Cube Highways Trust’s initial public offering, a 100% offer‑for‑sale, closed on July 24 with a subscription level of 9.35 times the units offered. By 5 p.m. that day, investors had bid for 1,27,77,54,655 shares against a 13,65,89,480 share issue.
The Trust priced the units between ₹151 and ₹152, targeting a raise of ₹5,000 crore. The price band was set by the National Stock Exchange before the offer opened on July 22.
The grey‑market premium reported on the day of the offer was ₹0, meaning units traded at the issue price of ₹152 with no premium or discount.
Prior to the public issue, Cube Highways Trust had secured ₹1,687.5 crore from 59 anchor investors, allocating 11.1 crore units at the top of the price band. Key anchor names included 12 mutual fund houses such as HDFC AMC, SBI Mutual Fund, Nippon India, Tata Mutual Fund and ICICI Prudential AMC, along with global banks like Citigroup and Morgan Stanley.
Because the IPO is a full OFS, the Trust itself receives no proceeds; the money goes to the selling unitholders as the InvIT moves from a private to a public listing.
The Trust owns 27 operational road assets covering about 8,754 lane‑kilometers across 12 states and one Union Territory, with an average remaining concession period of 18 years. These assets are supported by AAA‑rated debt facilities.
Allotment for the IPO is expected to be finalized on July 29, 2026. Refunds and credit of units to successful applicants’ demat accounts should occur on July 30, and the units are slated to list on the BSE and NSE on August 3.
Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets, and JM Financial served as the book‑running lead managers for the issue.