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This highway asset company wants to raise ₹5,000cr via IPO
05 Jul 2026

Cube Highways Trust, a leading player in India's highway asset sector, is gearing up for a ₹5,000 crore initial public offering (IPO).

The move is part of its strategy to widen its investor base and enhance liquidity.

The upcoming issue will be entirely an offer-for-sale (OFS), as per the draft papers filed by the company.

Portfolio of 27 operational assets
Asset overview

As of March 31, 2026, Cube Highways Trust (Cube InvIT) managed a portfolio of 27 operational assets across 12 states and one Union Territory.

The assets covered a total of 8,754 lane kilometers with an average residual concession life of 18 years.

CEO Vinay C Sekar said in the FY26 annual report that their strategy focuses on disciplined acquisitions, predictable distributions, financial prudence, and operational efficiency.

Portfolio mainly consists of toll road assets
Financial highlights

Cube InvIT's portfolio mainly consists of toll road assets (85%) that benefit from traffic growth and inflation-linked toll revisions.

The remaining 15% are annuity assets backed by contracted payments from the National Highways Authority of India (NHAI).

For FY26, the trust declared a distribution per unit of ₹13.77, bringing total distributions for the year to ₹1,851 crore.

Net debt at end of March stood at ₹17,768cr
Financial standing

At the end of March, Cube InvIT's net debt was ₹17,768 crore with a net debt-to-enterprise value ratio of 46.82%.

The assets under management also grew to ₹36,842 crore due to nine acquisitions made during the fiscal year.

The trust has also signed commitment letters for four highway projects worth around ₹7,300 crore in total enterprise value.