Cube Highways Trust to launch Rs 5,000 crore IPO this month, entirely via offer for sale
Cube Highways Trust plans a ₹5,000 crore IPO entirely via offer-for-sale, implying no new capital into the InvIT and limited near-term change to asset operations or cash flows. The portfolio is mostly toll roads with inflation-linked revisions and a smaller NHAI-backed annuity component; leverage remains notable. The transaction is mainly an ownership transfer, signaling IPO market activity rather than a broad macro or cross-asset catalyst.
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Cube Highways Trust (Cube InvIT) plans to launch a Rs 5,000 crore IPO this month, structured entirely as an offer for sale with no fresh capital raised. As of March 31, 2026, it owned 27 operational highway assets spanning 8,754 lane kilometres, with about 85% in toll-road assets and 15% in NHAI-backed annuity assets. For Financial Year 2026, it declared a distribution of Rs 13.77 per unit, taking total distributions to Rs 1,851 crore, and reported net debt of Rs 17,768 crore with a net debt-to-enterprise value ratio of 46.82%.