Cube Highways Trust is planning to launch its Rs 50-billion initial public offering (IPO) in July 2026. The issue will comprise entirely an offer-for-sale (OFS) component and is aimed at broadening its investor base and improving liquidity. As of March 31, 2026, Cube Highways Trust (Cube InvIT) owned 27 operational highway assets covering 8,754 lane km across 12 states and one Union Territory, with an average residual concession life of 18 years.
Around 85 per cent of the trust’s portfolio comprises toll road assets that benefit from traffic growth and inflation-linked toll revisions, while the remaining 15 per cent consists of annuity assets backed by contracted payments from the National Highways Authority of India (NHAI).
Cube InvIT declared a distribution of Rs 13.77 per unit for 2025-26, taking the total distribution for the year to Rs 18.51 billion. At the end of March, the trust’s net debt stood at Rs 177.68 billion, while its net debt-to-enterprise value ratio was 46.82 per cent. Assets under management increased to Rs 368.42 billion following nine acquisitions during the financial year.
The trust has also signed commitment letters for four highway projects with a combined enterprise value of about Rs 73 billion. Once completed, these acquisitions will expand its portfolio to 31 assets across 13 states and one Union Territory. It has also secured a right of first offer on three sponsor assets, providing an additional pipeline for future growth.