Cube Highways Trust InvIT IPO
Grey Market Premium (GMP)
GMP applies before listing only. This IPO has listed — see Listing Performance below for the actual debut.
Subscription Status
| Category | Subscription |
|---|---|
| QIB | 13.2x |
| NII | 4.74x |
| Total | 9.35x |
Bidding day 3 · final figures at close of bidding: 3 Aug 2026, 6:30 pm IST
IPO Details
- Open Date
- 22 Jul 2026
- Close Date
- 24 Jul 2026
- Listing Date
- 31 Jul 2026
- Face Value
- —
- Fresh Issue
- ₹0 Cr
- OFS
- ₹5000 Cr
- Listing On
- NSE, BSE
- Registrar
- KFin Technologies (KFintech)
Lot Size & Application Amounts
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 95 | ₹14,440 |
| Retail (Max) | 14 | 1,330 | ₹2,02,160 |
| B-HNI (Min) | 70 | 6,650 | ₹10,10,800 |
Issue Reservation
| Investor category | Shares offered | % of issue |
|---|---|---|
| Anchor | 11,10,19,565 | 33.75% |
| QIB (ex-anchor) | 7,40,13,328 | 22.5% |
| NII | 6,16,77,632 | 18.75% |
| Total | 32,89,47,365 | 100% |
The anchor portion is carved out of the QIB quota. Percentages are of the total shares offered.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | Total Assets | Borrowings |
|---|---|---|---|---|
| FY 2025 | 2,106.32 | 999.57 | 28,624.25 | 439.96 |
| FY 2026 | 2,922.09 | 1,422.89 | 30,763.19 | 491.65 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- EBITDA Margin
- 74.2%
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Issue Expenses
| Purpose | Est. Amount |
|---|---|
| Fees and commissions to advisors to for Offer | ₹61.56 Cr |
| Fee payable to others | ₹40.97 Cr |
Documents
Anchor Investors
| Investor | Category | Shares | Price | Amount ₹Cr | Allocation |
|---|---|---|---|---|---|
| PRAZIM TRADING & INVESTMENT CO.PVT.LTD. | Other | 1,97,36,842 | — | 300 | 17.78% |
| SBI LIFE INSURANCE CO.LTD. | Insurance | 65,78,947 | — | 100 | 5.93% |
| ICICI PRUDENTIAL LIFE INSURANCE CO.LTD. | Insurance | 65,78,947 | — | 100 | 5.93% |
| SBI NPS TRUST-SBI PENSION FUND SCHEME-C TIER I | Other | 64,47,369 | — | 98 | 5.81% |
| HDFC DYNAMIC DEBT FUND | Other | 59,20,782 | — | 90 | 5.33% |
| SBI EQUITY HYBRID FUND | Other | 46,05,263 | — | 70 | 4.15% |
| NIPPON INDIA MULTI ASSET ALLOCATION FUND | Other | 39,47,368 | — | 60 | 3.56% |
| ICICI PRUDENTIAL EQUITY SAVINGS FUND | Other | 32,89,470 | — | 50 | 2.96% |
| TATA MULTI ASSET ALLOCATION FUND | Other | 32,89,473 | — | 50 | 2.96% |
| ALTIVA HYBRID LONG-SHORT FUND | Other | 32,89,473 | — | 50 | 2.96% |
| KOTAK EQUITY SAVINGS FUND | Other | 31,57,894 | — | 48 | 2.84% |
| ICICI PRUDENTIAL CREDIT RISK FUND | Other | 29,60,397 | — | 45 | 2.67% |
| BAJAJ LIFE INSURANCE LTD. | Insurance | 26,31,578 | — | 40 | 2.37% |
| ARMY GROUP INSURANCE FUND,THE | Insurance | 26,31,578 | — | 40 | 2.37% |
| PNB METLIFE INDIA INSURANCE CO.LTD. | Insurance | 26,31,578 | — | 40 | 2.37% |
| ICICI NPS TRUST-ICICI PRUDENTIAL PENSION FUND SCHEME C-TIER I | Other | 25,65,789 | — | 39 | 2.31% |
| AXIS MULTI ASSET ALLOCATION FUND | Other | 19,73,913 | — | 30 | 1.78% |
| ADITYA BIRLA SUN LIFE MULTI ASSET ALLOCATION FUND | Insurance | 18,42,105 | — | 28 | 1.66% |
| CITIGROUP GLOBAL MARKETS MAURITIUS PVT.LTD. | FII/FPI | 16,44,736 | — | 25 | 1.48% |
| TATA AIG GENERAL INSURANCE CO.LTD. | Insurance | 16,44,736 | — | 25 | 1.48% |
| BAJAJ GENERAL INSURANCE LTD. | Insurance | 16,44,736 | — | 25 | 1.48% |
| MORGAN STANLEY INDIA INVESTMENT FUND,INC. | Other | 15,66,515 | — | 23.81 | 1.41% |
