Cube Highways Trust IPO: INR 5,000 Crore Raised in Landmark Public Listing
By Business Desk
Cube Highways Trust achieves India’s first public InvIT listing, raising INR 5,000 crore. Explore the details of this landmark IPO and its impact on the infrastructure market.
Cube Highways Trust completed India’s first conversion of a privately listed Infrastructure Investment Trust (InvIT) into a public entity, raising approximately INR 5,000 crore through an offer for sale.
Key Figures
- Offer for sale value: INR 5,000 crore
- Highway assets: 27
- Total kilometers covered: 2,005 km
This transaction marks a significant development for India’s listed infrastructure investment market. The Trust has been publicly listed on exchanges since April 2023, solidifying its market presence.
Legal Advisory Teams
- Cyril Amarchand Mangaldas (CAM): Indian legal counsel for Cube Highways Trust and its Investment Manager, Cube Highways Fund Advisors.
- Shardul Amarchand Mangaldas & Co (SAM): Indian legal counsel for the Cube Sponsor, Sponsor Group (Cube Highways and Infrastructure II, Cube Highways and Infrastructure III, Cube Mobility Investments), and Mubadala Selling Unitholder (Seventy Second Investment Company LLC).
- AZB & Partners: Advised the book-running lead managers.
- Sidley Austin: Provided international counsel to the underwriters.
The book-running lead managers for this conversion included Kotak Mahindra Capital Company Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, and JM Financial Limited.
Portfolio Overview
Cube Highways Trust manages an extensive portfolio of 27 highway assets. These assets span 2,005 kilometers across twelve Indian states and one union territory.
The successful conversion and listing of Cube Highways Trust sets a new precedent for infrastructure investment trusts in the country.