Cube Highways Trust
Cube Highways Trust is an Indian Infrastructure Investment Trust (InvIT) that acquires, owns, operates, and manages road and other infrastructure assets across India. The trust generates revenue primarily through toll collections and fixed payments from the government under long-term contracts.
Price Band
₹152 - ₹152
Lot Size
95 Shares
Issue Size
₹5,000.00 Cr
Fresh Issue
Nil (Pure OFS)
OFS
₹5,000.00 Cr (Full Issue)
Registrar
AI Sentiment Score
Listing Price
₹155.00
vs Issue: ₹152 (+1.97%)
📅 IPO Timeline
1
Open
TBD
2
Close
TBD
✓
Allotment
Jul 29
✓
Refund
Jul 30
✓
Demat
Jul 30
✓
Listing
Jul 31
✨ AI Analysis & Prediction
-5.1%
predicted listing gain
The high QIB demand is offset by a massive issue float of ₹5,000 crore which creates significant absorption drag. Combined with a very low GMP of 1.32% and inconsistent PAT trends, the listing is expected to be flat to slightly negative.
💪 Strengths
- Strong financial backing and expertise from Cube Group
- High EBITDA margin of 74.20%
- Stable revenue streams from toll and government contracts
⚠️ Weaknesses
- Inconsistent PAT growth over the last three years
- Zero retail quota limiting broader market participation
- Extremely large issue size creating a liquidity drag
🚀 Opportunities
- Expansion of portfolio through further acquisition of mature road assets
- Potential for increased traffic volume on managed highways
🛡️ Threats
- Regulatory changes in tolling and government contract payments
- Interest rate fluctuations affecting the cost of capital for InvITs
📊 Key Financials
| Metric | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue (₹ Cr) | 3,074.11 | 3,453.15 | 4,359.03 |
| PAT (₹ Cr) | 705.92 | 35.72 | 216.72 |
📋 Live Subscription Status
QIB
13.20x
NII
4.74x
Retail
0.00x
Total
9.35x
Updated: Aug 3, 2026 8:08 AM
📈 Shareholding & Anchor Lock-In
🔗 Important Links & Lead Managers
- Check Allotment StatusCheck Now →
- Registrar WebsiteVisit →
- Download DRHP ProspectusDownload PDF 📥
- Download RHP ProspectusDownload PDF 📥
Lead Managers / Merchant Bankers
This issue is managed by Hem Securities Ltd., and Share India Capital Services Pvt. Ltd.
Disclaimer: The information provided on this page is for educational and informational purposes only and does not constitute financial advice. IPO investments are subject to market risks. AI-generated analysis is based on publicly available data and may not be accurate. Grey Market Premium (GMP) is unofficial and highly speculative. Always consult a qualified financial advisor and read the DRHP/RHP carefully before making investment decisions.
Founded in March 2022, Cube Highways Trust has evolved as a strategic vehicle for infrastructure management in India. It operates as an Infrastructure Investment Trust (InvIT), focusing on the acquisition and management of mature, cash-generating road assets to create long-term value for its unit holders.
The business model revolves around owning and operating highway projects. Revenue is derived from two primary streams: direct toll collections from vehicle traffic and fixed annuity payments received from the government under long-term contractual agreements.
By leveraging the support of the Cube Group, the trust benefits from strong financial backing and deep expertise in securing and optimizing infrastructure assets. This sponsorship allows the trust to identify and integrate high-performing assets into its portfolio effectively.
The trust focuses on improving the operational performance of its assets through professional management and careful capital investment. This strategic approach ensures that the acquired highways maintain high standards of safety and efficiency, maximizing the tolling potential and overall asset value.
The Cube Highways Trust InvIT IPO is a mega-issue aiming to raise approximately ₹5,000 crore. The price band is set at ₹151 to ₹152 per share, with a minimum lot size of 95 shares costing ₹14,440. The issue opened on July 22, 2026, and closed on July 24, 2026, with listing scheduled for July 31, 2026, on both the BSE and NSE. Notably, the retail quota is 0%, with 75% reserved for QIBs and 25% for HNIs.
Financially, the trust has shown consistent top-line growth, with revenue increasing from ₹3,074.11 crore in 2024 to ₹3,453.15 crore in 2025, and reaching ₹4,359.03 crore in 2026. However, the bottom line has been volatile; while it reported a profit of ₹705.92 crore in 2024, it saw a sharp decline to ₹35.72 crore in 2025, before recovering to ₹216.72 crore in 2026.
Valuation-wise, the trust's Net Asset Value (NAV) is reported at ₹145.77, placing the issue price of ₹152 at a slight premium. The Basic EPS for 2026 stands at ₹1.61. When compared to peers like IRB Infrastructure Trust and National Highways Infra Trust, the trust positions itself as a large-scale player in the InvIT space.
Key strengths include the strong sponsorship of the Cube Group and a diversified portfolio of cash-generating assets with high EBITDA margins of 74.20%. However, the lack of retail participation and the immense size of the float may lead to listing day volatility. Investors should consider the trust as a long-term yield play rather than a short-term listing gain opportunity, given the neutral review and low current GMP.