Cube Highways Trust raises ₹1,250 crore from investors ahead of IPO

The public issue will close on July 24, according to the offer document filed with stock exchanges.

The offer document details the trust's proposed conversion from a privately listed infrastructure investment trust (InvIT) to a publicly listed InvIT through an offer-for-sale (OFS) by existing unitholders.

The trust entered into strategic investor unit subscription agreements on July 13, under which investors agreed to subscribe to 8.22 crore units at an allocation price of ₹152 per unit, aggregating to ₹1,250 crore, subject to the terms of the offer.

Prazim Trading and Investment Company, an entity associated with Premji Invest, has committed ₹950 crore by subscribing to 6.25 crore units, while HDFC Life Insurance Company and HDFC Pension Fund Management will invest ₹100 crore each.

Further, Axis Max Life Insurance Ltd and WhiteOak Capital REIT & InvIT Alternatives Fund I have each committed ₹50 crore.

Cube Highways Trust is a SEBI-registered InvIT that is currently privately listed. The proposed public issue comprises an OFS by existing unitholders.

The trust owns a portfolio of 27 operational road assets spanning 8,754 lane kilometres across 12 states and one Union Territory as of March 31, 2026, with an average residual concession life of 18 years.

Its net debt stood at ₹17,768 crore at the end of March, while its net debt-to-enterprise value ratio was 46.82%. Moreover, assets under management rose to ₹36,842 crore, supported by nine acquisitions during FY 2025-26.

Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India) Pvt Ltd and JM Financial are the book-running lead managers to the issue, while KFin Technologies is the registrar.