The Cube Highways Trust InvIT is a book-built public issue with a total issue size of ₹5,000 crore. The issue consists entirely of an Offer for Sale (OFS) of 32.89 crore units, with no fresh issue component.
The InvIT will remain open for subscription from July 22 to July 24, 2026. The basis of allotment is expected to be finalised on July 27, 2026, while the units are tentatively scheduled to be listed on the NSE and BSE on July 29, 2026.
The price band for the issue has been fixed at ₹151 to ₹152 per unit. Kotak Mahindra Capital Co. Ltd. is the book-running lead manager for the issue, while Kfin Technologies Ltd. has been appointed as the registrar.
Industry Outlook
- India's infrastructure sector continues to receive strong policy support, with the government prioritising investments in transport and logistics to improve connectivity and drive economic growth.
- Infrastructure capital expenditure for FY27 has been budgeted around 17% higher than the revised estimates for FY26, with a major share allocated to roads, railways, waterways, and aviation.
- The Ministry of Road Transport and Highways (MoRTH) has been allocated ₹3,099 billion in the FY27 Union Budget, while NHAI has received ₹1,872.93 billion to support highway expansion and development.
- India has the second-largest road network globally, spanning more than 63 lakh kilometres, making road transport a key pillar of the country's logistics ecosystem.
- Roads account for nearly 87% of passenger traffic and around 60% of freight movement, highlighting their critical role in supporting trade and economic activity.
- Government initiatives such as Bharatmala Pariyojana, the National Infrastructure Pipeline (NIP), PMGSY, FASTag adoption, and financing models like HAM and TOT continue to accelerate highway development and improve connectivity.
- Under Bharatmala Phase I, more than 21,700 km of roads had been completed by November 2025, with cumulative expenditure exceeding ₹8.5 trillion.
- The road transport sector's contribution to India's economy continues to grow, with Gross Value Added (GVA) increasing from ₹60,471 billion in FY23 to ₹65,933 billion in FY25.
- Continued government investment, expanding highway infrastructure, and rising demand for passenger and freight transportation are expected to support the long-term growth of India's road infrastructure sector and create opportunities for Infrastructure Investment Trusts (InvITs).
About Cube Highways Trust InvIT Limited
Established in March 2022, Cube Highways Trust is an Infrastructure Investment Trust (InvIT) sponsored by Cube Highways and Infrastructure V Pte. Ltd. It was formed to acquire, own, operate, and manage road and other infrastructure assets across India. The Trust owns a diversified portfolio of toll and annuity-based highway projects that generate stable cash flows through long-term concession agreements. As of March 31, 2026, its portfolio comprised 27 road assets spanning 8,754 lane kilometres across 12 states and one Union Territory, positioning it among the country's leading highway InvITs.
The Trust primarily targets mature, income-generating infrastructure assets while seeking to enhance value through efficient asset management, maintenance expertise, and disciplined capital allocation. Supported by the Cube Group's strong institutional backing, it also benefits from proven acquisition capabilities and a robust pipeline of committed and right-of-first-offer (ROFO) assets, providing opportunities for future portfolio growth.
Cube Highways Trust is managed by Cube Highways Fund Advisors Private Limited, which is responsible for investment management, portfolio operations, and strategic expansion. As of March 31, 2026, the Trust and its portfolio entities had a workforce of more than 800 employees across operations, maintenance, finance, safety, compliance, and project management, along with over 5,000 contractual personnel supporting day-to-day on-ground operations.
How To Check the Allotment Status of the Cube Highways Trust InvIT IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for Cube Highways Trust InvIT IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Cube Highways Trust InvIT IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Cube Highways Trust InvIT IPO
Registered Office: Cube Highways Trust Address- B-376, Upper Ground Floor, Nirman Vihar
New Delhi, New Delhi, 110092
Phone: + 91 120 4868300
E-mail: compliance.officer@cubehighways.com
Cube Highways Trust InvIT IPO Reservation
| Investor Category | Units Offered |
| Strategic Investors | 8,22,36,840 |
| Total Units Offered | 8,22,36,840 |
Cube Highways Trust InvIT IPO Prospectus
Cube Highways Trust InvIT IPO Registrar and Lead Managers
Cube Highways Trust InvIT IPO Lead Managers
- Kotak Mahindra Capital Co.Ltd
- HDFC Bank Ltd
- HSBC Securities & Capital Markets (India) Pvt.Ltd
- JM Financial Ltd
Registrar for Cube Highways Trust InvIT IPO
Kfin Technologies Ltd.
- Contact Number: 040-79615565
- Email Address: cube.invit@kfintech.com
Financial Performance of Cube Highways Trust InvIT Limited
| Particulars | FY26 (As on March 31, 2026) | FY25 (As on March 31, 2025) |
| Assets (₹ Crore) | 30,763.19 | 28,624.25 |
| Total Income (₹ Crore) | 2,922.09 | 2,106.32 |
| Profit After Tax (PAT) (₹ Crore) | 1,422.89 | 999.57 |
| Total Borrowings (₹ Crore) | 491.65 | 439.96 |
Strengths and Opportunities of Cube Highways Trust InvIT IPO
- Operates a geographically diversified portfolio of highway assets across several states, with a balanced mix of toll and annuity-based projects.
- Leverages proprietary digital platforms to monitor asset performance, traffic, and operations in real time, enabling better decision-making.
- Focuses on improving operational efficiency, helping maintain stable operation and maintenance costs across its portfolio.
- Maintains a diversified supplier network, reducing dependence on individual vendors while enhancing procurement efficiency.
- Benefits from long-term procurement arrangements and bulk purchasing, which help control maintenance expenses and ensure a reliable supply of critical materials.
Risks and Threats of Cube Highways Trust InvIT IPO
- The development of competing highways or expressways could divert traffic from existing assets, potentially affecting toll collections.
- An inability to adopt evolving technologies and industry practices may impact operational efficiency and future growth opportunities.
- Natural disasters and extreme weather events, including floods and cyclones, could damage infrastructure, disrupt operations, and reduce traffic volumes.
- Climate-related risks may lead to higher maintenance costs and affect long-term assumptions for traffic growth and revenue generation.
- Supply chain disruptions or shortages of essential construction and maintenance materials could delay repair and infrastructure activities.
