Cube Highways Trust IPO

About Cube Highways Trust IPO

The Cube Highways Trust IPO, a mainboard IPO, opens on July 22, 2026 and closes on July 24, 2026. The allotment of Units will take place on July 29, 2026. The credit of Units to the demat account will take place on July 30, 2026. The initiation of refunds will take place on July 30, 2026. The listing of Units will take place on August 3, 2026.

The offer consists solely of an offer for sale component. Fresh issue is not applicable. The offer for sale portion includes up to 32,89,47,368 Units aggregating up to ₹5,000 crores.

The equity shares offered through the IPO are proposed to be listed on the BSE and the NSE.

Cube Highways Trust IPO's price band is set at ₹151 to ₹152 per Unit. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Objectives of Cube Highways Trust IPO

The object of the offer is the conversion of the Trust from a privately listed InvIT to a publicly listed InvIT through the offer for sale, with the units listed on BSE and NSE.

Industry Outlook

India operates the world's second-largest road network. It spans over 63 lakh kilometres as of 2026, covering national highways, state highways, district roads and rural roads. National highways form only about 2% of that length but carry roughly 40% of road traffic. This concentration makes the national highway network the backbone of the country's logistics.

Government spending has widened this network rapidly. National highways grew from about 91,287 kilometres in 2014 to 146,572 kilometres in 2025-26, while access-controlled high-speed corridors and expressways expanded from 93 kilometres to 3,052 kilometres over the same period. In the Union Budget for 2026-27, the Ministry of Road Transport and Highways was allocated ₹3,099 billion, a 7.9% increase, of which the National Highways Authority of India received ₹1,872.93 billion, or 60.4% of the ministry's budget.

About Cube Highways Trust

Cube Highways Trust is an Indian infrastructure investment trust sponsored by Cube Highways and Infrastructure V Pte. Ltd. It acquires and operates road and other infrastructure assets in India. Its Units have been listed on the BSE and NSE since April 19, 2023 on a private placement basis. The Trust is now converting from a privately listed InvIT to a public InvIT.

As of March 31, 2026, the Trust operated 27 road assets aggregating 8,754 lane kilometres and 2,005 kilometres in distance across 12 states and one union territory. These assets are held through project-level special-purpose vehicles and run under concessions granted by the National Highways Authority of India across toll, annuity, BOT, TOT and hybrid-annuity models. The Toll AUM to Annuity AUM ratio was 85:15 as of that date. The Portfolio Assets had a weighted-average residual concession period of 18.0 years and an operating history of 9.2 years.

The Trust is managed by Cube Highways Fund Advisors Private Limited as Investment Manager, with Axis Trustee Services Limited as Trustee and Cube Highways Asset & Project Advisory Private Limited as Project Manager.

Strengths of Cube Highways Trust

• 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.
• Attractive sector fundamentals with a favourable policy environment.

Risks of Cube Highways Trust

• A significant portion of the company's revenue from operations depends on annuity payments from the NHAI.
• The company may not be able to make regular distributions to unitholders, or the level of distributions may decline.
• The company's toll collections and traffic volumes are subject to uncertainties, including competing roads, toll exemptions, toll leakage, changes in vehicle mix, and government directives, which could adversely affect its business, financial condition, and cash flows.
• The company's revenue from operations is significantly concentrated in a few corridors and geographies, making it vulnerable to adverse developments in these regions.
• The company's concession agreements require mandatory capacity augmentation and major maintenance, which could increase costs, disrupt traffic during execution, and adversely affect its business, financial condition, and cash flows.

Notes: (1) NAV as of March 31, 2026.

(2) Premium / (Discount) to NAV % has been calculated as unit Price, divided by Net Asset Value per unit minus one, based on the latest available price on the stock exchanges of the peers as on July 2, 2026. The respective price available is as follows: IRB Infrastructure Trust – ₹220.22 on NSE as on July 2, 2026 National Highways Infra Trust – ₹167.95 on NSE as on July 2, 2026 Vertis Infrastructure Trust – ₹110.00 on NSE as on July 2, 2026 Interise Trust – ₹109.75 on NSE as on July 2, 2026 Shrem InvIT – ₹101.80 on NSE as on July 2, 2026 Oriental Infra Trust – ₹100.00 on NSE as on July 2, 2026

Anchor Investor Bidding Date: Tuesday, July 21, 2026

IPO Registrar
KFin Technologies Limited
Phone: 040-79615565
Email: cube.invit@kfintech.com

IPO Lead Managers

• Kotak Mahindra Capital Company Limited
  
• HDFC Bank Limited
  
• HSBC Securities and Capital Markets (India) Private Limited
  
• JM Financial Limited
  

Cube Highways Trust Contact Details
B-376, Upper Ground Floor, Nirman Vihar, New Delhi,
New Delhi, 110092.
Tel: + 91 120 4868300
E-mail: compliance.officer@cubehighways.com

Cube Highways Trust Business Model

The Trust earns its revenue through toll collections and annuity payments generated by its portfolio of road assets. Each asset is held through a special-purpose vehicle that operates a highway stretch under a concession from the National Highways Authority of India, across toll, annuity, BOT, TOT and hybrid-annuity structures.

Cube Highways Trust Growth Trajectory

Cube Highways Trust's Total Income for FY26 was ₹4,359.03 crores, whereas in FY25 and FY24 it was ₹3,453.15 crores and ₹3,074.11 crores, respectively.

The Profit After Tax for FY26 was ₹216.72 crores, whereas in FY25 and FY24 it was ₹ (35.72) crores and ₹ (705.92) crores, respectively.

Their EBITDA for FY26 was ₹3,234.54 crores, whereas in FY25 and FY24 it was ₹2,379.70 crores and ₹1,368.86 crores, respectively.

Cube Highways Trust Market Position

Cube Highways Trust operates 27 road assets spanning 8,754 lane kilometres across 12 states and one union territory, positioning it as a large national roads platform. As of 31 March 2026, the Trust's Total Income, Profit After Tax, and EBITDA were ₹4,359.03 crores, ₹216.72 crores, and ₹3,234.54 crores, respectively.

How to apply for Cube Highways Trust IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.