Cube Highways Trust was incorporated on December 7, 2021. The company is sponsored by Cube Highways and Infrastructure V Pte. Ltd., an experienced infrastructure investor with a strong track record in acquiring, operating, and managing mature road assets across India. The sponsor's expertise supports the company's operational strength and long-term growth
| Bidding Dates |
|---|
| 22 Jul 2026 - 24 Jul 2026 |
| Subscription |
|---|
| 9.35x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,345 | 1 | 13 | 95 | 328.9 M | ₹151 - ₹152 | - | ₹49671.1 M - ₹50000.0 M | RHP DOC |
Cube Highways Trust IPO SUBSCRIPTION STATUS
24 Jul '26Cube Highways Trust IPO overall subscription rate was 9.35 times the total available shares
Cube Highways Trust IPO non-institutional investor subscription rate was 4.74 times in the non-institutional investor category
Cube Highways Trust IPO Qualified Institutional Bidder subscription rate was 13.2 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | - | 25% | 75% |
24 Jul 2026 (Day 3) | - | 4.74x | 13.2x |
23 Jul 2026 (Day 2) | - | 0.45x | 0x |
22 Jul 2026 (Day 1) | - | 0.1x | - |
Cube Highways Trust FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 4,238.9 | 216.7 | 3,802.9 | 3,742.5 | 74.2% |
| FY25 | 3,307.1 | -35.7 | 2,916.4 | 2,735.1 | 68.9% |
| FY24 | 2,916.1 | -705.9 | 1,869.9 | 1,359.4 | 44.5% |
Cube Highways Trust IPO SUBSCRIPTION STATUS DETAILS
Cube Highways Trust had 328.9 M shares on offer
Cube Highways Trust IPO offer price was in the range ₹151 - ₹152
Cube Highways Trust IPO minimum Investment was ₹14345
Cube Highways Trust IPO issue size was ₹ 49671.1 M - ₹ 50000.0 M
Cube Highways Trust had a minimum lot size of 95 Shares per application
Cube Highways Trust NUMBER OF SHARES ON OFFER
Cube Highways Trust IPO IMPORTANT DATES
| Issue Open Date | 22 Jul 2026 |
| Issue close Date | 24 Jul 2026 |
| Allotment Date | 29 Jul 2026 |
| Refund Date | 30 Jul 2026 |
| Demat Account Credit Date | 30 Jul 2026 |
| Listing Date | 03 Aug 2026 |
| Listing on Exchange(s) | NSE and BSE |
| Cube Highways Trust Allotment Status | Exchange/ Registrar |
Cube Highways Trust IPO subscription opened on 22 Jul 2026, and closed on 24 Jul 2026
IPO allotment for Cube Highways Trust was finalized on Wednesday, 29 Jul 2026
IPO listing for Cube Highways Trust was on NSE and BSE on Monday, 03 Aug 2026
Cube Highways Trust IPO LISTING GAINS
| Issue Price (adjusted) | 152.0 |
| Listing Open Price | 156.1 |
| Listing Close Price | 156.5 |
| Listing Gain% | 2.7% |
| Current Gain% | 4.5% |
Cube Highways Trust Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cube Highways Trust | 158.8 | 19.7 | 8.4 | 7.4 | 3.5 | 2106.3 | 11 | 999.6 | 187.4 | 8.1 | |||
| Knowledge Realty Trust | 117.3 | 52024.4 | 10.5 | 0.9 | 4146.9 | 15.6 | 222.5 | -34.5 | |||||
| Altius Telecom Infrastructure Trust | 171.5 | 44641.4 | 5.6 | 1.1 | 19623.7 | 47 | 839.9 | -25 | |||||
| Embassy Office Parks REIT | 441.3 | 41828.7 | 1.6 | 0.7 | 4675.8 | 11.8 | 338.5 | -79.2 | |||||
| Bagmane Prime Office REIT | 107.4 | 36509.2 | 56.5 | 12.4 | 2390.9 | 6.9 | 896.5 | 10.8 | |||||
| National Highways Infra Trust | 164 | 31764.3 | 2.9 | 1.3 | 4322.2 | 78.9 | 685.5 | 110.9 |
Cube Highways Trust INFORMATION ON IPO ISSUE
About Cube Highways Trust
Cube Highways Trust was incorporated on December 7, 2021. The company is sponsored by Cube Highways and Infrastructure V Pte. Ltd., an experienced infrastructure investor with a strong track record in acquiring, operating, and managing mature road assets across India. The sponsor's expertise supports the company's operational strength and long-term growth
Object of the Issue
- The object of the offer is for conversion of the trust from a privately listed infrastructure investment trust to a publicly listed infrastructure investment trust through an offer for sale aggregating up to Rs 5,000 crore
