The Cube Highways Trust InvIT IPO opens 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 on 21 July. In an exchange filing, the InvIT said it allotted 11.1 crore units to 59 anchor investors at the upper end of the price band.
Of the total anchor allocation, 4.14 crore units were allotted to 12 mutual fund houses through 26 schemes. 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 saw participation from global institutional investors, including Citigroup and Morgan Stanley. Among domestic institutional investors, 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 subscribed to the issue.
In addition, Azim Premji-backed Prazim Trading and Investment Company acquired an additional 1.97 crore units worth ₹300 crore through the strategic investors’ portion, taking its total investment in Cube Highways Trust InvIT to ₹950 crore, according to reports.
The Cube Highways Trust InvIT IPO lot size has been fixed at 95 units, and investors can bid in multiples of 95 units thereafter.
Under the issue structure, the Cube Highways Trust InvIT IPO has reserved up to 75% of the issue for Qualified Institutional Buyers (QIBs), with at least 25% allocated to Non-Institutional Investors (NIIs).
As per the tentative schedule, the Cube Highways Trust InvIT IPO allotment is expected to be finalised on 27 July. Refunds to unsuccessful applicants and 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 expected on 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 cited the InvIT’s high-quality road asset portfolio, strong sponsor backing, visible growth pipeline, healthy distribution track record, and robust credit profile as key factors supporting its positive outlook.
SMIFS has also recommended investors subscribe to the issue. According to the brokerage, Cube Highways Trust InvIT offers a compelling combination of scale, geographic diversification, an acquisition-led growth pipeline, an investment-grade balance sheet, and a consistent distribution track record, making it stand out among listed road InvIT peers.
Marwadi Shares & Finance has maintained a “Subscribe” rating on the IPO. The brokerage highlighted the InvIT’s large and diversified portfolio of highway assets, along with a strong pipeline of committed assets, right-of-first-offer (ROFO) assets, and future acquisition opportunities. It also noted that the trust’s fair enterprise value is estimated at around ₹36,842 crore as of 31 March 2026, supporting its investment case.
Cube Highways Trust InvIT IPO subscription status
Cube Highways Trust InvIT IPO subscription status was 2% on day 1, so far. The other investors have subscribed 4%, and the institutional investors are yet to receive bids.
The company has received bids for 22,07,705 shares against 13,65,89,480 shares on offer at 12:26 IST, according to NSE.
Cube Highways Trust InvIT IPO details
The Cube Highways Trust InvIT IPO is entirely an offer for sale (OFS) by existing unitholders as the privately held Infrastructure Investment Trust (InvIT) transitions to a publicly listed entity. Since there are no new units issued, the InvIT will not receive any proceeds from the public offering. At the upper end of the Cube Highways Trust InvIT IPO price band, the trust is valued at approximately ₹20,429.86 crore.
Ahead of the public issue, Cube Highways Trust InvIT raised ₹1,250 crore from five strategic investors. These include 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, which are acting 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.
