Cube Highways Trust Sets IPO Price Band at ₹151-152; ₹5,000-Crore Public Issue Opens on July 22

Bilkul Bazaar

Ahmedabad

Cube Highways Trust (Cube InvIT), one of India’s leading infrastructure investment trusts (InvITs) with a diversified portfolio of operational highway assets and backed by marquee global institutional investors including I Squared Capital, Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation (BCI) and Mubadala Investment Company, has announced the price band for its Initial Public Offering (IPO) as it prepares to transition from a privately listed to a publicly listed InvIT.

The Trust has fixed the IPO price band at ₹151-152 per unit. The issue, comprising an Offer for Sale (OFS) aggregating up to ₹5,000 crore, will open for subscription on July 22, 2026, and close on July 24, 2026. Investors, other than Anchor and Strategic Investors, can bid for a minimum of 95 units and in multiples of 95 units thereafter.

Addressing a press conference in Ahmedabad, Vinay C. Sekar, Chief Executive Officer, Investment Manager of Cube Highways Trust; Pankaj Vasani, Group Chief Financial Officer, Investment Manager of Cube Highways Trust; Bovin Kumar, Chief Executive Officer, Project Manager of Cube Highways Trust; and Hrishitaa Mody, Investment Banking – Equity Capital Markets, JM Financial Limited, shared details of the public issue and highlighted the Trust’s growth strategy, robust portfolio and long-term outlook.

Speaking on the occasion, Vinay C. Sekar said the proposed public listing marks a significant milestone in Cube Highways Trust’s journey and reflects the Trust’s commitment to creating long-term value through high-quality transportation infrastructure assets across India.

Pankaj Vasani said the strong participation from strategic investors underscores their confidence in the Trust’s resilient portfolio, disciplined financial management and stable cash-flow-generating highway assets.

Explaining the issue structure, Hrishitaa Mody outlined the IPO process, including the price band, subscription timeline and bidding mechanism, while Bovin Kumar said the Trust remains focused on efficiently operating and managing highway assets developed under the public-private partnership (PPP) model to support India’s expanding infrastructure needs.

Ahead of the public issue, Cube Highways Trust has secured commitments worth ₹1,250 crore from strategic investors through Unit Subscription Agreements signed on July 13, 2026. The strategic investors include Prazim Trading and Investment Company Private Limited, HDFC Life Insurance Company Limited, HDFC Pension Fund Management Limited, Axis Max Life Insurance Limited, and WhiteOak Capital REIT & InvIT Alternatives Fund I.

The IPO is being conducted through the Book Building Process in accordance with the SEBI (Infrastructure Investment Trusts) Regulations. The Sponsor of the Trust is Cube Highways and Infrastructure V Pte. Ltd., while Axis Trustee Services Limited is the Trustee.

Cube Highways Trust operates and manages highway assets under India’s Public-Private Partnership (PPP) model in association with the Central and State Governments. The Trust has established itself as one of the country’s prominent InvIT platforms focused on transportation infrastructure, backed by a diversified global investor base and long-term institutional capital.

The book-running lead managers to the issue are Kotak Mahindra Capital Company Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited and JM Financial Limited, while KFin Technologies Limited is the registrar to the offer.