Cube Highways Trust InvIT lists at 2% premium over IPO price

Cube Highways Trust InvIT made its stock market debut on Friday after the Singapore-based trust raised ₹5,000 crore through its initial public offering (IPO).

The units of Singapore-based Cube Highways Trust were listed on the NSE and BSE at ₹155 per unit, a premium of 1.97%, over the issue price of ₹152 per unit. The market capitalisation stood at ₹21,100 crore post listing.

The ₹5,000-crore IPO of Cube Highways Trust, which comprised entirely an offer for sale (OFS) by existing unitholders, was priced at ₹152 per unit. The public issue, which was open for subscription from July 22 to July 24, received bids for 34.77 crore units against 13.66 crore units on offer, resulting in an overall subscription of 2.55 times.

The issue received a strong response from investors, with the qualified institutional buyers (QIB) portion subscribed more than four times. Meanwhile, the other corporate investors category was subscribed 0.64 times.

Ahead of the IPO, the trust raised ₹1,687.5 crore from 59 anchor investors, including marquee institutional investors such as Premji Invest-backed Prazim Trading and Investment Co. Pvt. Ltd., ICICI Prudential Life Insurance, SBI Life Insurance, HDFC Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund, and Tata Mutual Fund.

The IPO also included a ₹1,250-crore strategic investor allocation, which was completed ahead of the public issue through unit subscription agreements.

Speaking on the listing, Vinay C. Sekar, Chief Executive Officer of Cube Highways Trust, said the successful IPO reflected investors' confidence in the trust's portfolio, governance standards, and long-term strategy.

"The successful completion of the Cube InvIT IPO is a strong endorsement of our people, portfolio quality, and long-term strategy. We are grateful for the confidence shown by investors and remain committed to delivering sustainable growth, strong governance, and consistent value creation for all stakeholders," he said.

Group Chief Financial Officer Pankaj C. Vasani described the listing as a landmark event for the trust.

"Today's milestone is about far more than the opening bell, the successful ₹5,000-crore offer, the overwhelming investor response, becoming India's largest publicly listed InvIT, or being the first InvIT to transition from a privately listed to a publicly listed platform. Above all, it is about the trust we have earned, the value we aspire to create, and the disciplined stewardship of the public capital entrusted to us," Vasani said.

He added that while the trust's units had previously been listed on a private platform, the public listing marks the beginning of a broader partnership with retail and institutional investors.

"The market has spoken; now begins the quieter work of honouring that trust. We will continue to uphold the highest standards of governance, pursue sustainable growth, and deliver stable, predictable distributions while creating enduring value for our unitholders," he said.

Cube Highways Trust is sponsored by Cube Highways and Infrastructure V Pte. Ltd. and owns one of India's largest portfolios of operational road assets. As of March 31, 2026, its portfolio comprised 27 highway assets spanning 8,754 lane kilometres across 12 states and one Union Territory, with an average residual concession life of around 18 years.

The trust follows a diversified business model, with around 85% of its portfolio comprising toll roads and the remaining 15% comprising annuity-based projects. For FY26, it reported revenue from operations of ₹4,238.88 crore and a net profit of ₹216.71 crore.

(DISCLAIMER: The views and opinions expressed by investment experts on fortuneindia.com are either their own or of their organisations, but not necessarily that of fortuneindia.com and its editorial team. Readers are advised to consult certified experts before taking investment decisions.)