Cube Highways Trust, sponsored by Cube Highways and Infrastructure, on Wednesday said it has filed for conversion of its private InvIT (infrastructure investment trust) into public InvIT with a ₹5,000 crore offer for sale .
This will be the first of its kind in the country wherein through the offer for sale (OFS) route, a private InvIT will convert to a public InvIT.
The transition will be conducted through an OFS of units aggregating upto ₹5,000 crore. The selling unitholders include BCI IRR India Holdings Partnership, Cube Highways and Infrastructure II, Cube Highways and Infrastructure III,, Cube Mobility Investments ,and Seventy Second Investment Company.
Record-Breaking Portfolio
The Trust has an enterprise value/asset under management (AUM) of ₹ 36,519.91 crore as of September 30, 2025, having achieved a 43% increase in nett asset value (NAV) per unit since its initial private listing in April 2023. Kotak Mahindra Capital Company , HDFC Bank, HSBC Securities and Capital Markets, and JM Financial are the book-running lead managers for the offer, and Axis Trustee Services is the trustee.
As of September 30, 2025, the Trust operatesd 27 road assets across 12 states and one union territory, out of which 18 are toll roads, 6 are hybrid annuity models and 3 annuity assets. These assets include 9 build, operate, transfer (BOT) and design, build, finance, operate and transfer (DBFOT) assets, 9 toll, operation, maintenance and transfer (TOT) assets. Cube Highways Trust has reported traffic growth of 9.4 % Q3 FY26 and its AUM growth has been 24%. The InvIT has registered 43% NAV growth since the listing of its private InvIT, it said.
Strategic Expansion
Prior to the offer’s completion, the trust will acquire four additional highway and tunnelway project SPVs via swap transactions, increasing the portfolio to 31 road assets aggregating 9,811 lane kilometers. The portfolio maintains a balanced income mix with a Toll AUM to annuity AUM ratio of 85:15 and a weighted average residual concession period of 18.44 years for existing assets.
