Cube Highways Trust, which owns a portfolio of highway assets across India, is set to launch its Rs 5,000-crore initial public offering (IPO) this month comprising entirely an offer-for-sale component. The proposed issue is structured entirely as an offer for sale (OFS), according to the draft papers.
In a message to unitholders, Cube Highways Trust Chief Executive Officer Vinay C Sekar said the trust’s strategy remains focused on disciplined acquisitions, predictable distributions, financial prudence and operational efficiency.
As of March 31, 2026, Cube Highways Trust (Cube InvIT) owned 27 operational highway assets covering 8,754 lane kilometres across 12 states and one Union Territory, with an average residual concession life of 18 years.
Further, nearly 85 per cent of the trust’s portfolio comprises toll road assets that benefit from traffic growth and inflation-linked toll revisions. Remaining 15 per cent consists of annuity assets backed by contracted payments from the National Highways Authority of India (NHAI).
According to the recent declarations for the Financial Year 2026, the company has declared a distribution per unit of Rs 13.77 taking total distributions for the year to Rs 1,851 crore. Company’s net debt stood at Rs 17,768 crore at the end of March, while its net debt-to-enterprise value ratio was 46.82 per cent.
Assets under management (AUM) rose to Rs 36,842 crore, supported by nine acquisitions during the fiscal year.
Cube Highways Trust has also signed commitment letters for four highway projects with a combined enterprise value of about Rs 7,300 crore, which would expand its portfolio to 31 assets across 13 states and one Union
Territory.
Dalal Street is also going to witness which will collectively raise USD 1100 Million, a boom for the IPO market.
Carlsberg A/S has confidentially filed draft papers for an initial public offering of its India unit to raise as much as $700 million (Rs 6,600 crore), reports said while Mohalla Tech Pvt is seeking to raise as much as $400 million from a public market listing, which is planned for next year.