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Cube Highways Trust, one of India’s biggest road operators, is planning an IPO that could raise up to $600 million.
The deets: the company has roped in Kotak Mahindra Capital, HSBC, ICICI Securities, and HDFC Bank to manage the share sale, according to people in the know.
Cube is currently a private trust but plans to convert into a public entity through this listing. SEBI is considering easing InvIT conversion rules with lower sponsor contributions and shorter lock-in periods, which could smoothen Cube’s path to market. In private trades, the trust is valued at around $2 billion.
Why it matters: the company is backed by Abu Dhabi’s ADIA and Mubadala. It clocked ₹3,307 crore in revenue for FY25, up from ₹2,916 crore a year ago. With only five InvITs currently listed, IRB, India Grid, Powergrid, Indus Infra, and Capital Infra, Cube’s debut would add another big player to India’s growing infra investment space.
Zoom out: India has 27 registered InvITs, but public listings are still relatively rare. With infra spending a big government theme and investors hungry for steady-yield assets, Cube’s IPO could open the lane for more private trusts to test the public market waters.
