Cube Highways Trust has filed draft papers with the Securities and Exchange Board of India (SEBI), for a proposed Rs. 5,000 crore Initial Public Offering (IPO), marking a significant step in its transition from a privately listed infrastructure Investment Trust (InvIT) to a publicly listed one, a first of its kind transition in India’s InvIT market.
The entire issue will be and Offer for Sale (OFS). No new units will be issued by the Trust. Instead, existing unitholders will sell a portion of their holdings to public investors. Since it is an OFS, the proceeds from the issue will go to the selling investors rather than the Trust itself. The IPO’s book-running lead managers are Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India) Private Limited, JM Financial, while Axis Trustee Services is acting as the trustee for the InvIT.
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The listing is aimed at broadening the Trust’s investor base by making its units accessible to a wider range of participants, including mutual funds, insurance companies, pension funds, institutional investors, and eligible retail investors. The public listing is also expected to improve liquidity in the Trust’s units and strenghthen its presence in India’s growing infrastructure investment market.
The OFS will involve sales by Cube Highways and Infrastructure II, Cube Highways and Infrastructure III, Cube Mobility Investments, BCI IRR India Holdings, and Seventy Second Investment Company LLC. Ahead of the proposed public listing, the Trust plans to acquire four additional road and tunnel projects through swap transactions. Once completed, its portfolio will expand to 31 road assets covering nearly 9,811 lane kilometres of highways, further strengthening its position in India’s road infrastructure sector.
Cube Highways Trust is backed by several global infrastructure investors including I Squared Capital, the Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company, and British Columbia Investment Management Corporation, underscoring strong international interest in India’s transport infrastructure. Cube Highways Trust owns and manages a portfolio of highway assests across India through public-private partnership models.
As of September 2025, the InvIT managed 27 operational road assets spread across 12 states and one Union Territory. Its portfolio comprises toll roads, Hybrid Annuity Model (HAM) projects and annuity based road projects, with assets under management valued at around Rs. 36,250 crores. The proposed listing comes at a time when India’s Infrastructure Investment Trust market is gradually attracting greater investor attention.
By becoming publicly listed, Cube Highways Trust aims to increase market participation, improve liquidity and create a broader ownership base for one of the country’s largest highway infrastructure portfolios. The Trust has reportedly already begun roadshows with domestic and international institutional investors and is targeting an October 2026 launch for the IPO, subject to market conditions and regulatory approvals.
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