering of Cube Highways Trust InvIT, citing that the trust owns a high-quality, diversified portfolio of mature highway assets that generates stable and predictable cash flows. 

Here are the key details of the Cube Highways Trust InvIT IPO:

Cube Highways Trust InvIT IPO price band, lot size

 

Cube Highways Trust InvIT IPO is being offered at a price band of ₹151-152 per share, with a lot size of 95 shares. Thus, investors can bid for a minimum of 95 shares and in multiples thereof.

 

 

Cube Highways Trust InvIT IPO grey market premium (GMP)

 

The unlisted shares of Cube Highways Trust InvIT were trading flat at ₹152 per share in the grey market ahead of the opening of the public issue on Wednesday, according to sources tracking unofficial market activity. Thus, the grey market premium (GMP) of the Cube Highways Trust InvIT IPO remains nil on Wednesday.

Cube Highways Trust InvIT IPO timelines

The three-day subscription window for the Cube Highways Trust InvIT IPO is likely to close on Fri, Jul 24, 2026. Following that, the basis of allotment of Cube Highways Trust InvIT IPO shares is expected to be finalised on Wed, Jul 29, 2026, and shares will be credited to successful allottees' demat accounts on Thu, Jul 30, 2026.

 

Shares of Cube Highways Trust InvIT are set to make their D-Street debut tentatively on Mon, Aug 3, 2026.

 

Cube Highways Trust InvIT IPO registrar, lead manager

 

Kfin Technologies serves as the registrar for the Cube Highways Trust InvIT IPO, while Kotak Mahindra Capital is the sole book-running lead manager for the issue.

Cube Highways Trust InvIT IPO objectives

As the issue comprises an entire offer for sale of equity shares, the company will not receive any proceeds from the offering.

 

"The Trust will not receive any proceeds of the Offer ("Offer Proceeds"). The Selling Unitholders will be entitled to the entirety of the proceeds of the Offer after deducting their respective portion of the Offer-related expenses and the relevant taxes thereof," said the company in its Red Herring Prospectus (RHP).

 

Further, the company said that the object of the Offer is the conversion of the trust from a privately listed infrastructure investment trust to a publicly listed infrastructure investment trust through an offer for sale.

Should you subscribe to the Cube Highways Trust InvIT IPO?

Marwadi Financial Services – Subscribe

Analysts at Marwadi Financial Services have recommended investors subscribe to the issue.

 

"With all assumptions considered, the fair enterprise value of the subject asset, as on Mar 31, 2026, is estimated at approximately ₹36,842 crore. 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," said the analysts in a research report.

Shushil Finance – Subscribe for long term

Brokerage firm Shushil Finance has recommended a "Subscribe" rating for long-term investors, driven by its high-quality road asset portfolio, strong sponsor backing, visible growth pipeline, healthy distribution track record, and robust credit profile.

 

Cube Highways Trust offers, the brokerage said, investors exposure to a high-quality portfolio of mature road infrastructure assets backed by a strong sponsor group comprising globally reputed infrastructure investors.

 

According to the brokerage, the Trust benefits from geographically diversified assets, long residual concession periods, predictable operating cash flows, an AAA-rated debt profile, and an established history of distributing over 90% of distributable cash flows to unitholders. In addition, a clearly identifiable acquisition pipeline through committed assets and ROFO arrangements provides visibility for sustained AUM and distribution growth.

 

"While traffic-linked toll revenues remain exposed to economic cycles, regulatory changes and concession-specific risks, the diversified asset mix, strong balance sheet and disciplined acquisition strategy mitigate these concerns. For investors seeking stable long-term cash distributions with moderate capital appreciation potential, Cube Highways Trust presents an attractive infrastructure investment opportunity," said the brokerage.

About Cube Highways Trust

Cube Highways Trust is a SEBI-registered Infrastructure Investment Trust (InvIT), sponsored by Cube Highways and Infrastructure V Pvt. Ltd., focused on acquiring, operating, and managing road and transport infrastructure assets across India. Listed since April 2023, the Trust has built a diversified portfolio of 27 road assets spanning 12 states and one Union Territory, covering 2,005 km (8,754 lane km), supported by long residual concession periods and strong AAA-rated debt facilities.   =========================== 

Disclaimer: Views and outlook shared belong to the respective brokerages/analysts and are not endorsed by Business Standard. Readers' discretion is advised.