Cube Highways Trust IPO
Infrastructure Investment Trusts
Price Band
₹151 – ₹152
Lot Size
95
Minimum Bid Quantity
95
Minimum Investment
₹14440
Issue Size
₹5000Cr
Opens
2026-07-22
Closes
2026-07-24
Listing
31-07-2026
Subscription Status
Qualified Institutional Buyers
9.06 x
Non-Institutional Investor
4 x
Retail Individual Investor
0 x
Total
6.76 x
IPO Details
Issue Type
INVIT
Face Value
₹0
Tick Size
1
ISIN
INE0NR623014
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Note: As per regulations, application cancellation is not allowed for any category. Cube Highways Trust is an infrastructure investment trust (InvIT) that acquires, owns, and operates road and other infrastructure assets in India. Sponsored by Cube Highways and Infrastructure V Pte. Ltd., the trust is registered with SEBI under the InvIT Regulations and has been listed on the stock exchanges since April 2023. As of March 31, 2026, it operated a portfolio of 27 road assets across 12 states and one Union Territory, covering 8,754 lane kilometres and 2,005 kilometres in distance. The portfolio includes assets operating under both toll and annuity concession models. Following the completion of the concession period for one project in June 2026, the trust currently operates 26 road assets. The trust acquires and manages operational highway projects through its portfolio companies and continues to expand its portfolio through acquisitions of road infrastructure assets in different parts of India. Use of proceeds: The IPO is an offer-for-sale (OFS). The company will not receive any proceeds from the offer. Net proceeds from the offer will go to the promoter selling shareholders in proportion to the number of shares offered by them for sale. The primary objective of the offer is to achieve the benefits of listing the equity shares on the stock exchanges, which is expected to enhance the company’s visibility and brand recognition. Listing will also provide liquidity to the existing shareholders and create a public market for the company’s shares in India.
Pros
- • The trust claims to have a large and geographically diversified road asset portfolio. As of June 30, 2026, it operated 26 road assets across 12 states and one Union Territory, covering over 8,441 lane kilometres. The portfolio includes both toll and annuity-based projects, which helps diversify its revenue sources.
- • The trust claims to have a structured pipeline for future acquisitions through its sponsor group. Since its listing in April 2023, it has expanded its portfolio by adding nine road assets. It also has access to committed assets and right-of-first-offer (ROFO) assets, which may support future portfolio growth, subject to approvals and transaction conditions.
- • The trust claims to have in-house technology and engineering capabilities for highway maintenance. It has developed proprietary applications such as Road-Aid, BuildAid, HiRate, AI-powered inventory mapping systems, and pavement distress identification tools. It also claims to have an in-house R&D centre that works on materials research, engineering innovations, and maintenance practices.
Cons
- • A significant portion of the trust’s revenue depends on annuity payments from the National Highways Authority of India (NHAI). Revenue from annuity assets contributed Rs 735.71 crore (17.36%) in FY26, Rs 413.57 crore (12.51%) in FY25, and Rs 40.03 crore (1.37%) in FY24. Any delays, deductions, disputes, or changes in government policies affecting these annuity and HAM payments could adversely impact the trust’s cash flows, debt servicing ability, financial condition, and distributions to unitholders.
- • The trust has received GST-related notices on historical annuity receipts involving an amount of up to Rs 813.40 crore (excluding interest and penalties). If these matters are decided against the trust, it could result in additional tax liabilities, interest, and penalties, reducing the cash generated from its annuity assets.
- • A significant portion of the trust’s revenue is concentrated in a few highway corridors and states. Toll revenue from assets located along National Highway 44 (NH-44) contributed Rs 1,221.19 crore (35.79%) of total toll revenue in FY26, Rs 1,098.11 crore (38.84%) in FY25, and Rs 1,033.40 crore (41.81%) in FY24. Additionally, assets located in Uttar Pradesh, Rajasthan, Jammu and Kashmir, and Tamil Nadu account for 4,428.60 lane kilometres, representing 50.89% of the trust’s total portfolio. Any adverse economic, political, regulatory, or climatic developments in these regions could negatively impact traffic volumes and toll collections. The trust also faces the risk of traffic diversion due to the development of competing expressways and highways in these corridors. Such developments could adversely affect its revenue, financial condition, cash flows, and ability to make distributions to unitholders.
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