Cube Highways Trust InvIT IPO Day 3: Issue subscribed 1.67x so far. Check GMP, issue details, review

The Cube Highways Trust InvIT IPO opened for public subscription on Wednesday, 22 July, and will close on Friday, 24 July. The Cube Highways Trust InvIT IPO price band has been fixed at ₹151-152 per unit.

Ahead of the public issue, Cube Highways Trust, managed by Cube Highways Fund Advisors and sponsored by Cube Highways and Infrastructure V, raised ₹1,687.5 crore from anchor investors. The InvIT allotted 11.1 crore units to 59 anchor investors at the upper end of the price band.

Among the anchor investors, 12 mutual fund houses subscribed to 4.14 crore units through 26 schemes. These included HDFC AMC, SBI Mutual Fund, Nippon India Mutual Fund, Tata Mutual Fund, ICICI Prudential AMC, Kotak Mahindra AMC, Axis Mutual Fund, Aditya Birla Sun Life AMC, HSBC Mutual Fund, and Invesco India.

The anchor book also saw participation from global institutional investors such as Citigroup and Morgan Stanley, while domestic investors included SBI Life Insurance, ICICI Prudential Life Insurance, Bajaj Allianz Life Insurance, Army Group Insurance, PNB MetLife India Insurance, Tata AIG General Insurance, Bharti AXA Life Insurance, Universal Sompo General Insurance, and Care Health Insurance.

In addition, Azim Premji-backed Prazim Trading and Investment Company invested another ₹300 crore by acquiring 1.97 crore units through the strategic investors' portion, taking its total investment in Cube Highways Trust InvIT to ₹950 crore.

The Cube Highways Trust InvIT IPO lot size has been fixed at 95 units, with investors allowed to bid in multiples of 95 units thereafter.

Under the issue structure, the Cube Highways Trust InvIT IPO has reserved up to 75% of the issue for Qualified Institutional Buyers (QIBs), while the remaining at least 25% has been allocated to Non-Institutional Investors (NIIs).

As per the tentative timeline, the Cube Highways Trust InvIT IPO allotment is expected to be finalised on 27 July. Refunds and credit of units to successful applicants' demat accounts are likely on 28 July, while the Cube Highways Trust InvIT listing on the BSE and NSE is scheduled for 29 July.

Cube Highways Trust InvIT IPO GMP is ₹0, indicating shares are trading at the issue price of ₹152 with no premium or discount in the grey market, according to investorgain.com.

Sushil Financial Services has assigned a "Subscribe" rating to the Cube Highways Trust InvIT IPO for long-term investors. The brokerage cited the InvIT's high-quality road asset portfolio, strong sponsor backing, visible growth pipeline, consistent distribution track record, and robust credit profile as key factors supporting its positive investment outlook.

SMIFS has also recommended investors subscribe to the issue. According to the brokerage, Cube Highways Trust InvIT stands out among listed road InvITs due to its large-scale and geographically diversified portfolio, acquisition-led growth pipeline, investment-grade balance sheet, and consistent distribution history, offering a compelling long-term investment opportunity.

Marwadi Shares & Finance has likewise assigned a "Subscribe" rating to the IPO. The brokerage highlighted the InvIT's diversified portfolio of operational highway assets, strong pipeline of committed assets, Right of First Offer (ROFO) assets, and future acquisition opportunities. It also estimated the trust's fair enterprise value at around ₹36,842 crore as of 31 March 2026, reinforcing its constructive view on the offering.

Cube Highways Trust InvIT IPO subscription status was 1.67x on day 3, so far. The other investors have subscribed 57%, and the institutional investors portion was booked 2.58x.

The company has received bids for 22,77,15,950 shares against 13,65,89,480 shares on offer at 15:30 IST, according to NSE.

The Cube Highways Trust InvIT IPO is an offer for sale (OFS) by existing unitholders as the privately held Infrastructure Investment Trust (InvIT) transitions to the public markets. Since the issue does not include a fresh issue of u...