Cube Highways files Rs 50 billion OFS to convert into India’s first public InvIT

Cube Highways Trust (Cube InvIT) has filed for the country’s first conversion of a privately listed InvIT into a publicly listed one through the offer for sale (OFS) route, aiming to raise Rs 50 billion. Backed by global investors such as I Squared Capital, British Columbia Investment Management Corporation, and Mubadala Investment Company, Cube plans to transition to a public InvIT structure through the OFS route, marking a first-of-its-kind move in India’s InvIT space. Under the OFS, the InvIT, sponsored by Cube Highways and Infrastructure Private Limited, will see existing unitholders sell units aggregating up to Rs 50 billion. These include BCI IRR India Holdings Limited Partnership, Cube Highways and Infrastructure II and III Private Limited, Cube Mobility Investments Private Limited, and Seventy Second Investment Company LLC.