Cube Highways Trust raises 1,250 cr ahead of IPO
Cube Highways Trust just pulled in ₹1,250 crore from top investors like Premji Invest and HDFC Group.
This is all gearing up for their ₹5,000 crore IPO happening July 22-24, which will shift the trust from private to public and let anyone invest in their road infrastructure business.
Cube Highways sells over 8cr units
On July 13, Cube Highways Trust sold over eight crore units at ₹152 each.
Premji Invest chipped in a hefty ₹950 crore, while HDFC Life Insurance and HDFC Pension Fund Management put in ₹100 crore each. Axis Max Life Insurance and WhiteOak Capital added ₹50 crore apiece.
The trust manages 27 road assets across India, spanning nearly 9,000 lane kilometers, with an average concession life of 18 years.
Net debt stands at ₹17,768 crore with a debt-to-enterprise value ratio of about 47%.