Cube Highways Trust is entering the public markets as an Infrastructure Investment Trust (InvIT), with its ₹5,000 crore IPO open for subscription from 22 to 24 July 2026. It’s one of the largest InvIT listings India has seen, from a trust that has effectively been operating since 2022 — just not on a public exchange.
Business Overview
The Trust owns and operates a portfolio of 27 highway assets spanning 8,754 lane kilometres across 12 states and one union territory, earning income primarily through toll collections and annuity payments under National Highways Authority of India concessions. Its sponsor is Cube Highways and Infrastructure V Pte. Ltd. Among the underlying portfolio companies are entities such as DTPL, BFHL, CNTL and WMTPL — the offer document discloses that the Trust proposes to acquire at least 95% of WMTPL’s equity, with the remaining stake held by Express Way Developers Limited pending conditions in a commitment letter.
IPO Structure
Unlike a typical mainboard IPO, this issue is entirely an Offer for Sale — 32.89 crore units being sold by existing unitholders, meaning the Trust itself receives none of the proceeds. The price band is fixed at ₹151–152 per unit. Allotment is expected around 29 July, with listing tentatively scheduled for 3 August 2026 on both the NSE and BSE.
Financial Snapshot
Revenue came in at ₹4,359.03 crore for FY26, up from ₹3,453.15 crore in FY25. The Trust reported a net loss of ₹216.72 crore in FY26, wider than the ₹35.72 crore loss in FY25 — a pattern common to InvITs, where depreciation and finance costs on infrastructure assets weigh on the P&L even as cash distributions to unit holders continue. Based on the FY26 distribution per unit of ₹13.77, the implied yield works out to roughly 9.1% at the upper end of the price band.
Source: Cube Highways Trust Draft Offer Document filed with SEBI; issue details as disclosed to NSE/BSE. This article is for informational purposes only and is not investment advice — please read the full offer document before applying.