Summary: Cube Highways Trust InvIT IPO is on Day 2 of its three-day subscription window, July 23, 2026. The issue closes tomorrow, July 24. Price band is ₹151 to ₹152 per unit, lot size is 95 units, and minimum investment is ₹14,440. As of 12:15 PM today, the issue has been subscribed approximately 0.08 times overall, with the NII category at around 0.18 times. There is no retail quota, so only QIBs and HNIs can participate.
Cube Highways InvIT IPO: Day 2 subscription status (live)
InvIT subscription patterns differ from equity IPOs. With no retail quota, the issue depends entirely on QIBs and HNIs. Institutional investors typically place their bids on the final day rather than spreading them through the window. A low Day 2 number should be read in that context before drawing conclusions.
Before the public issue opened, Cube Highways Trust raised ₹1,687.5 crore from anchor investors on July 21 by allocating 111 million units to 59 anchor investors at the upper price band of ₹152 per unit. Anchor participants included HDFC Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund, ICICI Prudential Mutual Fund, Kotak Mahindra Mutual Fund, Axis Mutual Fund, Aditya Birla Sun Life Mutual Fund, Tata Mutual Fund, HSBC Mutual Fund, Invesco India, Citigroup, and Morgan Stanley. That's a credible anchor book for an infrastructure income product.
Live subscription data: Day 2 (updated 12:15 PM, July 23, 2026)
| Category | Subscription |
| Anchor (pre-issue) | ~1x (₹1,687.5 crore from 59 investors) |
| QIB (public bids) | Minimal so far, which is typical for InvIT Day 2 |
| NII | ~0.18x |
| Overall | ~0.08x |
Day 2 vs Day 1: Subscription momentum
As of 10:30 AM on Day 1, the issue had been subscribed 0.01 times. By midday on Day 2, that has moved to 0.08 times, with the NII category showing the most activity at 0.18 times. The QIB public tranche has been quiet, which is normal because large fund houses with anchor allocations already done tend to leave their additional public bids for Day 3. The real picture will emerge on July 24 at close.
Should you still apply on Day 2?
The window is open until tomorrow. The question is what you're applying for.
The trust's revenue increased by 39% and PAT rose by 42% between FY25 and FY26, and considering further additions to its project AUM, it is poised for good prospects. Well-informed investors can park funds for the long term.
The case for applying:
- 27 operational road assets across 12 states and one Union Territory, 8,754 lane kilometres
- Revenue grew 39% and PAT grew 42% in FY26 versus FY25
- EBITDA of ₹3,234.54 crore in FY26 on total income of ₹4,359.03 crore
- SEBI requires InvITs to distribute at least 90% of net distributable cash flows to unitholders
- An anchor book of ₹1,687.5 crore from 59 institutional investors, including top domestic MFs and global names, is a genuine quality signal
The case against applying:
- 100% OFS, so the trust raises nothing. No balance sheet improvement from listing proceeds
- Total borrowings rose from ₹10,735 crore in FY24 to ₹17,664 crore in FY26, which is a sharp two-year increase worth scrutinising alongside NDCF
- Comparable InvIT listings, Citius Transnet at +6.23% and Raajmarg near flat, were not strong listing-day performers
- Interest rate sensitivity is real. When rates rise, InvIT prices soften as fixed-income alternatives improve
The net distributable cash flow figure in the offer document is the number that determines whether the yield at ₹151 to ₹152 is attractive. That matters more than EBITDA or revenue when evaluating this product. If you've done that work and the yield holds up, Day 2 is as valid as any other day to apply. If you're hoping for a listing pop, the data so far doesn't support that expectation.
How to apply for Cube Highways InvIT IPO on Day 2
Lot size is 95 units. Minimum investment at the upper band of ₹152 is ₹14,440. Only QIBs and HNIs are eligible.
Via UPI: Log in to your broker platform and search for Cube Highways Trust in the IPO or InvIT section. Enter lot quantity, bid at ₹152, submit your UPI ID, and approve the mandate on your UPI app. The amount gets blocked, not debited.
Via ASBA: Log in to your bank's net banking portal. Go to the IPO or investments section, search Cube Highways Trust InvIT, enter lot size and bid price, and submit. The bank blocks the amount until allotment.
A few things before applying:
- Bid at ₹152 (cut-off/upper band) to maximise allotment probability
- Applications can be modified or withdrawn until 5:00 PM on July 24
- For queries, contact KFin Technologies at cube.invit@kfintech.com
Cube Highways InvIT IPO: Important dates
| Event | Date |
| Anchor investor bidding | July 21, 2026 |
| IPO open (Day 1) | July 22, 2026 |
| IPO Day 2 | July 23, 2026 |
| IPO close (Day 3) | July 24, 2026 |
| Allotment finalisation | July 29, 2026 |
| Refund initiation | July 30, 2026 |
| Credit of units to demat | July 30, 2026 |
| Listing on BSE and NSE | August 3, 2026 |
Allotment is expected to be finalised on July 29, 2026. Allotment status can be checked from July 29 at ipostatus.kfintech.com using your PAN or application number.
Conclusion
Day 2 of the Cube Highways InvIT subscription sits at around 0.08 times overall as of midday on July 23. The anchor book was well-covered and included credible institutional names. InvIT issues typically fill on the final day, so tomorrow's close will determine the actual picture. This is an income product with real highway assets and improving financials. If the NDCF yield works for your portfolio, the window closes at 5:00 PM tomorrow.
