Upcoming IPO: Cube Highways Trust has filed preliminary papers with the capital market regulator SEBI to raise funds to the tune of Rs 5,000 crore through an IPO. 

Cube Highways Trust is an infrastructure investment trust (InvIT).

The proposed IPO will be entirely an OFS by the existing shareholders – Cube Highways and Infrastructure II, Cube Highways and Infrastructure III, Cube Mobility Investments, BCI IRR India and Seventy Second Investment Company.

"Cube Highways Trust (Trust) is a privately listed infrastructure investment trust and is proposing conversion from a privately listed infrastructure investment trust to a public InvIT through an Offer-for-Sale of units aggregating up to Rs 5,000 crore," according to the documents filed on Tuesday.

Cube Highways Trust implements the public-private partnership model in the country's highways sector to operate and manage highway projects in association with the central and state governments. Its asset under management (AUM) stood at Rs 36,520 crore as of September 2025.

The InvIT is backed by Squared Capital, an arm of the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, Abu Dhabi's sovereign investor and Mubadala Investment Company.

The conversion to a public InvIT will help Cube Highways Trust to have access to a broader and more diversified investor base beyond private capital.

As of September 2025, the Trust operates 27 road assets across 12 states and one union territory, out of which 18 are toll roads, 6 are hybrid annuity models, and 3 are annuity assets. 

Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India) Private Ltd, and JM Financial are the book-running lead managers for the offer, and Axis Trustee Services is the trustee.

Earlier this month, state-owned National Highways Authority of India-sponsored Raajmarg Infra Investment Trust launched its Rs 6,000-crore IPO. The issue received strong demand from investors.