| ADITYA BIRLA SUN LIFE CREDIT RISK FUND | Insurance | 13,28,947 | — | 20.2 | 1.2% |
| BHARTI AXA LIFE INSURANCE CO.LTD. | Insurance | 13,15,789 | — | 20 | 1.19% |
| INDIAFIRST LIFE INSURANCE CO.LTD. | Insurance | 11,84,210 | — | 18 | 1.07% |
| RELIANCE EMPLOYEES PROVIDENT FUND BOMBAY | Other | 11,51,315 | — | 17.5 | 1.04% |
| KOTAK MAHINDRA BANK LTD. | Bank | 11,51,315 | — | 17.5 | 1.04% |
| GREATER INDIA PORTFOLIO | Other | 10,77,643 | — | 16.38 | 0.97% |
| MORGAN STANLEY INVESTMENT FUNDS INDIAN EQUITY FUND | Other | 9,74,263 | — | 14.81 | 0.88% |
| DSP NPS TRUST-DSP PENSION FUND MANAGERS PVT.LTD.-SCHEME C-TIER I | Other | 6,57,895 | — | 10 | 0.59% |
| NEO ALTERNATIVES INVESTMENT TRUST-NEO TREASURY PLUS FUND | Other | 6,57,895 | — | 10 | 0.59% |
| NEO REAL ASSET YIELD FUND | Other | 6,57,895 | — | 10 | 0.59% |
| NARANTAK DEALCOMM LTD. | Other | 6,57,895 | — | 10 | 0.59% |
| INVESCO INDIA FLEXI CAP FUND | Other | 6,57,895 | — | 10 | 0.59% |
| HDFC CREDIT RISK DEBT FUND | Other | 6,57,865 | — | 10 | 0.59% |
| AXIS DYNAMIC BOND FUND | Other | 6,57,875 | — | 10 | 0.59% |
| REDHEX HYBRID LONG-SHORT FUND | Other | 6,57,895 | — | 10 | 0.59% |
| INVESCO INDIA MULTI ASSET ALLOCATION FUND | Other | 6,57,894 | — | 10 | 0.59% |
| BAJAJ FINSERV MULTI ASSET ALLOCATION FUND | Other | 6,34,868 | — | 9.65 | 0.57% |
| CARE HEALTH INSURANCE LTD. | Insurance | 6,24,948 | — | 9.5 | 0.56% |
| KOTAK NPS TRUST-KOTAK PENSION FUND SCHEME C-TIER I | Other | 6,25,000 | — | 9.5 | 0.56% |
| ACKO GENERAL INSURANCE LTD. | Insurance | 4,93,368 | — | 7.5 | 0.44% |
| EDELWEISS LIFE INSURANCE CO.LTD. | Insurance | 4,93,369 | — | 7.5 | 0.44% |
| KOTAK DYNAMIC BOND FUND | Other | 4,21,011 | — | 6.4 | 0.38% |
| UNIVERSAL SOMPO GENERAL INSURANCE CO.LTD. | Insurance | 3,28,947 | — | 5 | 0.3% |
| TARA INSTITUTIONAL INDIA ALPHA GIFT | Other | 3,29,098 | — | 5 | 0.3% |
| TARA EMERGING ASIA LIQUID FUND | Other | 3,29,097 | — | 5 | 0.3% |
| AXIS EQUITY SAVINGS FUND | Other | 3,28,890 | — | 5 | 0.3% |
| ISIF ACTIVE ASSET ALLOCATOR LONG-SHORT FUND | Other | 3,29,080 | — | 5 | 0.3% |
| ARVESTA FINANCIAL SERVICES PVT.LTD. | Other | 3,28,946 | — | 5 | 0.3% |
| KOTAK CREDIT RISK FUND | Other | 2,10,568 | — | 3.2 | 0.19% |
| AXIS FLOATER FUND | Other | 1,97,315 | — | 3 | 0.18% |
| INFINITY HYBRID LONG-SHORT FUND | Other | 1,57,895 | — | 2.4 | 0.14% |
| SBI NPS TRUST-SBI PENSION FUND SCHEME-C TIER II | Other | 1,31,578 | — | 2 | 0.12% |
| AXIS CREDIT RISK FUND | Other | 1,31,480 | — | 2 | 0.12% |
| APEX HYBRID LONG-SHORT FUND | Other | 1,18,421 | — | 1.8 | 0.11% |
| ICICI NPS TRUST-ICICI PRUDENTIAL PENSION FUND SCHEME C-TIER II | Other | 65,789 | — | 1 | 0.06% |
| KOTAK NPS TRUST-KOTAK PENSION FUND SCHEME C-TIER II | Other | 32,895 | — | 0.5 | 0.03% |
| BAJAJ FINSERV EQUITY SAVINGS FUND | Other | 23,027 | — | 0.35 | 0.02% |
Anchor bidding took place on 21 Jul 2026. Anchor lock-in: 50% of shares unlock on 28 Aug 2026, the remainder on 27 Oct 2026.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW |
|---|---|---|---|---|
| Cube Highways Trust InvIT | — | 142.7 | — | — |
| IRB Infrastructure Trust | — | 319.73 | — | — |
| Interise Trust | — | 117.5 | — | — |
| National Highways Infra Trust | — | 150.5 | — | — |
| Oriental InfraTrust | — | 111.24 | — | — |
| Shrem InvIT | — | 88.12 | — | — |
| Vertis Infrastructure Trust | — | 106.8 | — | — |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Lead Managers (BRLMs)
- Kotak Mahindra Capital Co.Ltd.
