Cube Highways Trust IPO
Cube Highways TrustMainboard
This IPO has listed.
- Open date
- 22 Jul 2026
- Close date
- 24 Jul 2026
- Min. Investment
- ₹14,440
- Lot Size
- -
- Fresh Issue
- ₹-
- Price Range
- -
- Face Value
- -
- IPO Document
- -
Subscription rate
- Qualified Institutional Buyers9.06x
- Non-Institutional Investors4.10x
- Retail-Individual Investors0.00x
- Total6.81x
Schedule
- Completed: IPO open date22 Jul 2026
- Completed: IPO close date24 Jul 2026
- Completed: Allotment date29 Jul 2026
- Completed: Funds unblock or debit30 Jul 2026
- Completed: Tentative listing date31 Jul 2026
Financials of Cube Highways Trust IPO
| Key Performance Indicators | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Operating Revenue | - | - | - |
| Other Income | - | - | - |
| Total Income | 2916.14 | 3307.14 | 4238.89 |
| Total Expenses | 3760.95 | 3503.46 | 4034.34 |
| Profit Before Tax | - | - | - |
| Total Profit | -705.92 | -35.73 | 216.55 |
Cube Highways Trust IPO Strengths & Risks
- Dedicated growth vehicle and access to a strong pipeline of ROFO Assets and other future growth opportunities.
- Large and diversified portfolio of highway assets.
- Differentiated and proven M&A capabilities.
- Strong portfolio construction capabilities.
- Advanced asset management and maintenance expertise
- Strong corporate finance capabilities.
- Experienced leadership and institutional backing.
- Attractive sector fundamentals with a favourable policy environment.
- Risks Relating to the Business: The company may not be able to make regular distributions to Unitholders, or the level of its distributions may fall.
- Risks Relating to the Business: A significant portion of the company's revenue from operations is dependent on annuity payments from the NHAI, which may be delayed, disputed or reduced, which could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's failures to extend concession agreements or inability to identify and acquire new road assets that generate comparable or higher revenue from operations, profits and cash flows than the Portfolio Assets may have an adverse effect on its business, financial condition, results of operations, cash flows and the company's ability to make distributions to Unitholders.
- Risks Relating to the Business: The company's toll collections and traffic volumes is subject to uncertainties, including competing roads, exemptions, toll leakage, changes in vehicle mix, and government directives, which could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's concession agreements may be terminated prematurely or suspended by concessioning authorities upon the occurrence of certain events of default.
- Risks Relating to the Business: The company's revenue from operations is significantly concentrated in a few corridors and geographies, and any adverse development in these regions could adversely affect its business, results of operations, financial condition and ability to make distributions to Unitholders.
- Risks Relating to the Business: The company's concession agreements contain mandatory capacity augmentation and major maintenance obligations, which could increase its costs and reduce traffic during works, thereby adversely affecting the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's ability to refinance its debt and maintain access to long-term funding is crucial to the company's business, and adverse conditions in the debt markets, regulatory restrictions or downgrades in the company's credit ratings could adversely affect its liquidity and consequently the company's business, results of operations, financial condition and ability to make distributions.
- Risks Relating to the Business: The company has incurred losses after tax aggregating to Rs. 357.20 million and Rs. 7,059.15 million for the Financial Years 2025 and 2024, respectively and may continue to incur losses in future years, which could adversely affect its business, cash flows and financial condition.
- Risks Relating to the Business: The Sponsor is under no obligation to provide the Trust with access to future assets, and the Trust may be unable to bid effectively for them or fail to realize the anticipated benefits of the acquisition of such assets, which could adversely affect the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company's business will be subject to seasonal fluctuations, which may adversely affect its cash flows.
- Risks Relating to the Business: The company's concession agreements contain certain restrictive terms and conditions which may restrict its ability to conduct the company's business and limit its financing flexibility.
- Risks Relating to the Business: A significant portion of the company's Portfolio Assets is concentrated in Delhi-NCR, Uttar Pradesh and Tamil Nadu regions, and any adverse developments in this region could adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's concession agreements contain provisions that may be non-negotiable or untested and accordingly, subject to varying interpretations, which could lead to disputes with authorities or termination, adversely affecting its Portfolio Assets, business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Payments by the Portfolio Assets, including in the event of termination of the relevant concession agreements, is subject to mandatory escrow arrangements which restrict the financial flexibility of the Portfolio Assets.
