Cube Highways Trust InvIT IPO
Listed on 31 July 2026 at an issue price of ₹152.00.
Subscription and grey market figures refresh on a 30-minute cycle. Last synced 15 September 2026. They are not a live tick-by-tick feed, so a bidding day can move between refreshes. Confirm current numbers on the exchange websites before you apply.
- Issue size
- ₹5,000.00 Cr
- Lot size
- 95 shares
- Minimum investment
- ₹14,440.00
- Face value
- ₹10.00
- Fresh issue
- Not announced
- Offer for sale
- ₹5,000.00 Cr
- Exchanges
- NSE and BSE
- Bidding dates
- 22 July 2026 to 24 July 2026
Listed on the exchange
Cube Highways Trust InvIT priced its issue at ₹152.00 and began trading on 31 July 2026.
The dates that matter
An Indian IPO runs on a fixed calendar. Bidding stays open for three working days, the allotment is finalised the next working day, and the shares begin trading the day after that.
Anchor investor biddingCompleted
21 July 2026
One day before the public window, for institutional anchors.
Bidding opensCompleted
22 July 2026
Bidding closesCompleted
24 July 2026
Basis of allotmentCompleted
29 July 2026
Refunds initiatedCompleted
30 July 2026
Shares credited to DematCompleted
30 July 2026
Listing on the exchangeCompleted
31 July 2026
Issue dates
Grey market premium
Grey market premium is the price traders quote among themselves for shares that have not listed yet. Below is the full day-by-day record we hold for this issue, not only the latest figure, because the movement across the bidding window says more than any single day does.
| Date | Premium per share |
|---|---|
| 2026-08-10 | 1.75 |
| 2026-08-11 | 1.75 |
| 2026-08-12 | 1.75 |
Day by day, 3 records
| Date | Premium per share | Implied listing price | Implied gain |
|---|---|---|---|
| 12 August 2026 | ₹1.75 | ₹153.75 | 1.15% |
| 11 August 2026 | ₹1.75 | ₹153.75 | 1.15% |
| 10 August 2026 | ₹1.75 | ₹153.75 | 1.15% |
About Cube Highways Trust InvIT
Cube Highways Trust is an infrastructure investment trust that owns and operates road assets across India. It holds 27 operational road projects covering 8,754 lane kilometers in 12 states and one union territory, as of March 31, 2026. The portfolio mixes toll roads, annuity projects and hybrid-annuity roads, all held through special purpose vehicles under long-term concession agreements with government authorities. Revenue comes from toll collections on the toll assets and from annuity payments on the rest. Cube Highways Fund Advisors Private Limited manages the trust, while Cube Highways and Transportation Assets Advisors Private Limited handles project management. The trust employed over 800 people as of March 31, 2026, plus more than 5,000 contractual staff.
Financial highlights
The last three fiscal years as the offer document states them. Reading across a row shows whether the figure has grown, which is why the years run left to right.
| Metric (₹ crore) | Mar 2025 | Mar 2026 |
|---|---|---|
| Assets | 28,624.25 | 30,763.19 |
| Total Income | 2,106.32 | 2,922.09 |
| Profit After Tax | 999.57 | 1,422.89 |
| Total Borrowing | 439.96 | 491.65 |
Figures are in ₹ crore and reproduced from the offer document, covering Mar 2025 to Mar 2026. A dash means the document does not state that figure for that period. A fiscal year ending March is labelled by its closing month, and where the document states a figure on a different basis the label here follows the document rather than normalising it.
Key ratios
Valuation and return ratios calculated from the issuer's financials. These are the figures the issue price is usually judged against, and the offer document carries the working behind each one.
| Ratio | Value | What it measures |
|---|---|---|
| Operating margin | 74.20% | Operating profit as a share of income, before interest, tax and depreciation. |
Ratios are stated as published. A ratio that is absent here was not stated in the document, and is not the same as a ratio of zero.
Peer comparison
The offer document compares the issuer against listed companies in the same business, on earnings, book value and return on net worth. Cube Highways Trust InvIT is the first row.
| Company | EPS (₹) | P/E | NAV per share (₹) | RoNW |
|---|---|---|---|---|
| Cube Highways Trust | — | — | ₹142.70 | — |
| Interise Trust | — | — | ₹117.50 | — |
| IRB Infrastructure Trust | — | — | ₹319.73 | — |
| National Highways Infra Trust | — | — | ₹150.50 | — |
| Oriental InfraTrust | — | — | ₹111.24 | — |
| Shrem InvIT | — | — | ₹88.12 | — |
| Vertis Infrastructure Trust | — | — | ₹106.80 | — |
Reproduced from the peer comparison in the offer document. A dash means the document does not state that figure for that company. It is absent, not zero. Ratios are reported on the basis named in the document, which is not always the same period for every company.
Who gets what share
SEBI fixes how much of a book-built issue each investor category can be allotted. This is the split for this issue as stated in the offer document.
| Category | Share of issue | Amount |
|---|---|---|
| Qualified institutional buyers | 22.50% | ₹1,125.00 Cr |
Percentages are reproduced as text from the offer document. A dash means the document does not state an amount for that category. Categories are labelled using the document's own terms, which differ slightly between issues.
Questions people ask
One lot is 95 shares, and the block is calculated at the top of the price band, ₹152.00. That comes to ₹14,440.00 held in your bank account until the allotment is finalised. If you are not allotted, the block is released and the money never leaves your account.
Bidding runs from 22 July 2026 to 24 July 2026. Applications can be revised or withdrawn while bidding is open. Once it closes, the registrar finalises the basis of allotment the next working day and shares are credited the day after.
The most recent recorded premium is ₹1.75 per share, against ₹1.75 when recording began on 10 August 2026. The movement across those days says more than either number on its own.
Retail applications run from 1 lot to 13 lots. The retail category caps an application at ₹2,00,000, so the upper limit is whichever comes first: the lot ceiling or the value ceiling.
We hold the issue price of ₹152.00 and the listing date of 31 July 2026, but our data source does not publish the listing-day open, close or gain, so we cannot state the listing price. The exchange page for this scrip carries the traded price.
Sources
- National Stock Exchange of India. "Upcoming and current public issues, with live bid quantities." The exchange publishes the bidding figures this page is built from, and is the authority on them. Accessed 15 September 2026.
- BSE. "Public issues — current and forthcoming." The second exchange carrying this issue, and the second source for its bidding data. Accessed 15 September 2026.
- Securities and Exchange Board of India. "Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018." The regulation that sets the issue process, the categories and the allotment rules. Accessed 15 September 2026.
- Cube Highways Trust InvIT issue particulars are compiled and published by DematOpen, refreshed every 30 minutes, and reviewed by the editorial team. The record was last updated 15 September 2026. The offer document and the registrar above are the primary sources for anything you intend to act on.