Units of Cube Highways Trust listed on Friday at the National Stock Exchange and the BSE, following its transition from a privately listed to a publicly listed Infrastructure Investment Trust (InvIT).
As against the IPO price of ₹152, units were listed at ₹155 on the BSE and rose further to ₹158.40 before closing at ₹156.88, up 2.70 per cent. On the NSE, Cube Highways units closed at ₹156.96 after opening at ₹155.
Strong demand
Earlier, the offer for sale from Cube Highways was subscribed over nine times, drawing participation from institutional, strategic and retail investors. The strong subscription signals appetite among investors for listed infrastructure platforms that offer stable, long-term cash flows.
Chief Executive Officer Vinay C Sekar said the response reflected confidence in the Trust’s portfolio and strategy. Group CFO Pankaj C. Vasani struck a measured note, describing the listing as the start of an obligation to the expanded unitholder base rather than an end in itself, and emphasising governance and disciplined stewardship of public capital.
Cube Highways Trust holds a diversified portfolio of operational highway assets across India and has a track record of stable distributions. The public listing broadens its investor base significantly, bringing in thousands of new unitholders beyond the institutional and strategic investors who were part of its earlier private structure.
InvITs are regulated pass-through vehicles that allow investors to hold stakes in revenue-generating infrastructure assets. The public listing route subjects them to broader disclosure and governance requirements compared with privately placed structures.
The successful IPO comes at a time of growing interest in infrastructure-linked investment products in India, with highway assets offering long-duration, toll-linked cash flows that appeal to both institutional and retail investors seeking predictable returns.