Cube Highways Trust InvIT

About the company

Cube Highways Trust is an Indian Infrastructure Investment Trust (InvIT) sponsored by Cube Highways and Infrastructure V Pte. Ltd. It is part of the Cube Group, an institutionally owned road infrastructure platform. Its investors include I Squared Capital, Platinum Rock (a wholly owned subsidiary of Abu Dhabi Investment Authority), BCI and Mubadala Investment Company. The sponsor and sponsor group owned seven operational road assets covering 2,169.8 lane kms as of March 31, 2026. Since its establishment, the Trust has raised ₹13,440 crore through unit capital, excluding issue expenses of ₹1.09 crore. The Trust was set up to acquire, own and operate road and other infrastructure assets across India. It is registered with SEBI under the InvIT Regulations, and its units have been listed on the stock exchanges since April 19, 2023, but are limited only to institutional investors. Through this InvIT, the trust is launching a ₹5,000 crore public issue to transition from a private to a publicly traded vehicle. Initially, the trust was listed as a privately placed InvIT on the NSE and BSE in April 2023 with a portfolio of 18 operational road assets. Now it owns and operates 27 road assets across 12 states and one union territory as of March 2026. The portfolio covered 8,754 lane kms and 2,005 kms of road length. It had a weighted average residual concession period of 18.0 years (which is based on pre-major maintenance EBITDA) and an average operating history of 9.2 years. Toll assets form 85% of the portfolio, while annuity assets contribute the remaining 15%. After the end of the concession for Western UP Tollway Private Limited (WUPTPL) on June 23, 2026, the portfolio was reduced to 26 road assets. With a weighted average residual concession period of 17.8 years and an average operating history of 9.4 years as of June 2026, it covered 8,441.55 lane kms and 1,926.92 kms. The Enterprise Value/AUM of the Trust increased at a CAGR of 19.4% to ₹36,841 crore between March 2024 and 31 March 2026. Its NAV per unit increased to 45.7% with a CAGR of 13.6% from April 2023 to March 31, 2026. The portfolio has expanded from 18 assets to 27 assets since listing. During the same period, Enterprise Value/AUM increased from ₹23,680.79 crore as of June 30, 2023 to ₹36,841.76 crore as of March 31, 2026. Toll roads remained the largest contributor of revenue, contributing 80.51% of revenue from operations in FY26, declining from 85.50% in FY25 as the Trust expanded its annuity asset portfolio through acquisitions. Revenue from annuity assets increased from ₹40.03 crore in FY24, representing 1.37% of revenue, to ₹735 crore in FY26, accounting for 17.36% of revenue from operations. Trust has distributed at least 90% of its net distributable cash flows every financial year since listing. Cumulative distributions stood at ₹4,620 crore as of March 2026, which translates to a cumulative DPU of ₹34.86. The Trust delivered an average annual DPU yield of 9.8% since listing as per the industry report. As of March 31, 2026, the Trust’s total borrowings, including accrued interest, were ₹1775.5 crore, and the Net Borrowing Ratio was 46.82%. It had additional debt headroom of 23.18% of AUM as well. The weighted average cost of borrowings stood at 8.23% as of June 30, 2023 and 7.53% as of March 31, 2026. The share of fixed-rate borrowings rose to 25.23% in the same period. The number of unitholders increased from 40 on April 28, 2023 to over 700 as at March 31, 2026 and further to 1,025 as at June 30, 2026. The investor base has also become more diversified with a broader mix of institutional investors such as corporates, mutual funds and insurance companies, as well as increasing participation from non-institutional investors. The portfolio reported a weighted-average historical traffic CAGR of ~6.3% on toll projects. The portfolio grew 8.1% in traffic and electronic toll collection penetration was 96.00% in FY26. Roads have consistently been the dominant recipient of transport infrastructure spending, accounting for between 43% and 53% of total infrastructure capital expenditure over the period FY20-FY27. As of FY26, India has the second-largest road network in the world. The toll collections grew from ₹22,762 crore in FY21 to ₹75,854 crore in FY26, and the number of vehicle transactions at toll plazas grew from 133 crore to 445 crore in the same period. India's transport infrastructure budget increased from ₹68,400 crore in FY20 to approximately ₹2.9 lakh crore in FY27. Between FY20 and FY25, road projects accounted for 43-53% of the country's total infrastructure investment. Under Bharatmala Pariyojana Phase I, 21,783 km of roads had been completed by November 2025 out of 26,425 km awarded, with a total investment of ₹8.54 trillion. The Trust has a committed acquisition pipeline of four operational assets - Baharampore-Farakka Highways Limited, Devanahalli Tollway Private Limited, Chenani-Nashri Tunnelway Limited and Western MP Infrastructure & Toll Roads Private Limited. The Trust plans to acquire these assets from CH-II and CH-V after the public offer. The Trust also has a Right of First Offer (ROFO) over 3 additional assets - Kokhraj Handia Expressway, Malayagiri Highways and Delhi Hapur Meerut Expressway under a ROFO Agreement dated March 17, 2026. Looking ahead, the Government's Vision 2047 roadmap aims to develop 200,000-230,000 km of high-speed corridors by FY47, which may create a strong long-term growth opportunity for the road infrastructure sector and for the Trust. Cube Highways Trust InvIT is a complete offer for sale of ₹5000 crore and will be listed on the NSE and BSE. ### **How to pre-apply for Cube Highways Trust InvIT?** You can pre-apply for Cube Highways Trust InvIT on Upstox. The pre-application for this IPO, which means the pre-apply open date, usually begins a day before the IPO opens for subscription. Follow these steps to pre-apply for the IPO: - Login to your Upstox account, using your six-digit PIN - After successfully logging in, click on ‘Discover’ - On the Discover tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Cube Highways Trust InvIT’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Pre-Apply’ - Accept the mandate on your UPI app ### **How to apply for Cube Highways Trust InvIT?** If you are interested in this investment opportunity but unsure how to apply for Cube Highways Trust InvIT, here are the steps that you need to follow. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for Cube Highways Trust InvIT on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Cube Highways Trust InvIT’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app ### **How to check the Cube Highways Trust InvIT allotment status? ** When the allotment process is completed, you can check the status of your application on the Upstox app. Share allotment is generally completed on the next working day after an IPO closes. Here’s a step-by-step guide on how to check the Cube Highways Trust InvIT allotment status: - Login to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ page, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, you will find the ‘View all’ option - Once you click on ‘View all’, you will be directed to the ‘IPO’ tab - In the ‘IPO’ tab, click on ‘My applications’ - In ‘My applications’, under the History section, your Cube Highways Trust InvIT allotment status will be mentioned.

GMP trend (Grey Market Premium by date)

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   22 Jul 2026

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   24 Jul 2026

   Last day to place your bid

3. Basis of Allotment

   Completed
   29 Jul 2026

   Share allotment finalised

4. Refund Initiation

   Completed
   30 Jul 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   30 Jul 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   03 Aug 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.