Cube Highways Trust InvIT IPO Opens 22 July; Price Band Fixed At ₹151-152 Per Unit

Cube Highways Trust has finalised the price band for its upcoming Infrastructure Investment Trust (InvIT) public issue at ₹151-152 per unit. The three-day subscription window will remain open from 22 July to 24 July, while bidding for anchor investors is scheduled for 21 July.

The InvIT will make its stock market debut later this month, with a proposed listing on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

IPO Schedule And Reservation Details

The minimum application size has been fixed at 95 units, and bids can be placed in multiples of 95 units thereafter.

As per the offer structure, up to 75% of the issue has been reserved for Qualified Institutional Buyers (QIBs), while at least 25% is earmarked for Non-Institutional Investors (NIIs).

The allotment of units is expected to be completed on 27 July. Refunds and credit of units to successful applicants are likely on 28 July, while the listing is scheduled for 29 July.

Issue Structure

The public issue comprises only an Offer for Sale (OFS) by existing unitholders. Since no fresh units are being issued, the trust itself will not receive any funds from the initial public offering (IPO).

Based on the upper end of the price band, Cube Highways Trust InvIT IPO is valued at approximately ₹20,429.86 crore.

Before opening the issue to the public, the InvIT raised ₹1,250 crore from strategic investors, including Prazim Trading and Investment Company Pvt. Ltd., HDFC Life Insurance Company, HDFC Pension Fund Management, Axis Max Life Insurance, and WhiteOak Capital REIT & InvIT Alternatives Fund I.

The book-running lead managers for the issue are Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India) and JM Financial, while KFin Technologies has been appointed as the registrar.

Portfolio And Financial Snapshot

The trust currently owns 27 operational highway assets across India. It has also entered into agreements to acquire four additional road assets, with their combined enterprise value estimated at more than ₹7,000 crore.

Apart from these acquisitions, Cube Highways Trust holds Right of First Offer (ROFO) rights over three more assets from its sponsors, giving it an additional pipeline for future expansion.

At the end of FY26, the InvIT managed assets worth ₹36,842 crore. Its net debt, including deferred payment obligations, stood at ₹17,768 crore, resulting in a net debt-to-enterprise value ratio of 46.82% and a debt-to-EBITDA multiple of 4.21x.

Also Read - Stocks To Watch On 17 July