Summary: The Cube Highways Trust InvIT IPO closed today, July 24, 2026, after a three-day subscription window. The ₹5,000 crore issue subscribed 9.35 times overall at close of bidding, driven by QIB demand at 13.20 times and NII at 4.74 times. There was no retail quota. The issue is now closed. The allotment is expected on July 29, with listing on August 3 on BSE and NSE.
Cube Highways Trust InvIT subscription status summary
The issue came in slow through Day 1 and Day 2, which is typical for InvIT issues where institutional investors hold their bids for the final day. By 11:30 AM on Day 3, the subscription was at 0.09 times. The QIB surge through the afternoon pushed the final overall number to 9.35 times, confirming that institutional investors were comfortable with the asset quality and yield at the ₹151 to ₹152 price band.
The anchor book, which closed before the public issue opened, had already raised ₹1,687.5 crore from 59 institutional investors at ₹152 per unit. Prazim Trading and Investment (associated with Premji Invest) was the largest anchor investor with an allocation worth ₹300 crore. Other anchor participants included ICICI Prudential Life Insurance, SBI Life Insurance, HDFC Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund, and Tata Mutual Fund.
| Category | Final subscription |
| QIB | 13.20x |
| NII | 4.74x |
| Retail | 0% quota (not applicable) |
| Overall | 9.35x |
Cube Highways Trust InvIT day-wise subscription
| Day | Date | Overall subscription |
| Day 1 | July 22, 2026 | ~0.01x |
| Day 2 | July 23, 2026 | ~0.08x |
| Day 3 | July 24, 2026 | 9.35x (final) |
The pattern is exactly what InvIT issues typically show. Almost nothing for two days, then institutional bids arriving in bulk on the final day. The QIB category at 13.20 times is the number that matters most for post-listing stability, signalling that large fund houses evaluated the NDCF yield and decided the asset quality at ₹152 was worth owning.
Cube Highways Trust InvIT issue details
Cube Highways Trust is an infrastructure investment trust registered with SEBI under the InvIT Regulations, established in December 2021. It holds 27 operational road assets across 12 states and one Union Territory, spanning 8,754 lane kilometres, through project SPVs under concession agreements from various government authorities. One concession has since been completed, leaving 26 active operational road projects. Four additional assets are proposed for acquisition.
| Detail | Information |
| Issue size | ₹5,000 crore |
| Total units offered | 32,89,47,368 units |
| Issue type | 100% OFS |
| Price band | ₹151 to ₹152 per unit |
| Lot size | 95 units |
| Minimum investment | ₹14,440 |
| Listing exchanges | BSE and NSE |
| Lead managers | Kotak Mahindra Capital, HDFC Bank, HSBC Securities, JM Financial |
| Registrar | KFin Technologies Ltd. |
Financial summary:
| Metric | FY24 | FY25 | FY26 |
| Total income | ₹3,074.11 Cr | ₹3,453.15 Cr | ₹4,359.03 Cr |
| PAT | Loss of ₹705.92 Cr | Loss of ₹35.72 Cr | ₹216.72 Cr |
| EBITDA | ₹1,368.86 Cr | ₹2,379.70 Cr | ₹3,234.54 Cr |
| Total borrowings | ₹10,735.27 Cr | ₹15,114.69 Cr | ₹17,664.71 Cr |
Revenue grew 26%, and PAT swung from a loss of ₹35.72 crore in FY25 to a profit of ₹216.72 crore in FY26. EBITDA has more than doubled over two years. The borrowings rising from ₹10,735 crore in FY24 to ₹17,664 crore in FY26 is the number that investors need to track alongside NDCF going forward.
Comparable InvIT listings on the same exchanges:
| Company | Issue price | Listing day gain | Current price |
| Citius Transnet Investment Trust | ₹100 | +6.23% | ₹110.04 |
| Raajmarg Infra Investment Trust | ₹100 | 0.00% | ₹116.50 |
Both now trade above issue price, reflecting the income compounding and distribution yield that drives InvIT returns over time.
Cube Highways Trust InvIT issue reservation
| Investor category | Allocation |
| QIB | 75% of net offer |
| NII (HNI) | 25% of net offer |
| Retail | 0% |
| Strategic investor | 8,22,36,840 units (separate reservation) |
No retail quota applied. Only QIBs and HNIs were eligible for the public issue. The strong QIB subscription of 13.20 times suggests institutional demand was genuine rather than just covering the minimum.
Cube Highways Trust InvIT allotment and listing date
The issue is now closed. Here are the key dates going forward.
| Event | Date |
| IPO close | July 24, 2026 (today) |
| 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 status can be checked from July 29 at ipostatus.kfintech.com using your PAN or application number.
Conclusion
Cube Highways Trust InvIT closed at 9.35 times overall subscription, with QIBs at 13.20 times. The slow Day 1 and Day 2, followed by a strong close, is the classic InvIT pattern. The 100% OFS structure means the trust raises nothing from this, and the rising debt over two years deserves watching alongside NDCF post-listing. The comparable InvITs, Citius Transnet and Raajmarg, all trade above issue price today. The distribution yield has done its job for investors who stayed in. Allotment on July 29. Listing on August 3.
