Cube Highways Trust is one of India’s largest road-focused Infrastructure Investment Trusts (InvITs), registered with SEBI under the InvIT Regulations. Established in December 2021, the Trust was created to acquire, own, operate, and manage transportation infrastructure assets across India through special purpose vehicles (SPVs) and holding companies.
The Trust owns a diversified portfolio of operational road infrastructure assets comprising toll roads, Hybrid Annuity Model (HAM) projects, and annuity-based assets.
As of March 31, 2026, its portfolio consisted of 27 operational road assets, including 18 toll assets, 6 HAM assets, and 3 annuity assets, making it one of the largest road InvIT platforms in India.
Business Segments:
- Toll Road Assets: Generate revenue through toll collections from road users under long-term concession agreements.
- Hybrid Annuity Model (HAM) Projects: Earn fixed annuity payments from NHAI along with operations and maintenance income.
- Annuity Assets: Provide stable and predictable cash flows backed by government payments and are largely insulated from traffic volume fluctuations.
- Operations & Maintenance (O&M): Focus on efficient operation, maintenance, and management of highway assets to maximize asset performance and service quality.
The Trust’s portfolio assets are spread across major states including Uttar Pradesh, Rajasthan, Karnataka, Tamil Nadu, Maharashtra, Telangana, Andhra Pradesh, Bihar, West Bengal, Jammu & Kashmir, and Jharkhand, providing geographical diversification and reducing concentration risk. These assets operate under long-term concession agreements with government authorities such as the National Highways Authority of India (NHAI) and various state agencies, enabling stable and predictable cash flows through toll collections and annuity payments.
Cube Highways Fund Advisors Private Limited acts as the Investment Manager of the Trust and oversees investment decisions, portfolio management, and growth initiatives. The Trust’s primary objective is to generate sustainable distributions and long-term value creation for unitholders through investments in high-quality transportation infrastructure assets with stable cash generation capabilities.
Cube Highways Trust InvIT IPO – Details
| IPO Opening Date | 22 July 2026 |
| IPO Closing Date | 24 July 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 32,89,47,368 Shares Worth ₹5,000.00 Crore Offer For Sale: 32,89,47,368 Shares Worth ₹5,000.00 Crore Strategic Investor Shares Offered: 8,22,36,840 Shares Worth ₹1,250.00 Crore Net Issue Size: 24,67,10,430 Shares Worth ₹3,750.00 Crore |
| IPO Price | ₹151 – ₹152 per share |
| Market Lot | 95 Shares |
| Min Order | 95 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 25% |
Cube Highways Trust InvIT IPO – Date Schedule
| IPO Open Date | 22 July 2026 |
| IPO Close Date | 24 July 2026 |
| Basis of Allotment | 29 July 2026 |
| Initiation of Refund | 30 July 2026 |
| Credit of Shares to Demat Account | 30 July 2026 |
| IPO Listing Date | 03 August 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on July 24, 2026 |
Competitive Strength
- Dedicated growth vehicle and access to a strong pipeline of Committed Assets, ROFO Assets, and other future growth opportunities;
- Large and diversified portfolio of highway assets;
- Differentiated and proven M&A capabilities;
- Strong portfolio construction capabilities;
- Advanced asset management and maintenance expertise;
- Strong corporate finance capabilities;
- Experienced leadership and institutional backing; and
- Attractive sector fundamentals with a favourable policy environment.
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax |
|---|---|---|---|
| 31 March 2024 | ₹3,074.11 Cr | ₹3,760.95 Cr | – ₹705.92 Cr |
| 31 March 2025 | ₹3,453.15 Cr | ₹3,503.47 Cr | – ₹35.72 Cr |
| 31 March 2026 | ₹4,359.03 Cr | ₹4,034.34 Cr | ₹216.72 Cr |
✅Strengths
- One of India’s largest road-focused InvITs with 27 operational road assets.
- Diversified portfolio across Toll, HAM and Annuity assets.
- Presence across multiple states reduces geographical concentration risk.
- Long-term concession agreements provide stable and predictable cash flows.
- Strong acquisition pipeline supported by experienced sponsors and management.
⚠️Risks
- Toll revenues are dependent on traffic growth and economic activity.
- Changes in government regulations or concession terms may impact operations.
- High debt levels expose the Trust to interest rate and refinancing risks.
- Expiry of concession agreements can affect future cash flows.
- Delays or issues in integrating new acquisitions may impact performance.
Cube Highways Trust InvIT IPO Prospectus
Company Contact Information
| Cube Highways Trust InvIT B-376, Upper Ground Floor, Nirman Vihar, New Delhi, 110092 Phone: + 91 120 4868300 Email: compliance.officer@cubehighways.com Website: https://www.cubehighwaystrust.com/ |
Cube Highways Trust InvIT IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: cube.invit@kfintech.com Website: https://ipostatus.kfintech.com/ |
Cube Highways Trust InvIT IPO Lead Manager(s)
| 1. HDFC Bank Limited 2. JM Financial Limited 3. Kotak Mahindra Capital Company Limited 4. HSBC Securities and Capital Markets (India) Private Limited |
Cube Highways Trust InvIT IPO FAQs
| What is the Cube Highways Trust InvIT IPO? Cube Highways Trust InvIT IPO is a main-board IPO. The issue is priced at ₹151 to ₹152 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will theCube Highways Trust InvIT IPO open? The IPO is to open on 22 July 2026 for QIB and NII. |
| What is Cube Highways Trust InvIT IPO Investors Portion? The investors’ portion for QIB – 75% and NII – 25%. |
| What is the Cube Highways Trust InvIT IPO Size? Cube Highways Trust InvIT IPO size is ₹5,000.00 Crore. |
| What is the Cube Highways Trust InvIT IPO Allotment Date? Cube Highways Trust InvIT IPO allotment date is 29 July 2026. |
| What is the Cube Highways Trust InvIT IPO Listing Date? Cube Highways Trust InvIT IPO listing date is 03 August 2026. The IPO is to be listed on the BSE and the NSE. |
