Cube Highways Trust IPO GMP today is Rs 0. Investors can use this GMP along with price band and subscription status for a better IPO review.
Closed
Mainboard IPO
CUBE
Cube Highways Trust
Cube Highways Trust is an infrastructure investment trust (InvIT) that owns and invests in road infrastructure assets across India through special purpose vehicles (SPVs). The Trust primarily invests in operational highway projects developed under concession agreements with the National Highways Authority of India (NHAI) and state authorities across multiple models, including Toll-Operate-Transfer (TOT), Design-Build-Finance-Operate-Transfer (DBFOT), Build-Operate-Transfer (BOT) Annuity and Hybrid Annuity Model (HAM). As of March 31, 2026, it had investments in 27 road assets, with all projects owned, operated and maintained through its SPVs. The Trust is managed by Cube Highways Fund Advisors Private Limited and follows the regulatory framework applicable to InvITs. Its objective is to generate returns by investing in eligible infrastructure assets and related investments in accordance with the InvIT Regulations and its trust documents.
IPO Details
Complete IPO information
| Current GMP | ₹0 |
|---|---|
| Estimated Listing Gain | +0.00% |
| Price Band | ₹151.00 - ₹152.00 |
| Issue Price | ₹152.00 |
| Listing Price | TBA |
| Lot Size | 95 Shares |
| Issue Type | Mainboard |
| Issue Size | Approx ₹5,000 Cr |
| Registrar | TBA |
| Exchange | NSE, BSE |
| Retail Quota | TBA |
| Overall Subscription | 4.94x |
| Listing Date | 29 Jul 2026 |
| Minimum Investment | ₹14,440 |
Timeline
IPO roadmap at a glance
01
Bidding Opens
22 Jul 2026
02
Bidding Closes
24 Jul 2026
03
Allotment
27 Jul 2026
04
Listing
29 Jul 2026
Grey Market Premium
Daily GMP status
| Date | GMP | Change | Gain |
|---|---|---|---|
| 24 Jul 2026 | ₹0.00 | - | 0.00% |
| 21 Jul 2026 | ₹0.00 | - | 0.00% |
Market Lot
Application size breakdown
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 Lot | 95 | ₹14,440 |
| Retail Maximum | 13 Lot | 1,235 | ₹1,87,720 |
| S-HNI Minimum | 14 Lot | 1,330 | ₹2,02,160 |
| S-HNI Maximum | 69 Lot | 6,555 | ₹9,96,360 |
| B-HNI Minimum | 70 Lot | 6,650 | ₹10,10,800 |
Issue Notes
Important takeaways before applying
Strengths
- Operates a diversified portfolio of highway assets across multiple states and concession models.
- Uses proprietary digital tools for real-time asset monitoring and performance benchmarking.
- Operational efficiency initiatives have helped keep operation and maintenance costs stable.
- Follows a diversified procurement strategy with multiple suppliers to improve cost efficiency and reduce supply risks.
- Long-term procurement arrangements and bulk purchasing help manage maintenance costs and improve supply security.
Risks
- Competing expressways may divert traffic and reduce toll revenue on some road assets.
- Failure to keep pace with new technologies could reduce competitiveness and project opportunities.
- Extreme weather events such as floods and cyclones can damage roads and disrupt traffic.
- Climate-related uncertainties may increase maintenance costs and affect long-term traffic and revenue assumptions.
- Disruptions in the supply of key materials can delay maintenance and infrastructure activities.
Analysis
Cube Highways Trust InvIT IPO Details
Cube Highways Trust InvIT is launching its public issue through the Book Build Issue route. The issue consists entirely of an Offer for Sale (OFS), allowing existing unitholders to divest a portion of their holdings. Since there is no fresh issue component, the proceeds from the OFS will be received by the selling unitholders rather than the InvIT.
The units of Cube Highways Trust InvIT are proposed to be listed on both the BSE and NSE. Investors can subscribe to the public issue during the announced bidding period within the specified price band.
| Particular | Details |
|---|---|
| Cube Highways Trust InvIT IPO Open Date | July 22, 2026 |
| Cube Highways Trust InvIT IPO Close Date | July 24, 2026 |
| Face Value | ₹[.] Per Unit |
| IPO Price Band | ₹151 to ₹152 Per Unit |
| Issue Size | Approx ₹5,000 Crores |
| Offer for Sale (OFS) | Approx 32,89,47,368 Units |
| Issue Type | Book Build Issue |
| IPO Listing | BSE, NSE |
Analysis
Cube Highways Trust InvIT IPO Reservation
Cube Highways Trust InvIT has allocated units among different investor categories in accordance with the applicable SEBI regulations for Infrastructure Investment Trust (InvIT) public issues. The reservation structure is primarily divided between Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs).
