The Cube Highways Trust InvIT IPO opened for public subscription on Wednesday, 22 July, and will close on Friday, 24 July. The Cube Highways Trust InvIT IPO price band has been fixed at ₹151-152 per unit.
Ahead of the issue opening, Cube Highways Trust, managed by Cube Highways Fund Advisors and sponsored by Cube Highways and Infrastructure V, raised ₹1,687.5 crore from anchor investors. The InvIT allotted 11.1 crore units to 59 anchor investors at the upper end of the price band.
Among the anchor investors, 12 mutual fund houses subscribed through 26 schemes, accounting for 4.14 crore units. The participating fund houses included HDFC AMC, SBI Mutual Fund, Nippon India Mutual Fund, Tata Mutual Fund, ICICI Prudential AMC, Kotak Mahindra AMC, Axis Mutual Fund, Aditya Birla Sun Life AMC, HSBC Mutual Fund, and Invesco India.
The anchor book also attracted leading global institutional investors such as Citigroup and Morgan Stanley, along with domestic institutional investors including SBI Life Insurance, ICICI Prudential Life Insurance, Bajaj Allianz Life Insurance, Army Group Insurance, PNB MetLife India Insurance, Tata AIG General Insurance, Bharti AXA Life Insurance, Universal Sompo General Insurance, and Care Health Insurance.
Separately, Azim Premji-backed Prazim Trading and Investment Company invested an additional ₹300 crore by acquiring 1.97 crore units through the strategic investors’ portion, taking its total investment in Cube Highways Trust InvIT to ₹950 crore.
The Cube Highways Trust InvIT IPO lot size has been fixed at 95 units, and investors can apply in multiples of 95 units thereafter.
Under the allocation structure, the Cube Highways Trust InvIT IPO has reserved up to 75% of the issue for Qualified Institutional Buyers (QIBs), with at least 25% earmarked for Non-Institutional Investors (NIIs).
According to the tentative schedule, the Cube Highways Trust InvIT IPO allotment is expected to be finalised on 27 July. Refunds to unsuccessful applicants and the credit of units to successful investors’ demat accounts are likely on 28 July, while the Cube Highways Trust InvIT listing on the BSE and NSE is scheduled for 29 July.
Cube Highways Trust InvIT IPO GMP today
Cube Highways Trust InvIT IPO GMP is ₹0, indicating shares are trading at the issue price of ₹152 with no premium or discount in the grey market, according to investorgain.com.
Cube Highways Trust InvIT IPO Review
Sushil Financial Services has assigned a “Subscribe” rating to the Cube Highways Trust InvIT IPO for long-term investors. The brokerage believes the InvIT’s high-quality road asset portfolio, strong sponsor backing, visible growth pipeline, consistent distribution track record, and robust credit profile position it well for sustainable long-term returns.
SMIFS has also recommended that investors subscribe to the issue. The brokerage said Cube Highways Trust InvIT offers a differentiated investment opportunity, backed by its large scale, geographically diversified portfolio, acquisition-led growth pipeline, investment-grade balance sheet, and consistent distribution history, making it one of the strongest offerings among listed road InvITs.
Marwadi Shares & Finance has maintained a “Subscribe” rating on the IPO, highlighting the InvIT’s diversified portfolio of operational highway assets, strong pipeline of committed assets, right-of-first-offer (ROFO) assets, and future acquisition opportunities. The brokerage also estimated the trust’s fair enterprise value at around ₹36,842 crore as of 31 March 2026, reinforcing its positive investment outlook.
Cube Highways Trust InvIT IPO subscription status
Cube Highways Trust InvIT IPO subscription status was 3% on day 2, so far. The other investors have subscribed 7%, and the institutional investors are yet to receive bids.
The company has received bids for 46,02,940 shares against 13,65,89,480 shares on offer at 10:45 IST, according to NSE.
Cube Highways Trust InvIT IPO details
Cube Highways Trust InvIT IPO comprises an offer for sale (OFS) entirely by existing unitholders as the privately held Infrastructure Investment Trust (InvIT) transitions to a publicly listed entity. As the issue does not include a fresh issue of units, Cube Highways Trust InvIT will not receive any proceeds from the offering. At the upper end of the Cube Highways Trust InvIT IPO price band, the trust is valued at around ₹20,429.86 crore.
Ahead of the IPO, Cube Highways Trust InvIT secured ₹1,250 crore from five strategic investors, namely Prazim Trading and Investment Company Pvt. Ltd., HDFC Life Insurance Company, HDFC Pension Fund Management, Axis Max Life Insurance, and WhiteOak Capital REIT & InvIT Alternatives Fund I.
The Cube Highways Trust InvIT IPO is being managed by Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India), and JM Financial as the book-running lead managers, while KFin Technologies Ltd has been appointed as the registrar to the issue.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
