As per the preliminary document, the IPO will be entirely an OFS with no fresh issue component. Meaning, the existing shareholders of the company will take exit via OFS.
Cube Highways Trust, which is a privately listed InvIT, now wants to go public by selling ₹5,000 crore worth of units via Offer-for-Sale.
Cube Highways and Infrastructure II, Cube Highways and Infrastructure III, Cube Mobility Investments, BCI IRR India, and Seventy Second Investment Company will be selling their stake via the OFS component.
Cube Highways Trust works with the central and state governments using the public-private partnership model to run and manage the highway projects across India. As of September 2025, its Assets Under Management (AUM) is worth about ₹36,520 crore.
Recently, this month, Raajamarg Infra Investment fund, an InvIT fund sponsored by NHAIs, launched its IPO, receiving strong demand from investors.
The firm is backed by many big global investors, such as Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company, British Columbia Investment Management Corporation, and Abu Dhabi’s sovereign investor.
The company said that right now, only private investors can invest in Cube Highways. But going public will allow public investors and other big institutions like Mutual funds, insurance companies, and pension funds to easily invest in the Cube Highways Trust, which was limited before due to low liquidity.
As of September 2025, the Trust manages 27 road assets in 12 states and one union territory. Of them, 18 were toll roads, 6 were hybrid annuity models, and 3 were annuity assets.
The book-running lead managers of the issue are Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India) Private Ltd., and JM Financial. For more such IPO-related insights and updates, follow IPO Watch.