- Risks Relating to the Business: The company's business and financial performance of the Trust, the operations of the Portfolio Assets and any future assets that its may acquire, is significantly dependent on the policies of, and relationships with, government entities in India and could be affected if there are adverse changes in such policies or relationships.
- Risks Relating to the Business: The company is subject to restrictive covenants under its financing agreements that could limit the company's flexibility in managing its business or using cash or other assets, and any non-compliance with such covenants could adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company may be subject to increases in costs, including operation and maintenance costs, which its cannot recover by increasing toll fees or annuity income under the relevant concession agreements.
- Risks Relating to the Business: The Investment Manager is subject to regulatory reporting obligations and periodic inspections by SEBI, and any non-compliance or adverse observation may result in regulatory action.
- Risks Relating to the Business: Termination payments and compensation for change in law, force majeure events or authority defaults under concession agreements may not be adequate or may be disputed, which could reduce recoveries.
- Risks Relating to the Business: The company's concession agreements is subject to ongoing supervision, inspection and directives from concessioning authorities, and adverse findings or new compliance requirements may increase costs, reduce revenue from operations and adversely affect the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Inadequate operation and maintenance practices by the prior concessionaire or its subcontractors prior to the O&M Handover Date of certain of the toll roads may result in higher-than-expected costs to restore or repair the toll roads and reduced traffic on, and toll collections from, such toll roads.
- Risks Relating to the Business: Payments to the Trust by the Portfolio Assets under the Trust Loan Agreements are dependent on the cash generation of the Portfolio Assets and may be deferred in periods of low liquidity.
- Risks Relating to the Business: Any infrastructure project that the company acquires, which is still under construction and development, may be subject to cost overruns or delays.
- Risks Relating to the Business: Certain actions of the Portfolio Assets requires the prior approval of the relevant concessioning authority, and no assurance can be given that the concessioning authority will approve such actions in a timely manner or at all.
- Risks Relating to the Business: The company's success largely depends on the Directors, Key Management Personnel and function heads of the Investment Manager and the Project Manager, and such entities may be unable to appoint, retain such personnel or to replace them with similarly qualified personnel, which could have an adverse effect on the business, financial condition, results of operations and prospects of the Trust.
- Risks Relating to the Business: Failures to meet ESG-linked performance targets could increase the company's cost of financing and adversely affect its cash flows and ability to make distributions.
- Risks Relating to the Business: There can be no assurance that the company will be able to successfully undertake future acquisitions of infrastructure assets or efficiently manage the infrastructure assets the company has acquired or may acquires in the future, which may adversely affect the company's growth, business, results of operations, financial condition, cash flows and ability to make distributions to its Unitholders.
- Risks Relating to the Business: The company depends on third parties to undertake certain activities in relation to the operation and maintenance of the toll roads, and any disruptions, delay, default, fraud, corruption, unethical practices or unsatisfactory performance by these third parties could adversely affect its ability to effectively operates or maintain the toll roads. Further, the operation of the Portfolio Assets will also depends on the company's relationships with other stakeholders.
- Risks Relating to the Business: The Portfolio Assets may be in non-compliance with terms of the concession agreements or applicable regulatory requirements, which could lead to penalties and actions, adversely affecting the company's business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: Interruptions in the company's information technology systems or increased costs of implementing new technologies or maintaining or refurbishing existing technologies may adversely affect toll collection, operations and its ability to make distributions.
- Risks Relating to the Business: Any mismatch or errors in FASTag transactions, including those arising from system integration failures, network issues or other electronic tolling disruptions, may adversely affect the company's toll collections, thereby affecting its business, results of operations, financial condition and ability to make distributions to Unitholders.
- Risks Relating to the Business: The company may not be able to comply with current and changing safety, health and environmental laws and regulations in India, which could adversely affect its business.
- Risks Relating to the Business: There may be structural defects in the company's road infrastructure assets arising from design errors, construction defects or inadequate maintenance by previous operators and may requires significant remediation expenditure, result in deterioration of asset condition or expose its to damages under the company's concession agreements.
- Risks Relating to the Business: Cybersecurity incidents or failures of the company's information technology systems could disrupt operations, compromise data and adversely affect its business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company may be unable to obtain, maintain or renew the statutory and regulatory permits and approvals required to operates its Portfolio.
