Summary
Cube Highways Trust InvIT is a ₹5,000 crore book-built OFS issue that will open from 22 to 24 July 2026.
The Trust has reported improving revenue and profitability over a period of 3 years.
The issue may suit long-term investors looking for infrastructure-backed cash flow opportunities.
Cube Highways Trust InvIT is a ₹5,000 crore issue. The issue only includes an OFS of 32.89 crore shares of face value ₹10 per share.
Bidding opens from 22 to 24 July 2026. The Cube Highways Trust will allot shares on 27 July 2026 and list on NSE and BSE as fixed on 29 July 2026.
Cube Highways Trust InvIT is offered at a price band of ₹151-₹152 per share.
Cube Highways Trust InvIT–Key Details
The issue details are stated below:
| IPO Open | 22 July 2026 |
| IPO Close | 24 July 2026 |
| Face value | ₹10.00/share |
| Price Band | ₹151.00/share – ₹152.00/share |
| Issue price | – |
| IPO Lot Size | – |
| Offer-for-sale | 32,89,47,368 Equity Shares (₹5,000 crore) |
| Fresh issue | – |
| Issue Type | Book-built InvIT |
| Listing | BSE and NSE |
| Total Issue Size (₹ Crore) | ₹5,000 crore |
| Minimum Investment (Retail) | – |
Cube Highways Trust InvIT–Timeline
The following table presents the timeline:
| Bid Open Date | 22 July 2026 |
| Bid Close Date | 24 July 2026 |
| Allotment | 27 July 2026 |
| Refunds Initiated | 28 July 2026 |
| Share Credit Date | 28 July 2026 |
| Listing | 29 July 2026 |
| UPI mandate Cut-off time | 24 July 2026 (05:00 PM) |
Cube Highways Trust–Key Performance Indicators (KPIs)
Here are some important KPIs of Cube Highways Trust:
| KPIs | FY2026 | FY2025 | FY2024 |
| ROE (%) | -2.08 | -0.34 | -8.76 |
| ROCE (%) | 5.84 | 5.12 | 3.47 |
| Debt-Equity Ratio (in times) | 0.93 | 0.87 | 0.82 |
| RoNW (%) | -2.08 | -0.34 | -8.76 |
| PAT Margin (%) | -4.97 | -1.03 | -22.96 |
| EBITDA Margin (%) | 70.94 | 68.92 | 66.67 |
| Price-Book Value | — | — | — |
Cube Highways Trust–Financial Information
| 2026 | 2025 | 2024 | |
| Revenue | 4,238.89 | 3,307.14 | 2,916.14 |
| Assets | 29,398.47 | 28,000.16 | 24,625.75 |
| Profit After Tax | 2,16.72 | (35.72) | (7,05.92) |
Cube Highways Trust InvIT–Subscription Status
Subscription status not available!
The data will be available once bidding starts.
On the issue dates, submit applications between 10:00 AM and 5:00 PM.
Cube Highways Trust InvIT–Grey Premium Market (GMP)
The Cube Highways Trust InvIT GMP is ₹0 per share as of 01:01 PM IST on 15 July 2026.
The GMP has started only in the past two sessions. Therefore, it is too soon to set a trend.
| GMP Date | GMP | Est. Listing Price (cap price + GMP) | Est. Profit* | Last Updated |
|---|---|---|---|---|
| 16-07-2026 | ₹0 ─ | ₹152 (0.00%) | ₹0 | 16-Jul-2026 11:29 |
| 15-07-2026 | ₹0 ─ | ₹152 (0.00%) | ₹0 | 15-Jul-2026 23:29 |
| 14-07-2026 | ₹0 ─ | ₹ (%) | 14-Jul-2026 16:40 |
Note: GMP offers a view into the pre-listing expectation. However, it can change depending on market movements as well as investor sentiment.
Cube Highways Trust InvIT–Reservation
Below are the Cube Highways Trust InvIT share reservations:
Cube Highways Trust InvIT–Lot Size
The lot size details are not available.
