Cube Highways Trust IPO: ₹5,000-crore OFS in 2026

What Cube Highways Trust is planning

Cube Highways Trust has started roadshows for its initial public offering (IPO) as it prepares to convert from a privately listed Infrastructure Investment Trust (InvIT) to a publicly listed InvIT. People familiar with the matter said the trust is aiming for an October launch, although the schedule could shift depending on investor demand during roadshows.

The proposed IPO is structured entirely as an Offer for Sale (OFS) of units aggregating up to ₹5,000 crore. That means existing unitholders will sell their units to new investors, and the offer is positioned as a route for current investors to potentially exit, while also expanding participation in the InvIT’s units through a public listing.

Roadshows begin, pricing discussions to follow

The trust has begun engaging with a select set of domestic and overseas institutions as part of the roadshow process. One of the people cited said the Draft Red Herring Prospectus (DRHP) had been filed in March, but that it was important to wait out a few uncertain months before stepping up investor outreach.

A second person confirmed the roadshow activity and said the timeline may contract or stretch depending on the kind of demand that emerges. Pricing decisions are expected only after feedback from these meetings, based on what the trust and the lead managers see in terms of appetite for the units.

Regulatory filing and the SEBI process

Cube Highways Trust filed its draft offer document with SEBI on March 17, 2026, marking the start of the regulatory process for the conversion and listing. Investors tracking the transaction are expected to watch the SEBI approval process closely, along with the final terms of the OFS.

The filing describes the trust as a privately listed InvIT proposing conversion to a public InvIT through an OFS of units aggregating up to ₹5,000 crore. The proposed listing is intended to improve market visibility and liquidity for the units, according to the information provided.

Who is selling units in the OFS

The OFS will involve existing unitholders offloading units. Entities named in the documents include Cube Highways and Infrastructure II, Cube Highways and Infrastructure III, Cube Mobility Investments, BCI IRR India, and Seventy Second Investment Company.

Separately, the trust is described as being backed by global investors including the Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Co. Other backers mentioned include I Squared Capital and British Columbia Investment Management Corporation.

One detail highlighted in reports around the issue is that no additional lock-in will apply to non-sponsor unitholders.

Portfolio expansion planned before the offer completes

Ahead of the offer’s completion, the trust plans to acquire four additional highway and tunnel project special purpose vehicles (SPVs) through swap transactions. After these additions, the portfolio is expected to increase to 31 road assets totaling 9,811 lane kilometres.

As of September 2025, the trust had 27 road projects spread across 12 states and one union territory. The asset mix cited includes 18 NHAI toll assets, 3 NHAI annuity assets, and 6 hybrid annuity model (HAM) assets. The trust’s assets were valued at ₹36,519.91 crore as of September 30, 2025, and another report cited assets under management of about ₹36,520 crore as of September 2025.

Issue managers, trustee, registrar and listing venue

The book-running lead managers named for the offer are Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India) Private Ltd, and JM Financial. Axis Trustee Services is the trustee.

KFin Technologies Limited is named as registrar in material circulated about the proposed offering. The units are expected to be listed on the NSE and BSE.

Key facts at a glance

Market impact and what investors are watching

The proposed transaction is notable because it is presented as a conversion of a privately listed InvIT to a public InvIT through the OFS route. For markets, the key point is that the offering is an OFS by existing unitholders, which can change the investor mix by bringing in new institutional and other public market investors.

With the trust planning to add four highway and tunnel SPVs before completion, investors may focus on how the expanded portfolio of 31 assets and 9,811 lane kilometres is reflected in the final offer document and the eventual pricing. Another focus area is the SEBI review process and the final terms of the offer once the trust and its managers conclude roadshows and gauge demand.

Conclusion

Cube Highways Trust’s ₹5,000-crore IPO plan, structured fully as an OFS, is built around a strategic shift from a privately listed InvIT to a publicly listed one. Roadshows are underway and the targeted October timing remains dependent on investor demand and progress in the SEBI approval process.