Cube Highways Trust InvIT Secures Rs 1,687 Crore from Anchor Investors Ahead of IPO

Cube Highways Trust InvIT Secures Rs 1,687 Crore from Anchor Investors Ahead of IPO​

Cube Highways Trust has secured a significant vote of confidence ahead of its infrastructure public listing. The trust raised Rs 1,687.5 crore from anchor investors in the pre-IPO allocation process. This marks a key step in the InvIT's transition from a private entity to a publicly traded platform.

Anchor Investor Participation Details​

The anchor booking saw strong participation from several prominent institutional players. Funds like ICICI Prudential Life Insurance Company, SBI Life Insurance Company, HDFC Mutual Fund, and Nippon India Mutual Fund were among the marquee investors. In total, 12 mutual funds across 26 schemes participated in the anchor offering.

Prazim Trading and Investment Co Pvt Ltd, an entity linked to Premji Invest, led the anchor book. This company successfully secured units worth Rs 300 crore. The trust allotted a total of 11.10 crore units to these funds at Rs 152 per unit, as detailed in a circular issued by the BSE.

Strategic Investor Agreements Closed​

Before the public offering commenced, the InvIT had already raised Rs 1,250 crore from strategic investors. These agreements were signed on July 13th and form part of the overall issue size. Strategic investors subscribed to 8.22 crore units at a price of Rs 152 per unit.

Prazim Trading and Investment Company committed the largest share in this segment, investing Rs 950 crore for 6.25 crore units. Additionally, HDFC Life Insurance Company and HDFC Pension Fund Management each invested Rs 100 crore. Axis Max Life Insurance and WhiteOak Capital REIT & InvIT Alternatives Fund I also contributed Rs 50 crore each.

Public Offer Details and Timeline​

The public issue of the Cube Highways Trust is scheduled to open for subscription on July 22. The offering will remain open until July 24. The trust has set a price band for its public issue at Rs 151-152 per unit.

This offering constitutes a 100 per cent Offer for Sale (OFS) of units worth Rs 5,000 crore by existing unitholders. Of the net issue, 75 per cent has been reserved for qualified institutional buyers (QIBs). The remaining 25 per cent will be allocated to non-institutional investors (NIIs).

Infrastructure Portfolio Overview​

Registered with SEBI, Cube Highways Trust manages a robust portfolio of operational road assets. As of March 31, 2026, the trust owns these assets covering 8,754 lane kilometres across 12 states and one Union Territory. This vast network gives investors exposure to long-term infrastructure stability.

The InvIT portfolio features an average remaining concession life spanning 18 years. The units are slated for listing on both the BSE and NSE exchanges. The allotment process is expected to be finalized around July 29th, with refunds and demat credit likely by July 30. Trading commencement on the exchanges is anticipated around August 3.

Book Running and Registration Details​

The success of this IPO is supported by a team of established financial players. Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India) Pvt Ltd, and JM Financial are acting as the book-running lead managers for the issue. KFin Technologies has been appointed as the registrar for the trust's units.