The category-wise allocation is designed to encourage institutional participation while also providing an opportunity for eligible non-institutional investors to participate in the public issue.
| Investor Category | Shares Offered | Shares (%) |
|---|---|---|
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | – Shares | 75% |
| NII Shares Offered | – Shares | 25% |
Analysis
Cube Highways Trust InvIT IPO Dates
The Cube Highways Trust InvIT IPO will open for public subscription on July 22, 2026 and close on July 24, 2026. Eligible investors can submit their applications during this period through the ASBA process or UPI-supported platforms provided by registered brokers and banks.
The basis of allotment is expected to be finalized on July 27, 2026. Refunds to unsuccessful applicants and the credit of allotted units to successful investors' demat accounts are scheduled for July 28, 2026. The units of Cube Highways Trust InvIT are proposed to be listed on both the BSE and NSE on July 29, 2026.
| Event | Date |
|---|---|
| IPO Open Date | July 22, 2026 |
| IPO Close Date | July 24, 2026 |
| Basis of Allotment | July 27, 2026 |
| Refunds Initiation | July 28, 2026 |
| Credit to Demat Account | July 28, 2026 |
| IPO Listing Date | July 29, 2026 |
Analysis
Cube Highways Trust InvIT IPO Promoters and Holding Pattern
The details of the sponsor and promoter group for Cube Highways Trust InvIT are expected to be updated in the final offer documents. Investors should refer to the latest regulatory filings and prospectus for complete information regarding the sponsor entities and ownership structure.
Based on the currently available information, the pre-issue and post-issue holding details are provided below. Since the issue comprises an Offer for Sale (OFS), the final holding pattern may be updated after completion of the public issue.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 1,34,40,69,762 | -% |
| Promoter Holding Post Issue | 1,34,40,69,762 | -% |
Note: Information regarding the sponsor/promoter names and their percentage holding will be updated once officially disclosed in the final offer documents and post-issue shareholding pattern.
Analysis
Cube Highways Trust InvIT IPO Objects of the Issue & Utilisation of Proceeds
The detailed objectives of the Cube Highways Trust InvIT public issue have not yet been disclosed. As per the available information, the issue is primarily structured as an Offer for Sale (OFS), and additional details regarding the utilisation of proceeds, if any, are expected to be provided in the final offer documents.
Investors are advised to refer to the updated Red Herring Prospectus (RHP) or official filings once available for complete information regarding the purpose of the issue and the proposed use of funds.
| Purpose | Status |
|---|---|
| Objects of the Issue & Utilisation of Proceeds | To be updated soon |
Note: This section will be updated after the company releases the final offer document containing detailed information on the objectives of the public issue and the utilisation of proceeds.
Analysis
Cube Highways Trust InvIT - About IPO
Founded in March 2022, Cube Highways Trust is an Indian Infrastructure Investment Trust (InvIT) that acquires, owns, operates, and manages road and other infrastructure assets across India. Basically, the trust owns and manages different highway projects that earn revenue via toll collections and fixed payments from the government under long-term contracts.
The trust is sponsored by Cube Highways and Infrastructure V Pte. Ltd buys already mature, cash-generating infrastructure assets and improves their performance by maintaining and managing them well and investing money carefully. The support of Cube Group offers them strong financial backing, and experience in securing infrastructure assets helps Trust expand its portfolio, creating long-term value for its investors.
Analysis
Cube Highways Trust InvIT IPO Company Financial Report
Cube Highways Trust InvIT has reported a strong financial base backed by its portfolio of operational highway assets. The financial statements indicate steady growth in revenue and a significant asset base, reflecting the scale of the infrastructure investment trust and its road asset portfolio.
The table below summarizes the InvIT's recent financial performance, including revenue, expenses, profit after tax (PAT), and total assets. These figures help investors evaluate the operational and financial position of the trust before investing in the public issue.
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | ₹3,074.11 | ₹3,760.95 | ₹705.92 | ₹24,625.75 |
| 2025 | ₹3,453.15 | ₹3,503.47 | ₹35.72 | ₹28,000.16 |
| 2026 | ₹4,359.03 | ₹4,034.34 | ₹216.72 | ₹29,398.47 |
Amount in ₹ Crores: The above financial figures are based on the latest available financial statements of Cube Highways Trust InvIT and are intended to provide investors with an overview of the trust's financial performance before the public issue.
