Cube Highways Trust has fixed the price band for its Initial Public Offer (IPO) at ₹151-152 per Unit. The Investment Manager determined the floor price at ₹151 per Unit and the cap price at ₹152 per Unit in consultation with the book running lead managers. This pricing decision follows the filing of the Offer Document with the Securities and Exchange Board of India (SEBI) on July 13, 2026.

The price band advertisement is scheduled for publication in requisite newspapers on July 15, 2026. This action aligns with the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 and the SEBI Master Circular for Infrastructure Investment Trusts (InvITs) dated July 11, 2025.

The Offer Document is available on the websites of SEBI, the stock exchanges, and the book running lead managers, which include Kotak Mahindra Capital Company Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, and JM Financial Limited. The Trust has advised prospective investors that an investment in the Units involves a high degree of risk and directed them to the "Risk Factors" section of the Offer Document for details.

Cube Highways Fund Advisors Private Limited acts as the Investment Manager to the Trust. Axis Trustee Services Limited serves as the Trustee to the InvIT, while Catalyst Trusteeship Limited is the Debt Security Trustee.

Cube Highways Trust has executed definitive agreements to acquire four road infrastructure assets, expanding its portfolio through the purchase of Special Purpose Vehicles (SPVs). The Investment Manager, Cube Highways Fund Advisors Private Limited, signed the Share Purchase Agreements (SPAs) on July 13, 2026, following approvals from its board and unitholders via postal ballot earlier this year.

The acquisition targets include the entire issued, subscribed, and paid-up share capital of Baharampore-Farakka Highways Limited, Devanahalli Tollway Private Limited, and Chenani Nashri Tunnelway Limited. Additionally, the trust will acquire at least 95% of the issued, subscribed, and paid-up equity share capital of Western M P Infrastructure and Toll Roads Private Limited on a fully diluted basis.

Acquisition Targets

The following table details the SPVs identified for acquisition:

Conditions and Approvals

The completion of these proposed acquisitions is contingent upon the satisfaction of conditions precedent outlined in the respective SPAs. The transactions require necessary approvals and the completion of specified closing actions before they can be finalized. The move follows the outcome of a board meeting held on January 30, 2026, and the voting result of a postal ballot dated February 20, 2026.