Cube Highways kicks off roadshows for ₹5k crore IPO, eyes October launch
Cube Highways Trust, an Indian infrastructure investment trust backed by the Abu Dhabi Investment Authority and Mubadala Investment Co. has kicked off roadshows for its
Cube Highways Trust, an Indian infrastructure investment trust backed by the Abu Dhabi Investment Authority and Mubadala Investment Co. has kicked off roadshows for its initial public offering (IPO), aiming for an October launch, according to two people familiar with the matter. "Volatility in the primary market is receding and there is a stable window for large-scale institutional fundraising," said an investment banker involved in the transaction, who asked not to be identified as the discussions are private. "Though the DRHP (draft red herring prospectus) was filed in March, it was important to wait out a few uncertain months." Now, the company is reaching out to a select set of domestic and overseas institutions before a decision on pricing can be made, this person added. The trust is seeking to raise ₹5,000 crore through the sale, which will be structured as an offer for sale by existing unitholders. Also Read | Centre to accelerate EV charging infra on 74 key highway routes A second person confirmed the development but said the timelines can contract or stretch out depending on the kind of demand the roadshows fetch.
A representative for Cube Highways did not respond to requests for comment. For context, IPO roadshows are a series of presentations conducted by company executives and underwriting investment bankers to market the offering to institutions, family offices and brokers. This helps them gauge demand among a large pool of investors before pricing it. Mint had reported on 24 June how, days after the big-ticket IPOs of the Stock Exchange of India Ltd and Jio Platforms Ltd were filed with the markets regulator, investment bankers were betting on a positive liquidity sentiment to launch roadshows for other private equity-backed IPO mandates. Also Read | NHAI targets ₹35,000 crore from highway monetization in FY27 The listing plans follow a period of growth for the platform. Cube Highways listed its private ordinary units in April 2023 with anchor investments from British Columbia Investment Management Corp. and Mubadala. Currently, the trust has a market capitalization of around ₹20,400 crore, with a free float of units worth ₹11,972 crore.
The infrastructure vehicle filed preliminary documents with the Securities and Exchange Board of India (Sebi) to convert from a privately listed infrastructure investment trust to a public trust. Unitholders planning to sell stakes include sponsor group entities Cube Highways and Infrastructure II, Cube Highways and Infrastructure III, Cube Mobility Investment, as well as Canadian infra major BCI and Abu Dhabi's sovereign wealth fund Mubadala Investment Co., the draft prospectus showed. As of September 2025, the trust managed an asset portfolio valued at ₹36,520 crore, spanning 27 highway and toll road projects across 12 Indian states. It implements the public-private partnership model in the country's highways sector in association with central and state governments. Cube plans to add four road projects prior to the listing, bringing its network to 31 projects covering 9,811 lane kilometers. Also Read | Jio Platforms bucks a long-running IPO trend The shift to a public structure is intended to expand the investor base. Under local rules, institutional participation from mutual funds and insurance firms in private trusts is restricted due to liquidity requirements.
