Cube Highways Trust's Rs 5,000 crore IPO may open this month: Report
July 05, 2026
Infrastructure investment trust Cube Highways Trust is planning to launch its Rs 5,000-crore initial public offering (IPO) this month. The issue will comprise entirely an offer-for-sale (OFS) component and is aimed at broadening its investor base and improving liquidity, according to people familiar with the matter. PTI reported.
As per the draft papers, the proposed IPO is structured entirely as an offer-for-sale.
As of March 31, 2026, Cube Highways Trust (Cube InvIT) owned 27 operational highway assets covering 8,754 lane kilometres across 12 states and one Union Territory, with an average residual concession life of 18 years.
In a message to unitholders in the FY26 annual report, Chief Executive Officer Vinay C Sekar said, "the trust's strategy remains focused on disciplined acquisitions, predictable distributions, financial prudence and operational efficiency."
Around 85 per cent of the trust's portfolio comprises toll road assets that benefit from traffic growth and inflation-linked toll revisions, while the remaining 15 per cent consists of annuity assets backed by contracted payments from the National Highways Authority of India (NHAI).
Cube InvIT declared a distribution of Rs 13.77 per unit for FY26, taking the total distribution for the year to Rs 1,851 crore.
At the end of March, the trust's net debt stood at Rs 17,768 crore, while its net debt-to-enterprise value ratio was 46.82 per cent. Assets under management increased to Rs 36,842 crore following nine acquisitions during the financial year.
The trust has also signed commitment letters for four highway projects with a combined enterprise value of about Rs 7,300 crore. Once completed, these acquisitions will expand its portfolio to 31 assets across 13 states and one Union Territory. It has also secured a right of first offer on three sponsor assets, providing an additional pipeline for future growth.