Analysis
Cube Highways Trust InvIT IPO Valuation – FY2026
Cube Highways Trust InvIT has disclosed its FY2026 valuation metrics, providing investors with key financial indicators such as Earnings Per Unit (EPS), Net Asset Value (NAV), EBITDA Margin, and other performance ratios. These metrics help assess the operational efficiency, asset quality, and valuation of the InvIT before subscribing to the public issue.
Since Cube Highways Trust is an Infrastructure Investment Trust (InvIT), certain conventional valuation ratios such as ROE, ROCE, and RoNW may not be directly comparable with operating companies. Investors should evaluate these metrics together with cash flow generation, asset portfolio quality, and distribution potential.
| KPI | Values |
|---|---|
| ROE | -% |
| ROCE | -% |
| EBITDA Margin | 74.20% |
| PAT Margin | -% |
| Debt to Equity Ratio | – |
| Earning Per Share (EPS) | ₹1.61 (Basic) |
| Price/Earning (P/E) Ratio | N/A |
| Return on Net Worth (RoNW) | -% |
| Net Asset Value (NAV) | ₹145.77 |
Note: The above valuation metrics are based on the FY2026 financial information disclosed by Cube Highways Trust InvIT. Investors should also consider the InvIT's asset portfolio, distribution policy, cash flows, and overall infrastructure sector outlook before making an investment decision.
Analysis
Cube Highways Trust InvIT IPO Peer Group Comparison
Comparing Cube Highways Trust InvIT with other listed Infrastructure Investment Trusts (InvITs) enables investors to evaluate its asset base, valuation, and financial position within the infrastructure sector. Since InvITs operate differently from traditional companies, Net Asset Value (NAV) is often considered a more relevant comparison metric than earnings-based ratios.
The following table provides a comparison of Cube Highways Trust InvIT with other publicly listed InvITs in India based on available financial indicators and NAV.
| Company | EPS | P/E Ratio | RoNW % | NAV | Income |
|---|---|---|---|---|---|
| IRB Infrastructure Trust | – | – | -% | 319.73 | – Cr. |
| National Highways Infra Trust | – | – | -% | 150.50 | – Cr. |
| Vertis Infrastructure Trust | – | – | -% | 106.80 | – Cr. |
| Interise Trust | – | – | -% | 117.50 | – Cr. |
| Shrem InvIT | – | – | -% | 88.12 | – Cr. |
| Oriental InfraTrust | – | – | -% | 111.24 | – Cr. |
Note: The above peer comparison is intended to help investors evaluate Cube Highways Trust InvIT alongside other listed infrastructure investment trusts. Since InvITs primarily focus on income-generating infrastructure assets, investors should consider NAV, asset quality, cash flow stability, and distribution yield in addition to traditional financial metrics before making an investment decision.
Analysis
IPO Lead Managers aka Merchant Bankers
- Kotak Mahindra Capital Company Limited
- HDFC Bank Limited
- HSBC Securities and Capital Markets (India) Private Limited
- JM Financial Limited
FAQ
Cube Highways Trust IPO FAQs
Cube Highways Trust IPO price band is Rs 151.00 to Rs 152.00. Check the latest issue price, lot size and GMP together before applying.
Cube Highways Trust IPO open date is 22 Jul 2026, close date is 24 Jul 2026, and listing date is 29 Jul 2026.
Cube Highways Trust IPO lot size is 95 shares. The minimum retail investment is Rs 14,440.
Cube Highways Trust is classified as a Mainboard IPO. This helps investors quickly understand the issue category and exchange segment.
Cube Highways Trust IPO subscription status currently shows QIB 5.9x, Overall 4.94x.
Cube Highways Trust is an infrastructure investment trust (InvIT) that owns and invests in road infrastructure assets across India through special purpose vehicles (SPVs). The Trust primarily invests in operational highway projects developed under concession agreements with the National Highways Authority of India (NHAI) and state authorities across multiple models, including Toll-Operate-Transfer (TOT), Design-Build-Finance-Operate-Transfer (DBFOT), Build-Operate-Transfer (BOT) Annuity and Hybrid Annuity Model (HAM). As of March 31, 2026, it had investments in 27 road assets, with all projects owned, operated and maintained through its SPVs. The Trust is managed by Cube Highways Fund Advisors Private Limited and follows the regulatory framework applicable to InvITs. Its objective is to generate returns by investing in eligible infrastructure assets and related investments in accordance with the InvIT Regulations and its trust documents.
Cube Highways Trust IPO issue size is 5000 and the expected allotment date is 27 Jul 2026.