Cube Highways Trust InvIT came to market through an IPO that opened on 22 July 2026 and closed on 24 July 2026, and the shares listed on 31 July 2026 on BSE, NSE. The price band was ₹151 to ₹152 per share and one lot was 95 shares, so the minimum application was ₹14,440. The issue size was ₹5000 crore. The whole issue was an offer for sale, so the proceeds went to the selling shareholders rather than the company.
It listed at ₹155, a gain of 2% against the issue price of ₹152. Kfin Technologies Ltd. was the registrar to the issue, and Kotak Mahindra Capital Co.Ltd., HDFC Bank Ltd., HSBC Securities & Capital Markets (India) Pvt.Ltd., JM Financial Ltd were the lead managers.
As of 24 July 2026.
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Overall the issue was subscribed 9.42 times.
Cube Highways Trust is an Infrastructure Investment Trust (InvIT), which is registered by the Securities and Exchange Board of India (SEBI) under InvIT Regulations. The Trust came into existence in December 2021 to invest in infrastructure assets and infrastructure-related investments through Special Purpose Vehicles (SPVs) and holding companies in India. The portfolio of the Trust consists of various infrastructures of roads in India.
Till the date of the Draft Offer Document, the portfolio consists of 27 operational road assets along with 4 road infrastructures, which will be added to the portfolio in future. These assets consist of highway infrastructure, expressways, tolled roads, and transportation infrastructure. The Project SPV, which holds these assets, develops, operates, and maintains such infrastructure.
Cube Highways Fund Advisors Private Limited is acting as the Investment Manager of the Trust and Cube Highways and Transportation Assets Advisors Private Limited is acting as the Project Manager of the Trust. The main purpose of investing in this Trust is to earn stable cash flows through investments in infrastructure projects as per SEBI InvIT Regulations.
As described in the offer document.
Cube Highways Trust finalised its anchor investor allocation on July 21, 2026, raising ₹1,687.50 crore from 59 institutional investors at an anchor investor allocation price of ₹152 per unit. The trust is converting from a privately listed Infrastructure Investment Trust (InvIT) to a publicly listed InvIT via a public offer of units aggregating up to ₹5,000 crore. The anchor book comprises 11,10,19,565 units allocated across domestic mutual funds, insurance companies, NPS funds, pension funds, foreign portfolio investors, and other institutions.
Domestic mutual funds received 37.33% of the anchor allocation through 12 fund houses across 26 schemes, including HDFC Mutual Fund, SBI Mutual Fund, Nippon India, ICICI Prudential, Kotak, Axis Mutual Fund, Aditya Birla Sun Life, Tata, Invesco India, HSBC, Bajaj Finserv, and ISIF. Major anchor participants include Prazim Trading and Investment Co. Pvt. Ltd. at 17.78%, ICICI Prudential Life Insurance and SBI Life Insurance each at 5.93%, and NPS Trust – SBI Pension Fund Scheme C Tier I at 5.81%.
In addition, the trust received strategic investor commitments aggregating ₹1,250 crore, with Prazim Trading and Investment Co. Pvt. Ltd. as the anchor strategic investor at 76% of the strategic investor portion, alongside HDFC Life Insurance, Axis Max Life Insurance, NPS Trust, and Whiteoak Capital REIT & InvIT Alternates Fund I.
Work out the listing gain for this IPO
If the retail portion is not fully subscribed, every valid application is allotted in full. If it is oversubscribed, SEBI's rules require that as many applicants as possible receive at least one lot, so the shares are allotted by a computerised lottery across all valid applications, one lot each, until the retail portion is exhausted. Applying for more lots does not improve your chance in a lottery; it only increases what you receive if the issue is under-subscribed.
The basis of allotment document, published by the registrar on the allotment date, states the ratio: for example, one applicant in seven received one lot.
Allotment status is published by the registrar on its website, searchable by PAN, application number or demat account, and also on the exchange's website. Allotted shares are credited to the demat account the day before listing, and blocked money for unsuccessful applications is released the same day. The Rupix app can check allotment status by PAN once the registrar publishes it.
Shares list within three working days of the issue closing. On listing day the exchanges run a special pre-open session from nine o'clock, during which orders are collected and an opening price is discovered from them; trading in the share begins after that, usually around ten. The opening price is the listing price that appears on this page once the issue has listed, and the listing gain or loss is the difference between it and the issue price.
For a mainboard issue, the share then trades in the normal way with the exchange's price band for a new listing. For an SME issue, shares trade in lots rather than one at a time, and the market can be thin, so selling on listing day is not always possible at the opening price. Capital gains on shares sold within a year of allotment are short-term and taxed at the short-term rate.
Cube Highways Trust InvIT was a ₹5,000 crore book-built issue, made up entirely of an offer for sale. It was priced at ₹151–₹152 per share with a lot size of 95 shares (₹14,440). The IPO was open from July 22 to July 24, 2026 and was subscribed 9.42x. Shares listed on BSE and NSE on July 31, 2026 at ₹155, a 2.0% premium to the issue price of ₹152. Kfin Technologies Ltd. is the registrar. Kotak Mahindra Capital Co.Ltd.
and 3 other book running lead managers manage the issue.
The price band of Cube Highways Trust InvIT is ₹151 to ₹152 per share.
The lot size of Cube Highways Trust InvIT is 95 shares.
The minimum investment for Cube Highways Trust InvIT is approximately ₹14,440 based on the upper price band.
The allotment date of Cube Highways Trust InvIT is Jul 29, 2026.
No GMP quote could be verified as recorded before Cube Highways Trust InvIT listed. A grey-market observation of ₹1 per share was recorded on 31 Jul 2026, 6:15 AM IST, but without a verified listing timestamp it is not treated as the final pre-listing GMP. The shares listed at ₹155. GMP is unofficial and does not forecast or guarantee the actual listing price.
Cube Highways Trust InvIT listed on Jul 31, 2026. It was issued at ₹155.0(NSE) and is currently around ₹151.39 as on 2-Nov-2026 3:30 PM, which is approximately -0.4% versus issue price. The 52-week high is ₹162.00.
You can check Cube Highways Trust InvIT allotment status on the registrar or stock exchange websites using your PAN or application number after allotment. You can also check the Cube Highways Trust InvIT allotment status on Rupix for quick and easy access.
₹151 to ₹152 per share. Most applicants bid at the cut-off price, the top of the band, so that the application was valid whatever price the issuer finally fixed.
One lot was 95 shares, and every application had to be a whole number of lots. At the top of the band that made the minimum application ₹14,440.
₹14,440, for one lot of 95 shares at the top of the price band. The amount was blocked in the applicant's bank account through ASBA or a UPI mandate while the issue was open, and released on the allotment date to applicants who were not allotted shares.
It opened on 22 July 2026 and closed on 24 July 2026.
The basis of allotment was published on 29 July 2026 by Kfin Technologies Ltd., and allotted shares were credited to demat accounts before listing.
The shares listed on 31 July 2026 on BSE, NSE, opening at ₹155.
The issue size was ₹5000 crore. The offer for sale was 32,89,47,368 shares (aggregating up to ₹5000 crore).
It listed at ₹155 against an issue price of ₹152, a gain of 2 percent on listing day.