Cube Highways Trust Files Preliminary Documents for Rs 5,000-Crore Initial Public Offering

Cube Highways Trust Seeks to Raise Rs 5,000 Crore through IPO

Cube Highways Trust, an infrastructure investment trust (InvIT), has filed preliminary papers with the Securities and Exchange Board of India (SEBI) to raise Rs 5,000 crore through its initial public offering (IPO).

The proposed IPO is an entirely Offer-for-Sale (OFS), where current shareholders will sell their existing units to new investors. The OFS involves Cube Highways and Infrastructure II, Cube Highways and Infrastructure III, Cube Mobility Investments, BCI IRR India, and Seventy Second Investment Company.

Cube Highways Trust operates under the public-private partnership model in the highways sector, managing highway projects in association with the central and state governments. As of September 2025, its asset under management (AUM) stood at Rs 36,520 crore.

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

The InvIT is backed by Squared Capital, an arm of the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, Mubadala Investment Company, and other investors. The conversion to a public InvIT will provide access to a broader investor base and additional pools of capital from select mutual funds, insurance companies, and pension funds.

Cube Highways Trust operates 27 road assets across 12 states and one union territory, with 18 toll roads, 6 hybrid annuity models, and 3 annuity assets. The portfolio includes 9 Build, Operate, Transfer (BOT) and Design, Build, Finance, Operate and Transfer (DBFOT) assets, as well as 9 Toll, Operation, Maintenance and Transfer (TOT) assets.

Before the offer's completion, the Trust will acquire four additional highway and tunnel way project SPVs through swap transactions, increasing the portfolio to 31 road assets totaling 9,811 lane kilometers.

The book-running lead managers for the offer are Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India) Private Ltd, and JM Financial, while Axis Trustee Services serves as the trustee.

Read also: Zepto Nears $1 Billion Quarterly Net Order Value Milestone Before IPO