The public offerings mark a new chapter for the Indian road infrastructure platform.

We are pleased to share that Cube Highways Trust (“Cube InvIT” or the “Trust”), the listed infrastructure investment trust of the Cube Highways platform built and scaled by I Squared Capital, has successfully completed its offer-for-sale and began trading as a publicly listed InvIT on the National Stock Exchange of India (“NSE”) and Bombay Stock Exchange (“BSE”) on 31 July 2026.

The transaction marks a landmark achievement for both Cube InvIT and the Indian infrastructure market. In addition to becoming the first InvIT to transition from a privately listed to a publicly listed platform, the listing establishes a new pathway to public market liquidity that is expected to support future capital recycling and portfolio monetization.

Harsh Agrawal, Senior Partner at I Squared Capital, commented: “Cube Highways is a defining example of what we set out to build as a firm. Through disciplined acquisitions of carefully selected, high-quality assets, a hands-on operating focus and extensive use of technology, we have transformed Cube Highways into one of India’s largest private roads business. This listing represents the next stage in that evolution, broadening Cube InvIT’s ownership to institutional and retail investors, while providing the platform with enhanced access to capital markets to support its continued growth.”

The offering attracted exceptional investor demand, with the issue subscribed more than nine times overall and the Qualified Institutional Buyer (“QIB”) tranche subscribed more than thirteen times. The strength of investor demand demonstrates continued confidence in both the quality of Cube Highway’s portfolio and the depth of India’s public capital markets for infrastructure. This transaction validates a monetization pathway that I Squared Capital expects to leverage across its broader India infrastructure portfolio over time.

About Cube Highways Trust  

Cube Highways Trust holds 27 operating road assets totaling 8,754 lane kilometers across 12 states and one union territory, with an average residual concession life of over 18 years and an 85:15 toll-to-annuity revenue mix. The Trust is rated AAA by CRISIL, ICRA and India Ratings. It distributed INR 13.77 per unit in FY26, INR 18,510 Mn (USD 195 Mn) in aggregate, representing a yield of approximately 9% on the offer price.  

About Cube Highways  

Cube Highways specializes in investing in road and highway projects in India. Across its various investment companies, the independent Singapore-based platform has acquired, or committed to acquire, 39 highway concessions (totaling around 12,800 lane kilometers) and is one of India’s largest owners and operators of highways. Cube Highways Trust, which was privately placed and listed in April 2023 on the Bombay Stock Exchange, owns 27 of the 35 highways.  

Shareholders of Cube Highways are leading international investors including I Squared Capital, Abu Dhabi Investment Authority, BCI, and Mubadala.  

Disclaimers

Information as of publication date, subject to change.

 This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only. Investing involves risk, loss of principal is possible. Specific investments described herein do not represent all investment decisions made by ISQ. The reader should not assume that investment decisions identified and discussed were or will be profitable. Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.