Before the IPO, Cube Highway Trust raised Rs. 1,687 crore collected

Cube Highway Trust on Tuesday announced its Rs. 5,000-crore infrastructure investment trust (InvIT) before its public issue from anchor investors of Rs. 1,687.5 crores raised, which is scheduled to open for subscription on July 22.

According to a circular on BSE, the trust has sold 11.10 crore units to 59 funds at Rs. 152 was allocated at the price.

Prazim Trading and Investment Co Pvt Ltd, an entity associated with Premji Invest Rs. has emerged as the largest anchor investor with an allocation of Rs 300 crore.

Other prominent investors in the anchor book include ICICI Prudential Life Insurance Company, SBI Life Insurance Company, HDFC Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund and Tata Mutual Fund.

Overall, 12 mutual funds through 26 schemes participated in the anchor book.

For its public issue, the trust has decided to pay per unit Rs. 151-152 price band, which will close on July 24.

This issue is due to transition of trust from privately listed INVIT to public listed INVIT by existing unit holders totaling Rs. 5,000 crore units are 100 per cent book-built Offer for Sale (OFS).

Ahead of the issue, the trust through a unit subscription agreement executed on 13 July from strategic investors raised Rs. 1,250 crore was obtained. The share of strategic investors is included in the overall issue size.

Under the agreements, the strategic investors, subject to the terms of the offer, will receive Rs. 1,250 crore with a total of Rs. 152 per unit will subscribe 8.22 crore units.

Prazim Trading and Investment Company subscribed 6.25 crore units at Rs. 950 crore was promised. HDFC Life Insurance Company and HDFC Pension Fund Management each Rs. 100 crore, while Axis Max Life Insurance Ltd and WhiteOak Capital REIT and InvIT Alternatives Fund I each invested Rs. 50 crore has been invested.

The minimum bid is 95 units and thereafter in multiples of 95 units.

75 per cent of the net issue has been reserved for qualified institutional buyers (QIBs), while the remaining 25 per cent has been reserved for non-institutional investors (NIIs). Rs. 1,250 crore strategic investor share outside the net offer.

Cube Highways Trust, a SEBI-registered INVIT, owns a portfolio of 27 operational road assets spanning 8,754 lane kilometers in 12 states and one union territory as on March 31, 2026. The portfolio has an average concession life of 18 years.

The units are proposed to be listed on BSE and NSE. The basis of allotment is expected to be decided on or around July 29, while the refund and credit of units to the demat accounts of successful applicants is likely on July 30. The units are expected to debut on exchanges on or around August 3.

Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India) Private Limited and JM Financial are the book-running lead managers of the issue, while Caffeine Technologies is the registrar.