Cube Highways Trust InvIT prices public listing at 151 to 152 rupees per unit
Cube Highways Trust has set the price band for its initial public offering at 151 to 152 rupees per unit, marking a transition to a publicly listed infrastructure investment trust that offers investors exposure to a growing portfolio of Indian road assets.
Cube Highways Trust has fixed the price band for its initial public offering at 151 to 152 rupees per unit. The subscription period for the infrastructure investment trust runs from Wednesday, 22 July to Friday, 24 July, with anchor investor allocation scheduled for 21 July.
This public listing is structured exclusively as an offer for sale by existing unitholders. Because the transaction does not involve a fresh issue of units, the trust itself will not receive any capital proceeds from the market offering.
At the upper end of the price band, the InvIT is valued at approximately 20,429.86 crore rupees. The issue reserves up to 75 percent of the units for qualified institutional buyers, while a minimum of 25 percent is allocated to non-institutional investors, with a standard lot size of 95 units.
Ahead of the market debut, the trust secured 1,250 crore rupees from five strategic investors. This group includes HDFC Life Insurance Company, HDFC Pension Fund Management, Axis Max Life Insurance, WhiteOak Capital REIT & InvIT Alternatives Fund I, and Prazim Trading and Investment Company.
The trust currently manages 27 operational road assets across India, with assets under management totaling 36,842 crore rupees as of FY26. It has also entered binding agreements to acquire four additional assets worth over 7,000 crore rupees, alongside holding a right of first offer on three more sponsor assets.
Investors will note the leverage metrics, as net debt including deferred payment obligations stands at 17,768 crore rupees. This results in a net debt-to-enterprise value ratio of 46.82 percent and a debt-to-EBITDA multiple of 4.21x.
The grey market currently shows the units trading at the upper issue price of 152 rupees, indicating neither a premium nor a discount. Following the finalization of the basis of allotment on 27 July and subsequent refunds, the units are slated to list on the BSE and NSE on Wednesday, 29 July.
The transaction is being managed by a syndicate of book-running lead managers, including Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets, and JM Financial. KFin Technologies has been appointed as the registrar for the issue.
