Cube Highways Trust Seeks Public InvIT Status Through ₹5,000 Crore OFS

Cube Highways Trust has submitted draft papers to the Securities and Exchange Board of India (SEBI) for an offer for sale of units worth up to ₹5,000 crore. The issue does not include any fresh capital raise. 

The sale will be carried out by existing unitholders, including entities within the Cube Highways group, BCI IRR India Holdings and Seventy Second Investment Company LLC. 

Proposed Change in Listing Status 

The transaction is intended to shift the trust from a privately listed InvIT to a publicly listed one. If completed, this would be the first such transition for an infrastructure investment trust in India. 

The change follows regulatory adjustments that have made it easier for InvITs to access public markets. 

Asset Base and Operations 

As of September 2025, the trust held 27 road assets across 12 states and 1 Union Territory. These include 18 toll projects, 6 hybrid annuity projects, and 3 annuity-based assets. 

The portfolio is structured under different concession models such as BOT, DBFOT, and TOT, under agreements with central and state authorities. 

Planned Additions to Portfolio 

Prior to the completion of the offer, the trust plans to add 4 more highway and tunnel assets through swap transactions. This would take the total number of assets to 31. 

The expanded portfolio is expected to cover 9,811 lane kilometres after these additions. 

Financial Position 

The trust reported assets under management (AUM) of ₹36,519 crore as of September 2025. Since its private listing in April 2023, net asset value per unit has increased by 43%. 

Its investor base has also grown, with the number of unitholders rising to over 400 during this period. 

Read More: Meta Challenges ₹10 Lakh CCPA Fine in Delhi HC, Says Marketplace is Not E-commerce! 

Conclusion 

The proposed public listing is expected to allow a wider set of investors, including mutual funds and insurers, to participate, while providing liquidity to existing unitholders through the offer for sale. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.   
 
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.