Premji Invest, HDFC anchor US$169.8M in Cube Highways Trust ahead of IPO
What's the deal? Cube Highways TrustDealroom has a profile for this one. Try Dealroom → has secured US$169.8M in commitments from strategic investors ahead of its US$67.9-crore initial public offering. The Sebi-registered infrastructure investment trust (InvIT) opens for subscription on July 22 and closes on July 24.
Who's in? Prazim Trading and Investment Company, an entity tied to Premji Invest, led with US$129M. HDFCDealroom has a profile for this one. Try Dealroom → Life Insurance Company and HDFC Pension Fund Management committed US$13.6M each, while Axis Max Life Insurance and WhiteOak Capital REIT & InvIT Alternatives Fund I put in US$6.79M each.
Under agreements signed on July 13, 2026, the investors will subscribe to 8.22 crore units at US$2.06 each.
What's the endgame? The IPO converts the trust from a privately listed InvIT to a publicly listed one through an offer-for-sale by existing unitholders. Kotak Mahindra Capital, HDFC Bank, HSBC SecuritiesDealroom has a profile for this one. Try Dealroom → and Capital Markets, and JM Financial are the book-running lead managers.
Why it matters: Cube Highways Trust owns 27 operational road assets spanning 8,754 lane kilometres across 12 states and one Union Territory, as of March 31, 2026. The average residual concession life is 18 years.
By the numbers: Assets under management rose to US$5B, supported by nine acquisitions during FY 2025-26. Net debt stood at US$2.41B at the end of March, with a net debt-to-enterprise value ratio of 46.82%.
The signal: The lineup of anchor names — from Premji Invest to HDFC and insurance-backed funds — points to steady institutional appetite for yield-generating road infrastructure as the trust makes its public debut.
Read more: The Hindu BusinessLine
Image credit: Mark Fischer
