Cube Highways Trust Raises ₹1,687.5 Crore From Anchor Investors

Cube Highways Trust collected ₹1,687.5 crore from anchor investors on Tuesday, allotting 11.10 crore units to 59 funds at ₹152 per unit ahead of its ₹5,000 crore public issue, which is opening today on 22 July.

The trust is transitioning from a privately listed to a publicly listed Infrastructure Investment Trust (InvIT), making this one of the larger InvIT public offerings in recent memory.

Prazim Trading and Investment Company, an entity associated with Premji Invest, emerged as the largest anchor participant with an allocation of ₹300 crore.

Twelve mutual funds participated through 26 schemes, with prominent names including HDFC Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund and Tata Mutual Fund alongside insurance companies ICICI Prudential Life and SBI Life.

Strategic Investors Had Already Committed ₹1,250 Crore

Ahead of the anchor book, the trust had secured ₹1,250 crore from strategic investors through unit subscription agreements signed on 13 July at ₹152 per unit. This portion sits outside the net offer. Here is the strategic investor breakdown:

• Prazim Trading and Investment Company: ₹950 crore for 6.25 crore units

• HDFC Life Insurance Company: ₹100 crore

• HDFC Pension Fund Management: ₹100 crore

• Axis Max Life Insurance: ₹50 crore

• WhiteOak Capital REIT and InvIT Alternatives Fund I: ₹50 crore

Issue Details

Here are some vital details of the Cube Highways Trust initial public offering (IPO):

• Price band: ₹151 to ₹152 per unit

• Total issue size: ₹5,000 crore

• Issue type: 100% offer for sale by existing unitholders

• Subscription window: 22 July to 24 July 2026

• Minimum bid: 95 units and in multiples of 95 thereafter

• QIB allocation: 75% of net issue

• Non-institutional investor allocation: 25% of net issue

• Listing: BSE and NSE

• Basis of allotment: On or about 29 July

• Unit credit to demat accounts: On or about 30 July

• Expected listing date: On or about 03 August 2026

Portfolio

Cube Highways Trust owns 27 operational road assets spanning 8,754 lane kilometres across 12 states and one Union Territory as of 31 March 2026. The average residual concession life across the portfolio stands at 18 years, providing long-dated cash flow visibility for investors.

Kotak Mahindra Capital, HDFC Bank, HSBC Securities and Capital Markets and JM Financial are the book-running lead managers. KFin Technologies is the registrar.

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