Cube Highways Trust InvIT

Cube Highways Trust is a Securities and Exchange Board of India registered infrastructure investment trust (InvIT) established to acquire, manage, and operate income-generating highway and road assets across India. The trust holds a geographically diversified portfolio of road stretches operated under long-term concession agreements with the National Highways Authority of India and state road development corporations, generating revenue via toll collection, annuity payments, and hybrid-annuity cash flows. Formed between 2021 and 2022, the trust initially listed its units privately on Indian stock exchanges in April 2023. This public offering transitions the trust from a private InvIT structure to a fully public listing, expanding its investor base without raising fresh primary capital for the trust. The underlying portfolio consists of 27 road assets spanning approximately 8,754 lane kilometers across 12 Indian states and one union territory, boasting an average remaining concession life of about 18 years. The trust is managed by Cube Highways Fund Advisors Private Limited as investment manager, with Axis Trustee Services Limited serving as the trustee. The sponsoring entities belong to the broader Cube Highways group, backed by major global institutional infrastructure investors such as I Squared Capital, the Abu Dhabi Investment Authority, Mubadala Investment Company, and British Columbia Investment Management Corporation. Under InvIT regulatory guidelines, the trust distributes at least 90 percent of its net distributable cash flows to unitholders on a regular basis. For the fiscal year ended March 31, 2026, the trust declared distributions per unit totaling approximately Rs 13.77, representing aggregate payouts of nearly Rs 1,851 crore. At the offer price band of Rs 151 to Rs 152 per unit, the units trade close to net asset value, offering investors a steady yield backed by long-term infrastructure cash flows.

The trust raised Rs 1,687.5 crore from 59 institutional anchor investors by allotting 11,10,19,736 units at Rs 152 per unit. Major participants included Premji Invest, domestic insurance companies such as SBI Life and ICICI Prudential Life, foreign portfolio investors, and leading Indian mutual fund houses.