Cube Highways Trust Files For ₹5,000 Cr IPO Via OFS Route

Cube Highways Trust has taken a step toward listing on public markets by filing preliminary documents with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).

The proposed issue is sized at ₹5,000 crore and will be entirely structured as an offer for sale (OFS). This means existing investors will sell part of their holdings, while the trust itself will not receive fresh capital from the issue.

The move is notable for another reason. Cube Highways Trust is seeking to transition from a privately listed infrastructure investment trust (InvIT) to a publicly listed one, a first-of-its-kind shift in India’s infrastructure investment trust space.

The timing comes shortly after another InvIT, Raajmarg Infra Investment Trust, backed by the National Highways Authority of India, tapped the market with a ₹6,000 crore offering.

What Is Cube Highways Trust Planning Through This IPO?

The IPO is designed primarily as a liquidity event for current unitholders while also widening the investor base.

Under the offer for sale structure, several existing investors will offload units. These include Cube Highways and Infrastructure II, Cube Highways and Infrastructure III, Cube Mobility Investments, BCI IRR India and Seventy Second Investment Company.

Cube Highways Trust currently operates as a privately listed infrastructure investment trust. The trust is backed by global institutional investors such as I Squared Capital (linked to Abu Dhabi Investment Authority), British Columbia Investment Management Corporation and Mubadala Investment Company.

The offering is being managed by a group of investment banks, including Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India) and JM Financial, while Axis Trustee Services is acting as the trustee.

What Assets And Scale Does Cube Highways Trust Currently Have?

As of September 2025, the InvIT managed assets worth about ₹36,520 crore. The investor base has also expanded over time. The number of unitholders rose from around 40 in April 2023 to over 400 by September 2025.

Since its private listing in April 2023, the trust has reported a 43% increase in net asset value (NAV) per unit.

Before the IPO is completed, the trust plans to acquire four additional highway and tunnel projects through swap transactions. This will take the total asset base to 31 projects covering 9,811 lane kilometres.

Also Read - RBI Announces ₹75,000 Cr. Repo Auction To Increase Liquidity

Why Is It Important To Switch To A Public InvIT?

A public listing could help Cube Highways Trust attract long-term institutional investors. Recently, many infrastructure platforms are turning to public markets to support expansion and improve visibility, including highways, power transmission and renewable energy projects.

With backing from global investors and a diversified asset base, Cube Highways Trust’s proposed listing is likely to be closely tracked as it moves ahead.

Sources:

Fortune India

Moneycontrol