Cube Highways Trust InvIT–Anchor Investors Details
Cube Highways Trust have not reserved any portion for anchor investors.
Cube Highways Trust InvIT–Prospectus
Check the official offer documents for further details:
About Cube Highways Trust
Incorporation: 7 December 2021
Board of Directors: Ashutosh Goyal, Raviraj Vipul Acharya, Lin Le, Zaman Velji, Kunal Agarwal, and Angela Mary Bouzanis, alternate for Zaman Velji.
Cube Highways Trust operates an investment trust for infrastructure, known as InvIT. It owns and manages highway projects across India that include both toll and annuity roads.
As of 31 March 2026, the trust managed a portfolio of 27 highway projects across 12 states and a union territory.
The Trust mainly buys operational road assets that generate regular cash flow. It is supported by the Cube Group and aims to expand its portfolio while improving the performance and maintenance of its highway assets.
| Name | |
| Book Running Lead Manager (BRLM) | Kotak Mahindra Capital Company Ltd |
| HDFC Bank Ltd | |
| HSBC Securities and Capital Markets (India) Pvt Ltd | |
| JM Financial Ltd | |
| IPO Registrar | KFin Technologies Ltd |
Objectives of Cube Highways Trust
The entire proceeds will be received by the selling unitholders after adjusting for offer-related expenses and any taxes.
Cube Highways Trust–Strengths
- Strong growth pipeline: The trust continues to grow by adding operational highway projects and has expanded its portfolio significantly since its market listing.
- Large and diversified portfolio: The Trust owns 27 highway assets across 12 states and one union territory, covering 8,754 lane kilometres with toll and annuity projects.
- Proven acquisition track record: The Trust has successfully acquired different types of highway projects, helping increase its assets under management to ₹368,417.57 million by March 2026.
- Stable and well-balanced portfolio: Its portfolio includes mature highway assets with an average operating history of 9.2 years and an average remaining concession period of 18 years.
Cube Highways Trust–Risks
- Distribution payments may change: Cube Highways Trust may not always make regular distributions to unitholders. Distribution amounts can also decrease if cash flows become weaker.
- Dependence on NHAI payments: A large part of the Trust’s income comes from NHAI annuity payments. Delays or lower payments could affect its cash flow.
- Growth depends on new assets: The Trust must renew concession agreements and acquire new highway assets. Failing to do that could cut income and payouts.
- Toll revenue can fluctuate: Toll income depends on traffic volumes, toll exemptions and more of other factors that can affect overall earnings.
Cube Highways Trust InvIT–Review
Cube Highways Trust provides an opportunity to invest in operational highway assets. The trust has expanded its business steadily through acquisitions and has shown improving financial performance.
However, there are no meaningful valuation indicators available currently, along with the GMP reflecting neutral market sentiment.
Overall, investors should evaluate the quality of the underlying assets, distribution potential, and long-term outlook before making an investment decision.
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Cube Highways Trust InvIT FAQs
Cube Highways Trust InvIT is a ₹5,000 crore book-built issue. The issue only includes an OFS of 32.89 crore shares of face value ₹10 per share. The trust owns and manages operational highway projects across India.
You can apply through your bank’s ASBA facility or using any supported stockbroker or investment app. Submit your bid during the subscription period and approve the UPI mandate before the specified cut-off time.
The InvIT owns a diversified portfolio of mature highway assets and has shown steady business growth. However, investors should also consider factors such as distribution risks, dependence on NHAI payments, and current market sentiment before investing.
The current GMP indicates a flat listing expectation, while long-term returns will depend on the Trust’s cash flows, distributions, asset performance, and overall market conditions.
Cube Highways Trust InvIT will open for subscription on 22 July 2026 and will close on 24 July 2026.
The lot size for Cube Highways Trust InvIT has not been announced yet. The details will be updated once they are officially released.
The Cube Highways Trust InvIT allotment is expected to be finalised on 27 July 2026. Successful applicants will receive their units before the listing date.
Cube Highways Trust InvIT shares are expected to list on the NSE and BSE on 29 July 2026, subject to the completion of the allotment process and regulatory approvals.
