Cube Highways Trust has filed preliminary papers with markets regulator Sebi to raise Rs 50 billion (bn) through an initial public offering that will be carried out entirely as an offer-for-sale by existing shareholders. The documents stated that the InvIT is proposing conversion from a privately listed infrastructure investment trust to a public InvIT through the sale of units aggregating up to Rs 50 bn. The move is intended to widen the investor base beyond private capital. Under the offer-for-sale, current holders including Cube Highways and Infrastructure II, Cube Highways and Infrastructure III, Cube Mobility Investments, BCI IRR India and Seventy Second Investment Company will offload units to new investors. Before the offer completes, the trust plans to acquire four additional highway and tunnel project special purpose vehicles through swap transactions, which will raise the portfolio to 31 road assets. The enlarged portfolio will cover 9,811 lane kilometres. The trust reported assets under management of Rs 365.2 bn as of September 2025 and operates 27 road assets across 12 states and one union territory. Of these assets, 18 are toll roads, six follow hybrid annuity models and three are annuity assets. The portfolio also comprises nine Build, Operate, Transfer and Design, Build, Finance, Operate and Transfer assets and nine Toll, Operation, Maintenance and Transfer assets. The InvIT is backed by Squared Capital, an arm of the Abu Dhabi Investment Authority, British Columbia Investment Management Corporation and Mubadala Investment Company. Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India) Private Limited and JM Financial are the book-running lead managers, with Axis Trustee Services appointed trustee. The conversion is expected to open pools of capital from select mutual funds, insurance companies and pension funds and follows a Rs 60 bn IPO by a National Highways Authority of India-sponsored trust earlier this month that attracted strong demand.