Cube Highways Trust InvIT IPO 2026: dates, GMP, bids

What opened and why it is being tracked

Cube Highways Trust, a SEBI-registered Infrastructure Investment Trust (InvIT), opened its public issue on July 22, 2026, with the subscription window scheduled to close on July 24, 2026. The issue has drawn attention because it is sized at ₹5,000 crore and is structured as a full Offer for Sale (OFS). In a pure OFS, the Trust does not receive proceeds and the money goes to selling unitholders, which changes how investors interpret the fund-raising impact on the platform.

The offer is book-built and priced in a narrow band of ₹151 to ₹152 per unit. The lot size is 95 units, and investors can apply in multiples of 95. The minimum investment amount varies with the bid price, working out to ₹14,345 at ₹151 and ₹14,440 at ₹152.

IPO size, structure, and what “100% OFS” implies

The public issue is stated as an OFS aggregating up to ₹5,000 crore. Multiple disclosures in the provided information also describe the issue as comprising about 32.89 crore units (also shown as 328.9 million units / 32,89,47,368 units in different places). Because no fresh units are being issued, the Trust is not raising growth capital through this offer.

That detail matters for investors who typically look for balance sheet strengthening or asset acquisition pipelines funded by IPO proceeds. Here, the stated structure indicates the sale is meant to broaden the investor base and improve liquidity, while the cash flows from the transaction accrue to selling unitholders.

Price band, lot size, and investor categories

The price band is ₹151 to ₹152 per unit. The lot size is fixed at 95 units, with applications allowed only in multiples of 95 units. A table in the supplied data shows eligible investors applying as “Regular” up to ₹2 lakhs and “High Networth Individual” in the ₹2 to ₹5 lakhs range, both at the same price band and lot size.

A note in the information states that application cancellation is not allowed for any category, as per regulations mentioned alongside the issue schedule.

Key dates: open, close, allotment, listing

The core schedule repeatedly states the IPO opens on July 22, 2026 and closes on July 24, 2026. However, the information includes more than one tentative timeline for allotment and listing. One set of dates mentions allotment expected on July 27, refunds and demat credit on July 28, and listing on July 29. Another schedule lists allotment on July 29 and listing on August 3, 2026, with refunds and demat credit shown around July 30 to July 31.

Given the differences, investors typically rely on the final exchange and registrar timetable once bidding closes and the basis of allotment is finalized.

Anchor book: what is disclosed

Ahead of the issue opening, Cube Highways Trust raised funds from anchor investors. One disclosure states the InvIT raised ₹1,687.5 crore from anchor investors and allotted 11.1 crore units to 59 anchor investors at ₹152 per unit. Another data point says it raised ₹1,250 crore by allotting 8,22,36,840 units at ₹152 per unit to 5 anchor investors.

The information also notes mutual fund participation within the anchor allocation, stating 4.14 crore units were applied for by 12 mutual funds through 26 schemes, including names such as HDFC AMC, SBI Mutual Fund, Nippon Life India, Tata MF, ICICI Prudential AMC, Kotak Mahindra AMC, Axis Mutual Fund, Aditya Birla Sun Life AMC, HSBC MF, and Invesco India.

Subscription and demand: early trends from exchange data

Subscription indicators in the provided data point to a slow start. A snapshot shows total subscription at 0.01x as of 22 Jul’26, 11:20 AM, with Retail Individual Investor at 0.00x. Another update states subscription was 3% on day 2 so far, with “other investors” at 7% and institutional investors yet to receive bids at that time.

Exchange data points also show bids for 46,02,940 units against 13,65,89,480 units on offer at 10:45 IST (as referenced), and later 70,53,370 units bid against 13,65,89,480 units on offer at 17:00 IST on Thursday, July 23, 2026, translating to 0.05 times subscription in that snapshot.

Grey market premium (GMP): what ₹0 signals

The grey market premium for the issue is stated as ₹0. This indicates reported grey-market trading at the issue price of ₹152, with no premium or discount cited in the supplied data. GMP is an informal indicator and is not an exchange measure, but the ₹0 reading is being cited as a signal of muted unofficial-market sentiment during the subscription window.

About Cube Highways Trust and its asset base

Cube Highways Trust is described as an infrastructure investment trust that acquires, owns, and operates road and other infrastructure assets in India. It is sponsored by Cube Highways and Infrastructure V Pte. Ltd. and managed by Cube Highways Fund Advisors.

One background detail provided says the Trust had 27 operational assets spanning 8,754 lane kilometres across 12 states and one Union Territory as of March 31, 2026, with an average residual concession life of 18 years. This context is relevant because InvIT distributions and stability are often assessed through the operating asset base and remaining concession tenure.

Key issue facts at a glance

Intermediaries named for the issue

Kotak Mahindra Capital Co. Ltd. is named as the Book Running Lead Manager for the issue. KFin Technologies Ltd. is listed as the registrar. The issue is scheduled to list on the BSE and NSE, with listing dates appearing in the supplied data as either July 29, 2026 or August 3, 2026 depending on the timeline referenced.

Why these datapoints matter for investors

For investors evaluating an InvIT IPO, the OFS structure is a central factor because it clarifies that the Trust itself is not receiving new capital through this transaction. The narrow price band and the early subscription snapshots provide a real-time view of demand during the bidding window, while the anchor allocation disclosures show which categories of institutions participated before the public book.

With multiple timelines appearing in the provided information, the practical takeaway is to track the final allotment and listing schedule released post-closure, and to align application amounts to the chosen bid price given the 95-unit lot size.

Conclusion

Cube Highways Trust’s InvIT IPO is a ₹5,000 crore, 100% OFS issue priced at ₹151 to ₹152 per unit, with a 95-unit lot size and a reported GMP of ₹0. The subscription window runs from July 22 to July 24, 2026, while allotment and listing dates vary across the timelines cited in the provided data, including July 29 and August 3 as key milestones.