Ahead of its ₹5,000-crore public issue opening July 22, Cube Highways Trust has raised ₹1,687.5 crore from 59 anchor investors at ₹152 per unit. The trust manages 27 road assets spanning 8,754 lane kilometers across India, with an average residual concession period of 18 years. This offering marks the trust's transition from a private to a publicly listed entity on the BSE and NSE.
Detailed Coverage
Cube Highways Trust has successfully secured ₹1,687.5 crore from anchor investors, setting the stage for its upcoming Infrastructure Investment Trust (InvIT) public issue. The subscription window for the public offer opens on July 22 and remains active until July 24. This fundraise involved the allocation of over 11 crore units to 59 different funds, with each unit priced at ₹152.
The anchor book saw significant participation from prominent domestic financial institutions. Prazim Trading and Investment Co Pvt Ltd, which is part of the Premji Invest group, emerged as the largest anchor investor with an allocation of ₹300 crore. Other notable participants included major mutual funds and life insurance companies, such as SBI Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, ICICI Prudential Life Insurance, and SBI Life Insurance.
Strategic Investments and Portfolio
Beyond the anchor book, the trust had previously secured ₹1,250 crore from strategic investors on July 13. These commitments included ₹950 crore from Prazim Trading, along with contributions from HDFC Life Insurance, HDFC Pension Fund, Axis Max Life Insurance, and WhiteOak Capital. These strategic investments are part of the total issue size of ₹5,000 crore.
Cube Highways Trust operates as a SEBI-registered InvIT. Its current portfolio is focused on road infrastructure, featuring 27 operational road assets as of March 31, 2026. These projects are geographically spread across 12 states and one Union Territory, totaling 8,754 lane kilometers. The long-term nature of these investments is reflected in an average residual concession period of 18 years, which provides a degree of visibility into the cash flows generated by the road tolls.
Offering Structure and Timeline
The public issue is structured as an Offer for Sale (OFS) with a price band set between ₹151 and ₹152 per unit. The net offer is divided into two categories: 75 per cent reserved for qualified institutional buyers and 25 per cent for non-institutional investors. Retail investors may note that the minimum investment requirement is for 95 units, with further bids allowed in multiples of 95.
Following the close of the issue on July 24, investors can expect the final allotment of units to be completed by July 29. The credit of units to demat accounts and the processing of refunds are slated for July 30, with trading on the BSE and NSE expected to begin on August 3. As this is an InvIT, which functions differently from traditional equity shares by primarily distributing cash flows from underlying assets, investors may want to monitor the trust’s ability to manage toll collections and maintenance costs effectively once the units are listed.