Cube Highways Trust to launch ₹5,000-crore IPO via offer-for-sale to broaden investor base

Cube Highways Trust is planning to launch its Rs 5,000-crore initial public offering, comprising entirely an offer-for-sale component, this month, as it looks to broaden its investor base and improve liquidity, people familiar with the matter said.The proposed issue is structured entirely as an offer for sale (OFS), according to the draft papers.Cube Highways Trust (Cube InvIT), which owns a portfolio of highway assets across India, had 27 operational assets spanning 8,754 lane kilometres across 12 states and one Union Territory as of March 31, 2026, with an average residual concession life of 18 years.In a message to unitholders in the FY26 annual report, its Chief Executive Officer Vinay C Sekar said the trust's strategy remains focused on disciplined acquisitions, predictable distributions, financial prudence and operational efficiency.About 85 per cent of the portfolio comprises toll road assets that benefit from traffic growth and inflation-linked toll revisions, and 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 per unit of Rs 13.77 for FY26, taking total distributions for the year to Rs 1,851 crore.Its net debt stood at Rs 17,768 crore at the end of March, while its net debt-to-enterprise value ratio was 46.82 per cent. Moreover, assets under management rose to Rs 36,842 crore, supported by nine acquisitions during the fiscal year.The trust has also signed commitment letters for four highway projects with a combined enterprise value of about Rs 7,300 crore, which would 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.

Cube Highways Trust has filed draft papers with SEBI for a Rs. 5,000 crore IPO as a part of its plan to convert from a privately listed InvIT into a publicly listed InvIT market

InvIT with 27 highway assets to broaden investor base and boost liquidity

Mumbai: Cube Highways Trust is planning to launch its Rs 5,000-crore initial public offering (IPO) later this month. The public issue will be entirely through an offer for sale (OFS), meaning existing investors will sell their holdings and the trust will not receive fresh funds directly.The IPO is aimed at bringing in more investors and improving trading liquidity in the market.Strong Asset BaseCube Highways Trust, also known as Cube InvIT, owns a large portfolio of road assets across India. As of March 31, 2026, the trust had 27 operational highway assets spread across 12 states and one Union Territory.These assets cover 8,754 lane kilometres, with an average concession life of 18 years, ensuring long-term revenue visibility. Citius Transnet Investment Trust IPO Gets 69 Per Cent Subscription On Day 1 Of BiddingStable Revenue ModelThe trust earns income mainly from toll collections and annuity payments. Around 85 percent of its portfolio consists of toll roads, which benefit from rising traffic and periodic toll hikes linked to inflation.The remaining 15 percent comes from annuity assets, where payments are backed by the National Highways Authority of India, providing steady and predictable cash flows.CEO Vinay C Sekar said the trust remains focused on disciplined acquisitions, steady payouts, financial discipline and efficient operations. Raajmarg Infra InvIT IPO Worth ₹6,000 Crore Opens March 11, Price Band ₹99–₹100 Per UnitGrowth PipelineCube InvIT declared a distribution of Rs 13.77 per unit for FY26, taking total yearly distributions to Rs 1,851 crore.Its net debt stood at Rs 17,768 crore, while assets under management rose to Rs 36,842 crore, supported by nine acquisitions during the year.The trust has also signed commitment letters for four new highway projects worth around Rs 7,300 crore. Once completed, Cube’s portfolio will grow to 31 assets across 13 states and one Union Territory, strengthening its future growth pipeline.