- Risks Relating to the Business: The Portfolio Assets and the Parties to the Trust are involved in legal and other proceedings, which may not be decided in their favour.
- Risks Relating to the Business: Land acquisition, right of way and utility shifting are the responsibility of the concessioning authority under concession agreements, but delays or disputes may affect the company's ability to meet its obligations.
- Risks Relating to the Business: The Portfolio Assets' concessions is illiquid in nature, which may make it difficult for the company to realize, sell or dispose of its shareholding in the Portfolio Assets.
- Risks Relating to the Business: The company may not be able to generate adequate or higher returns on its investments, which could adversely affect the company's business, financial condition, results of operations and ability to make distributions.
- Risks Relating to the Business: The company may be required to pay additional stamp duty if any concession agreement is subject to payment of stamp duty as a deed creating leasehold rights, or as a development agreement.
- Risks Relating to the Business: The company's insurance policies may not provide adequate protection against all risks associated with its business.
- Risks Relating to the Business: Any delay or failures in payment of statutory dues by the Trust or the company's Portfolio Assets may result in the imposition of penalties, which may adversely affect its business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The Valuation Reports are not an opinion on the commercial merits of the Trust or the Portfolio Assets, nor are they an opinion, expressed or implied, as to the future trading price of the Units or the financial condition of the Trust upon completion of the Offer, and the valuation contained therein may not be indicative of the true value of the Portfolio Assets' assets.
- Risks Relating to the Business: The company has relied on data derived from third-party reports, which are based on certain estimates and assumptions and are subject to the limitations set out therein.
- Risks Relating to the Business: The periods for which financial information has been included in the Audited Consolidated Financial Statements are not comparable and may not be indicative of the company's future financial condition and results of operations. Its may not be able to operates the company's business successfully or generate sufficient distributable cash flows to make or sustain distributions.
- Risks Relating to the Business: The regulatory framework governing infrastructure investment trusts in India is still evolving, and the interpretation and enforcement thereof involve uncertainties, which may have an adverse effect on the ability of certain categories of investors to invest in the company's Units, its business, results of operations, financial condition and the company's ability to make distributions to Unitholders.
- Risks Relating to the Business: The company must maintain certain investment ratios, which may present additional risks to its.
- Risks Relating to the Business: Distributions may be adversely affected due to cash trapped in the Portfolio Assets.
- Risks Relating to the Business: Parties to the Trust are required to maintain the eligibility conditions specified under Regulation 4 of the InvIT Regulations on an ongoing basis. Non-compliance by the Sponsor, the Investment Manager, the Project Manager and the Trustee could result in the cancellation of the registration of the Trust.
- Risks Relating to the Business: The Sponsor and Sponsor Group, whose interests may be different from those of the other Unitholders, will be able to exercise significant influence over certain activities of the Trust.
- Risks Relating to the Business: As a shareholder of the Portfolio Assets, the Trust's rights are subordinated to the rights of any creditors, debt holders and other parties specified under Indian law in the event of insolvency or liquidation of the Portfolio Assets.
- Risks Relating to the Business: The Trust and the Portfolio Assets have entered into certain related party transactions and expect to continue to enter into related party transactions, and there can be no assurance that such transactions will not have an adverse effect on the company's results of operations and financial condition.
- Risks Relating to the Business: The Trust and the Portfolio Assets have entered into certain related party transactions and expect to continue to enter into related party transactions, and there can be no assurance that such transactions will not have an adverse effect on the company's results of operations and financial condition.
- Risks Relating to the Business: The Investment Manager may not be able to implement the company's investment, risk and capital management strategies successfully. Further, the fees payable to the Project Manager is dependent on various factors.
- Risks Relating to the Business: The InvIT Regulations allow for listed InvITs to undergo a change in sponsors or change in control of the sponsor or a conversion to a self-sponsored investment manager subject to certain conditions. There can be no assurance that in the future, its will not experience another instance of change in the company's sponsor.
- Risks Relating to the Business: Unitholders would not be able to participate in the election or removal of directors in the Investment Manager and will be able to remove the Investment Manager and Trustee only pursuant to a majority resolution.
- Risks Relating to the Business: Cube Highways Technologies Private Limited and the Project Manager provide services to the Trust on a non-exclusive basis, and their continued availability, prioritization and performance cannot be assured.