Cube Highways Trust - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Upendra Kumar Sinha | Chairman & Independent Director |
| Jayesh Ramniklal Desai | Independent Director |
| Surinder Chawla | Independent Director |
| Fereshte Dhunjishaw Sethna | Independent Director |
| Sandeep Lakhanpal | Non-Executive Director |
| Helly Bharat Ajmera | Non-Executive Director |
| Raviraj Vipul Acharya | Non-Executive Director |
Cube Highways Trust Book Running Lead Manager
Kotak Mahindra Capital Company Limited
CHT.invIT@kotak.com
HDFC Bank Limited
cubehighways.invit@hdfcbank.com
HSBC Securities and Capital Markets (India) Private Limited
chtinvit@hsbc.co.in
JM Financial Limited
cubehighways.invit@jmfl.com
Cube Highways Trust Registrar to the Offer
KFin Technologies Limited
cube.invit@kfintech.com
Cube Highways Trust Strengths
Diversified portfolio
The company operates a geographically diversified portfolio of 26 toll road and annuity assets across 12 states and one union territory, covering major national highway corridors. Its diversified traffic mix across industrial, freight, and passenger routes provides stable revenue and reduces concentration risk
Differentiated & proven M&A capabilities
The company has a strong track record of acquiring and integrating road assets, expanding its portfolio significantly since its listing in 2023. Its acquisitions have diversified revenue through a balanced mix of toll and annuity assets while strengthening its presence across key infrastructure corridors
Strong construction capabilities
The company follows a disciplined acquisition strategy focused on mature road assets with proven performance, long concession periods, and stable cash flows. Its diversified portfolio and rigorous due diligence process support long-term returns, operational efficiency, and effective risk management
Cube Highways Trust Risks
Cost overruns risks
The company may acquire infrastructure projects under construction, exposing it to risks such as regulatory delays, cost overruns, labour shortages, and project execution challenges. Any significant delays or disruptions could increase costs, postpone revenue generation, and adversely affect its financial performance and future growth
Regulatory risks
The company must comply with evolving environmental, health, and safety regulations for its road assets and operations. Any failure to meet these requirements or changes in regulatory standards could increase compliance costs, disrupt operations, and adversely affect its financial performance
Land acquisition risks
The company depends on concessioning authorities for land acquisition, right of way, and utility shifting required for its road projects. Any delays or disputes in these activities could disrupt project execution, increase costs, reduce revenues, and adversely affect its financial performance
IPO FAQs
This IPO consists of an offer for sale of up to Rs 5,000.0 crore, of 328,947,368 shares.
The category allocation of qualified institutional buyers is 75.0%, the category allocation of non individual investors or high networth individuals is 25.0% and for retail investors it is 0.0%.
The price band of the IPO is Rs 151.0 - 152.0.
The IPO application opens on Jul 22, 2026 and closes on Jul 24, 2026.
The minimum lot size for the IPO is 95. The maximum lot size for the IPO is 1235.
For all category investors, the minimum application amount for this IPO is Rs. 14,345.0, the maximum value for this IPO is Rs 187,720.0.
This IPO will be allotted on Jul 29, 2026.
The refund will be credited to your account on Jul 30, 2026.
The allotted shares will be credited to your demat on Jul 30, 2026.
Cube Highways Trust’s shares listed on the stock exchanges on Aug 03, 2026.