Cube Highways Trust has filed preliminary papers with the Securities and Exchange Board of India (Sebi) to raise Rs 50 bn through an initial public offering by means of an offer-for-sale of existing units by current shareholders. The proposed public listing will convert the privately listed infrastructure investment trust (InvIT) into a public InvIT and the raising is entirely an offer-for-sale, with no fresh issuance of units.\n\nUnder the offer-for-sale, Cube Highways and Infrastructure II, Cube Highways and Infrastructure III, Cube Mobility Investments, BCI IRR India and Seventy Second Investment Company will sell their existing units to new investors. The transaction structure envisages swap acquisitions of four additional special purpose vehicle project companies prior to completion, which will expand the portfolio.\n\nAs of September 2025, the Trust had assets under management totalling Rs 365.2 bn and operated 27 road assets across 12 states and one union territory. Of these, 18 are toll roads, six are hybrid annuity model projects and three are annuity assets, and the portfolio includes nine Build, Operate, Transfer and Design, Build, Finance, Operate and Transfer assets as well as nine Toll, Operation, Maintenance and Transfer assets.\n\nThe planned swap transactions will raise the asset count to 31 road assets covering 9,811 lane kilometres upon completion. Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India) Private Limited and JM Financial have been appointed as book running lead managers, while Axis Trustee Services will act as trustee.\n\nThe InvIT benefits from backing by Squared Capital, the investment arm of the Abu Dhabi Investment Authority, British Columbia Investment Management Corporation and Mubadala Investment Company, among other investors. The conversion to a public InvIT is expected to broaden the investor base and permit participation from select mutual funds, insurance companies and pension funds that have been constrained by liquidity considerations in privately listed vehicles.