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 made its stock market debut after successfully completing its INR 5,000 crore Infrastructure Investment Trust (InvIT) public issue. The Trust became the first InvIT in India to transition from a privately listed platform to a publicly listed one. Its units listed at a premium on both the BSE and NSE and ended the day with gains of more than 3%. The public issue witnessed strong investor participation, reflecting confidence in the Trust's operational highway portfolio, stable cash flows and long-term growth strategy.
Cube Highways Trust made its stock market debut on Friday after completing its INR 5,000 crore Infrastructure Investment Trust (InvIT) public issue in the past week.
According to the company, the listing marks the first time an InvIT in India has transitioned from a privately listed platform to a publicly listed one. The move is considered an important milestone for the country's InvIT market, which has witnessed growing investor participation in recent years as infrastructure developers increasingly use the route to monetise operational assets.
The Trust's units began trading at INR 155 on both the BSE and NSE, representing a premium of 1.97% over the issue price of INR 152 per unit.
By the end of the trading session, the units closed at INR 156.88 on the BSE, up 3.21%, while on the NSE they settled at INR 156.96, registering a gain of 3.26%. The Trust's market capitalisation stood at INR 21,085.77 crore.
The initial public offering of Cube Highways Trust was subscribed 9.35 times on the final day of bidding in the past week. The price band for the issue was fixed at INR 151-152 per unit.
The public issue comprised a 100% book-built Offer for Sale (OFS) of units aggregating INR 5,000 crore by existing unitholders. Since the offering was entirely an OFS, the proceeds from the issue will go to the selling unitholders rather than the Trust.
Cube Highways Trust owns a diversified portfolio of operational highway assets across India. The Trust has built its portfolio through long-term road concessions and has maintained a track record of stable cash flows and regular distributions to unitholders, making it one of the prominent InvITs in the country's roads and highways sector.
Commenting on the listing, Chief Executive Officer Vinay C. Sekar said the successful public offering reflected investors' confidence in the Trust's team, portfolio quality and long-term strategy. He added that the completion of the IPO demonstrated strong investor support and that the Trust remained focused on delivering sustainable growth, maintaining high standards of governance and creating consistent long-term value for all stakeholders.
Group Chief Financial Officer Pankaj C. Vasani said the Trust's units had been listed earlier on a private platform, but the public listing marked the beginning of a wider partnership with thousands of new unitholders.
The listing comes at a time when InvITs have emerged as an important financing and asset monetisation route for India's infrastructure sector. Supported by operational assets that generate predictable revenue, InvITs have increasingly attracted both institutional and retail investors, while also helping infrastructure developers recycle capital for new projects.
Source PTI
Advertisement
Facebook
Whatsapp