- JM Financial Ltd.
- HSBC Securities & Capital Markets (India) Pvt.Ltd.
- HDFC Bank Ltd.
Tap a lead manager to see every IPO it has run and how those listings fared.
Listing Performance
About the Cube Highways Trust InvIT IPO
The Cube Highways Trust InvIT mainboard IPO runs from 22 Jul 2026 to 24 Jul 2026, offered at a price band of ₹151–152 per share, and is set to list on NSE and BSE. The company is looking to raise ₹5,000 crore through the offer. Retail investors bid in lots of 95 shares, a minimum application of ₹14,440.
Issue structure
The IPO is structured entirely as an offer for sale of ₹5,000 crore. The company receives no fresh capital — the proceeds go to the selling shareholders who are paring their stake.
Financials
In FY2026, Cube Highways Trust InvIT reported revenue of ₹2,922.09 crore and a net profit of ₹1,422.89 crore. Revenue grew from ₹2,106.32 crore in FY2025 to ₹2,922.09 crore in FY2026 (+39.0%).
Grey market premium (GMP)
In the unofficial grey market, Cube Highways Trust InvIT shares are quoted at a premium of ₹1.75 implying an expected listing around ₹153.75, about +1.1% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.
Subscription
The Cube Highways Trust InvIT IPO was subscribed 9.35 times overall. The strongest demand came from qualified institutional buyers (QIB) at 13.2 times, with non-institutional investors (NII) at 4.74×.
Listing performance
Cube Highways Trust InvIT listed on 31 Jul 2026 at ₹155, a premium of +2.0% over the issue price of ₹152.
What to weigh
When evaluating the Cube Highways Trust InvIT IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend, subscription demand across investor categories and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.
About Cube Highways Trust InvIT
Cube Highways Trust is an infrastructure investment trust (InvIT) established under the Securities and Exchange Board of India (SEBI) InvIT Regulations. Formed in December 2021, the Trust was created to own, operate, and invest in infrastructure assets across India through a network of special purpose vehicles (SPVs) and holding entities. The Trust manages a broad portfolio of transportation infrastructure assets located across the country. As of the Draft Offer Document, its portfolio consists of 27 operational road projects, with plans to include four additional operational assets. These projects are held through SPVs responsible for the development, operation, maintenance, and management of highways, expressways, toll roads, and other road infrastructure. Cube Highways Fund Advisors Private Limited serves as the Investment Manager, while Cube Highways and Transportation Assets Advisors Private Limited performs the role of Project Manager. The Trust aims to deliver consistent cash distributions and long-term capital appreciation for its unitholders by investing in eligible infrastructure projects in compliance with the SEBI InvIT framework. The portfolio spans several Indian states and includes assets operating under concession agreements awarded by different government authorities. The Trust's strategy emphasizes acquiring and managing operational road infrastructure projects that provide reliable cash flows and opportunities for sustainable growth.
Cube Highways Trust InvIT — Contact Details
- Registered office
- B-376,, Upper Ground Floor,, Nirman Vihar, New Delhi, New Delhi, 110092
- Phone
- + 91 120 4868300
- Website
- www.cubehighwaystrust.com/
- Registrar (IPO queries)
- cube.invit@kfintech.com
Frequently asked questions
- What is the Cube Highways Trust InvIT IPO price band?
- The Cube Highways Trust InvIT IPO price band is ₹151 to ₹152 per share, with a lot size of 95 shares.
- What was the Cube Highways Trust InvIT IPO GMP before listing?
- The final grey market premium recorded before the Cube Highways Trust InvIT IPO listed was ₹1.75. The IPO listed on 31 Jul 2026 at ₹155, +2.0% against the issue price. GMP is an unofficial figure and was never a guarantee of the listing price.
- When does the Cube Highways Trust InvIT IPO open and close?
- The Cube Highways Trust InvIT IPO opens on 22 Jul 2026 and closes on 24 Jul 2026.
- When is the Cube Highways Trust InvIT IPO allotment and listing date?
- Allotment is expected on 29 Jul 2026. The shares are scheduled to list on 31 Jul 2026 on NSE and BSE.
- How many times was the Cube Highways Trust InvIT IPO subscribed?
- The Cube Highways Trust InvIT IPO was subscribed 9.35 times in total across all investor categories.
- Who are the lead managers and registrar of the Cube Highways Trust InvIT IPO?
- The book-running lead managers are Kotak Mahindra Capital Co.Ltd., JM Financial Ltd., HSBC Securities & Capital Markets (India) Pvt.Ltd. and 1 others. KFin Technologies (KFintech) is the registrar to the issue.
- Is Cube Highways Trust InvIT a Mainboard or SME IPO?
- Cube Highways Trust InvIT is a Mainboard IPO, listing on NSE and BSE.