- Risks Relating to the Business: The company depends on the Investment Manager, the Project Manager and the Trustee to manage its business and assets, and the company's rights and the rights of the Unitholders to recover claims against them are limited.
- Risks Relating to the Business: Conflicts of interest may arise out of common business objectives shared by the Investment Manager, the Sponsor, the Project Manager, Cube Highways Technologies Private Limited and the company.
- Risks Relating to the Business: The company is exposed to risks associated with the road sector in India.
- Risks Relating to the Business: Changing laws, rules and regulations and legal uncertainties may adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: Significant increases in the price or shortages in the supply of crude oil and products derived therefrom, including petrol and diesel fuel, could adversely affect the volume of traffic at the projects operated by the Portfolio Assets and the Indian economy in general, including the infrastructure sector.
- Risks Relating to the Business: Resolution plans approved under the Insolvency and Bankruptcy Code may be challenged or set aside, creating uncertainty in relation to assets acquired through the insolvency process.
- Risks Relating to the Business: The company may be adversely affected by the adverse application or interpretation of competition laws in India.
- Risks Relating to the Business: The company's business is dependent on economic growth in India and financial stability in Indian markets, and any slowdown in the Indian economy or in Indian financial markets could have an adverse effect on its business, results of operations, financial condition and the price of the company's Units.
- Risks Relating to the Business: Any downgrading of India's debt rating by rating agencies could have a negative effect on the company's business.
- Risks Relating to the Business: Significant differences exist between Ind AS and other accounting principles, such as IFRS and U.S. GAAP, which may be material to your assessment of the company's results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company has in this Offer Document included certain Non-GAAP Measures that may not be comparable with financial or industry-related statistical information of similar nomenclature computed and presented by other infrastructure trusts.
- Risks Relating to the Business: Fluctuations in the exchange rate of the Indian Rupee with respect to the U.S. Dollar or other currencies will affect the foreign currency equivalent of the value of the Units and any distributions.
- Risks Relating to the Business: Unitholders may not be able to enforce a judgment of a foreign court against the company.
- Risks Relating to the Business: The Trust may be dissolved, and the proceeds from the dissolution thereof may be less than the amount invested by the Unitholders.
- Risks Relating to the Business: Any additional debt financing or issuance of additional Units may have an adverse effect on the Trust's distributions and future issuances of Units or sales of Units by the Sponsor or other significant Unitholders may adversely affect the trading price of the Units.
- Risks Relating to the Business: Unitholders are unable to requires the redemption of their Units. Further, under Indian law, foreign investors are subject to restrictions that limit their ability to transfer or redeem Units, which may adversely affect the value of the Units.
- Risks Relating to the Business: An active or liquid market for the Units may not develop or be sustained.
- Risks Relating to the Business: The price of the Units may decline after the Offer.
- Risks Relating to the Business: Investors will not be permitted to withdraw or lower their Bids (in terms of quantity of Units or the Bid Amount) at any stage after submitting a Bid.
- Risks Relating to the Business: The Trust will not receive any proceeds from the Offer for Sale portion, and the Selling Unitholders shall be entitled to the Offer proceeds to the extent of the Units offered by them in the Offer for Sale.
- Risks Relating to the Business: Changes in legislation or the rules relating to tax regimes could adversely affect the company's business, prospects and results of operations.
- Risks Relating to the Business: Some of the company's road assets enjoy certain benefits under Section 80-IA of the IT Act, and any change in these tax benefits applicable to its may adversely affect the company's results of operations.
- Risks Relating to the Business: Tax laws are subject to changes and differing interpretations, which may adversely affect the company's operations.
- Risks Relating to the Business: Impact of Income Tax Act, 2025, the provisions of which may have an unfavourable implication for the company.
- Risks Relating to the Business: Investors may be subject to Indian taxes arising out of capital gains on the sale of Units, on any dividend or interest component of any returns from the Units or on certain distributions from the Trust.
- Risks Relating to the Business: The Trust and the Portfolio Assets may be subject to certain tax-related risks under the provisions of the Income Tax Act, 1961.
- Risks Relating to the Business: Depreciation claimed with respect to toll collection rights acquired by Portfolio Assets.
- Risks Relating to the Business: The income of the Trust in relation to which pass-through status is not granted under the IT Act may be chargeable to Indian taxes.
