- India’s largest highway InvIT public issue opens on Wednesday, July 22 with marquee investors already committing ₹1,250 crore
IIM Ahmedabad alumnus Vinay C. Sekar leads the Trust’s public market debut with a diversified portfolio of mature, cash-generating road assets
26 operational highways across 12 states and 1 Union Territory, 8,754 lane km and an average residual concession life of 18 years underpin long-term revenue visibility
Trust eyes strategic acquisitions in West Bengal, Madhya Pradesh, Karnataka and Jammu & Kashmir to accelerate future growth
Institutional backing from Premji Invest, HDFC Life, HDFC Pension, Axis Max Life and WhiteOak signals strong confidence ahead of the IPO
Offering investors an opportunity to participate in India’s infrastructure monetisation story through stable, yield-oriented highway assets
R MANICKAVASAGAM
AHMEDABAD, JULY 16
As India races towards becoming a $5-trillion economy, can investors participate in the country’s infrastructure boom without constructing a single kilometre of highway? Cube Highways Trust believes they can. Riding on a portfolio of mature, revenue-generating road assets and backed by marquee institutional investors, the country’s largest Infrastructure Investment Trust (InvIT) IPO is positioning itself as a gateway to India’s fast-expanding infrastructure economy.
Cube Highways Trust on Thursday fixed the price band at ₹151-152 per unit for its ₹5,000-crore public Infrastructure Investment Trust (InvIT) issue, valuing the Trust at ₹20,430 crore, as it prepares to make its transition from a privately listed InvIT to a publicly listed platform.
The public issue will open on July 22 and close on July 24, while anchor investor bidding is scheduled for July 21. Investors can bid for a minimum of 95 units and thereafter in multiples of 95 units.
Even before the public issue opens, the Trust has demonstrated strong institutional credibility by securing ₹1,250 crore from strategic investors, accounting for a quarter of the overall issue size.
The biggest commitment has come from Premji Invest-backed Prazim Trading and Investment Company, which will invest ₹950 crore, while HDFC Life Insurance Company, HDFC Pension Fund Management, Axis Max Life Insurance and WhiteOak Capital REIT & InvIT Alternatives Fund I have also committed investments, underscoring growing institutional confidence in India’s infrastructure investment story.
Led by Vinay C. Sekar, an alumnus of the Indian Institute of Management Ahmedabad (IIM-A), Cube Highways Trust today owns one of India’s largest diversified portfolios of operational highway assets.
As of March 31, 2026, the Trust managed 27 operational road assets (currently 26 following the expiry of one concession) spanning 8,754 lane kilometres across 12 states and one Union Territory, with an average residual concession life of 18 years.
Its portfolio includes strategically located toll roads, toll-operate-transfer (TOT) projects and hybrid annuity assets covering several of India’s busiest transport corridors. Approximately 85 per cent of its assets comprise toll projects, while the remaining 15 per cent consists of annuity-based assets, providing a balanced mix of predictable cash flows and long-term growth potential.
The portfolio has an aggregate enterprise value of nearly ₹36,842 crore, making it one of the country’s largest operational road InvIT platforms.
Unlike conventional infrastructure developers, Cube Highways Trust owns mature, income-generating highway assets that already produce regular cash flows, allowing investors to participate in India’s infrastructure expansion through periodic distributions rather than depending solely on capital appreciation.
The current public issue is a 100 per cent Offer for Sale (OFS) by existing unitholders, including BCI IRR India Holdings, Seventy Second Investment Company, Cube Highways and Infrastructure and Cube Mobility Investments. While the Trust itself will not receive fresh capital from the IPO, the listing is expected to broaden investor participation, enhance liquidity and strengthen its long-term capital market profile.
Looking beyond the listing, Cube Highways Trust has identified a robust acquisition pipeline and is evaluating operational road assets in West Bengal, Madhya Pradesh, Devanahalli (near Bengaluru) in Karnataka, and the Chenani–Nashri Tunnel corridor in Jammu & Kashmir, reflecting its strategy of expanding through high-quality, cash-generating transportation assets.
Speaking on the company’s public market debut, Vinay C. Sekar, Chief Executive Officer of Cube Highways Trust, said, “The listing represents a significant milestone in creating long-term value through India’s infrastructure growth while offering investors access to a diversified portfolio of operational road assets supported by stable cash flows and disciplined asset management.”
Pankaj Vasani, Chief Financial Officer, said, “Te Trust’s portfolio has been built around mature operational assets with long concession periods, prudent capital allocation and strong governance standards, providing investors with visibility on long-term distributions while maintaining financial discipline.”
Market observers believe the IPO comes at a time when Infrastructure Investment Trusts are emerging as one of the most preferred investment vehicles for monetising operational infrastructure assets. Supported by the Government’s National Infrastructure Pipeline, PM Gati Shakti, and the National Highways Authority of India’s road monetisation programme, the sector is expected to witness sustained growth over the coming decade.
For investors seeking relatively stable yields backed by essential infrastructure assets rather than greenfield construction risks, Cube Highways Trust’s diversified highway portfolio offers exposure to one of India’s fastest-growing infrastructure themes.
The units are proposed to be listed on the BSE and NSE, with the basis of allotment expected around July 29, credit of units likely on July 30, and listing tentatively scheduled for August 3.
Why Investors Are Watching Closely
- India’s largest highway InvIT IPO by valuation.
- ₹1,250 crore already committed by marquee institutional investors.
- Portfolio valued at nearly ₹36,842 crore.
- 26 operational highways generating established cash flows.
- Strong acquisition pipeline across high-growth transport corridors.
- Exposure to India’s infrastructure monetisation and highway expansion story.
- Managed by an experienced leadership team with global infrastructure expertise.
