The issue is a 100 per cent book-built Offer for Sale (OFS) of units aggregating ₹5,000 crore by existing unitholders as the trust transitions from a privately listed InvIT to a publicly listed InvIT.

Cube Highways Trust on Wednesday fixed the price band at ₹151-152 per unit for its ₹5,000 crore public Infrastructure Investment Trust (InvIT) issue, which will open for subscription on July 22.

The public issue will close on July 24, while the anchor investor bidding date has been fixed for July 21, according to a public announcement.

The issue is a 100 per cent book-built Offer for Sale (OFS) of units aggregating ₹5,000 crore by existing unitholders as the trust transitions from a privately listed InvIT to a publicly listed InvIT.

Ahead of the issue, the trust secured ₹1,250 crore from strategic investors through unit subscription agreements executed on July 13. The strategic investor portion is included in the overall issue size.

Under the agreements, strategic investors will subscribe to 8.22 crore units at the allocation price of ₹152 per unit, aggregating ₹1,250 crore, subject to the terms of the offer.

Prazim Trading and Investment Company, an entity associated with Premji Invest, has committed ₹950 crore by subscribing to 6.25 crore units. HDFC Life Insurance Company and HDFC Pension Fund Management will invest ₹100 crore each, while Axis Max Life Insurance Ltd and WhiteOak Capital REIT & InvIT Alternatives Fund I have committed ₹50 crore each.

The minimum bid is 95 units and thereafter in multiples of 95 units.

Of the net issue, 75 per cent has been reserved for qualified institutional buyers (QIBs), while the remaining 25 per cent has been earmarked for non-institutional investors (NIIs). The strategic investor portion of ₹1,250 crore is outside the net offer.

Cube Highways Trust, a Sebi-registered InvIT, owns a portfolio of 27 operational road assets spanning 8,754 lane kilometres across 12 states and one Union Territory as of March 31, 2026. The portfolio has an average residual concession life of 18 years.

The units are proposed to be listed on the BSE and NSE. The basis of allotment is expected to be finalised on or about July 29, while refunds and credit of units to successful applicants' demat accounts are likely on July 30.

The units are expected to debut on the exchanges on or about August 3.

Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India) Pvt Ltd and JM Financial are the book running lead managers to the issue, while KFin Technologies is the registrar.

Published on July 15, 2026