, an infrastructure investment trust, is preparing to file for an initial public offering (IPO) that could raise $600 million, according to people familiar with the matter.
The firm has hired Kotak Mahindra Capital, HSBC Holdings, ICICI Securities Ltd and HDFC Bank Ltd to arrange the sale, the people said, asking not to be identified as the information is private. Discussions are ongoing and details of the offering may change, they said.
Currently listed as a private trust, Cube Highways plans to convert into a public company through a share sale. The SEBI has proposed easing conversion rules, including lower sponsor contributions and shorter lock-in periods. The trust is valued at ₹17,700 crore ($2 billion) in the private market, data from the BSE show.
Backed by investors including Abu Dhabi Investment Authority and Mubadala Investment Co, Cube operates 27 road assets spanning more than 2,000 km across 12 States and one union territory, according to its website. It reported revenue of ₹3,307 crore for the year ended March 31, 2025, up from ₹2,916 crore a year earlier.
A spokesperson for Cube InvIT and the four banks did not respond to requests for comment.
India has 27 registered infrastructure trusts, of which five — IRB InvIT Fund, India Grid Trust, Powergrid Infrastructure Investment Trust, Indus Infra Trust and Capital Infra Trust — are publicly listed.
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