Advertisement
What really powers the cloud? Behind every Google search, A...
A lot of what defines a home isn’t visible at handover. I...
Private equity has played a significant role in shaping Indi...
Luxury real estate is one of the most talked-about segments ...
Airports play a much bigger role than just enabling travel -...
Cube Highways Trust is preparing to launch an initial public offering (IPO) worth around INR 5,000 crore later this month, according to people familiar with the matter. The proposed issue will comprise entirely an offer-for-sale (OFS), aimed at broadening the InvIT's investor base and improving trading liquidity. As of March 31, 2026, the infrastructure investment trust owned 27 operational highway assets covering 8,754 lane kilometres across 12 states and one Union Territory. During FY26, the trust completed nine acquisitions, increased its assets under management to INR 36,842 crore, declared distributions of INR 1,851 crore and signed commitment letters for four additional highway projects.
Cube Highways Trust (Cube InvIT) is planning to launch an initial public offering (IPO) worth approximately INR 5,000 crore later this month through an offer-for-sale (OFS), according to people familiar with the development. The proposed listing is intended to broaden the infrastructure investment trust's investor base and improve liquidity in its units.
According to the draft offer documents, the proposed IPO will consist entirely of an offer-for-sale, with no fresh issue of units. The proceeds from the OFS will therefore accrue to the selling unitholders rather than the trust.
As of March 31, 2026, Cube InvIT owned a portfolio of 27 operational highway assets spanning 8,754 lane kilometres across 12 states and one Union Territory. The portfolio had an average residual concession period of 18 years, providing long-term operational visibility across its road assets.
In a message to unitholders included in the FY26 annual report, Chief Executive Officer Vinay C. Sekar stated that the trust's strategy continued to focus on disciplined acquisitions, predictable distributions, financial prudence and operational efficiency.
According to the trust, approximately 85 per cent of its portfolio comprises toll road assets that benefit from traffic growth and inflation-linked toll revisions. The remaining 15 per cent consists of annuity-based projects supported by contracted payments from the National Highways Authority of India (NHAI), providing a diversified revenue profile.
For FY26, Cube InvIT declared a distribution of INR 13.77 per unit, taking the total distributions made during the financial year to INR 1,851 crore. At the end of March 2026, the trust reported net debt of INR 17,768 crore and a net debt-to-enterprise value ratio of 46.82 per cent.
Assets under management increased to INR 36,842 crore during FY26 following the acquisition of nine highway assets. The trust has also signed commitment letters for four additional highway projects with a combined enterprise value of around INR 7,300 crore.
Upon completion of these acquisitions, Cube InvIT's portfolio is expected to expand to 31 operational assets across 13 states and one Union Territory. In addition, the trust has secured a right of first offer on three sponsor-owned highway assets, providing a pipeline for potential future acquisitions in line with its growth strategy.
Source - PTI
Advertisement
Facebook
Whatsapp
