Cube Highways Trust (Cube InvIT) has announced the price band for its initial public offering (IPO) as it prepares to transition from a privately listed infrastructure investment trust to a publicly listed InvIT.
The IPO price band has been fixed at ₹151-152 per unit, with the issue opening on July 22 and closing on July 24. Investors, excluding anchor and strategic investors, can bid for a minimum of 95 units and in multiples thereafter.
The offer consists of an Offer for Sale worth up to ₹5,000 crore through the book-building process.
Ahead of the public issue, Cube InvIT has secured commitments of ₹1,250 crore from strategic investors. The largest investment comes from Prazim Trading and Investment Company Pvt. Ltd., which has agreed to subscribe to units worth ₹950 crore. Other strategic investors include HDFC Life Insurance Company, HDFC Pension Fund Management, Axis Max Life Insurance, and WhiteOak Capital REIT & InvIT Alternatives Fund I.
Cube Highways Trust operates highway assets across India under the public-private partnership (PPP) model, working with central and state governments to develop, manage and maintain road infrastructure.
The sponsor of the trust is Cube Highways and Infrastructure V Pte. Ltd., while Axis Trustee Services Limited serves as the trustee. The IPO is being managed by Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India), and JM Financial as the book-running lead managers.
The public issue marks an important step in expanding Cube InvIT’s investor base and strengthening its presence in India’s infrastructure investment sector.
