The primary market will remain active next week with eight public issues scheduled to open for subscription. According to reports from The Economic Times, Business Standard, The Hindu BusinessLine, ET Now, and The Financial Express, the offerings include the InvIT of Cube Highways Trust and the initial public offerings (IPOs) of Indo MIM, Lohia Corp and Xtranet Technologies. The IPOs of the three mainboard issues are set to open on July 23 and close on July 27, with anchor investor bidding scheduled for July 22. This represents continued primary market participation, with the Cube Highways Trust InvIT leading the week's offerings followed by the three mainboard IPOs. So far in 2026, 32 companies have launched their maiden public offerings, while the IPO of Caliber Mining & Logistics is currently open for subscription, demonstrating sustained momentum in the primary market. The upcoming week follows robust investor interest in the IPO market, driven by the blockbuster public issue of SBI Funds Management, which was subscribed more than 40 times with bids worth nearly ₹2.98 lakh crore and listed at a premium of 7%. The total fundraising across all eight IPOs amounts to over ₹10,000 crore, making this one of the busiest weeks for primary market activity.
Cube Highways Trust has successfully raised ₹1,687.5 crore from anchor investors ahead of its ₹5,000-crore InvIT public issue opening on July 22, 2026 and closing on July 24, 2026. As reported by The Economic Times, the trust allotted 11.10 crore units to 59 funds at ₹152 per unit, with Prazim Trading and Investment Co Pvt Ltd, an entity associated with Premji Invest, emerging as the largest anchor investor with an allocation worth ₹300 crore. Other prominent investors in the anchor book included ICICI Prudential Life Insurance Company, SBI Life Insurance Company, HDFC Mutual Fund, SBI Mutual Fund, Nippon India Mutual Fund, and Tata Mutual Fund. According to Moneycontrol, 12 mutual funds, through 26 schemes, participated in the anchor book, with notable participants including HDFC AMC, SBI Mutual Fund, Nippon Life India, Tata MF, ICICI Prudential AMC, Kotak Mahindra AMC, Axis Mutual Fund, Aditya Birla Sun Life AMC, HSBC MF, and Invesco India. Global marquee names like Citigroup and Morgan Stanley also participated in the anchor book. The trust has fixed a price band at ₹151-152 per unit for its public issue, which will close on July 24. The issue represents a book-built offer for sale of 32.89 crore units as the trust transitions from a privately listed InvIT to a publicly listed platform. Ahead of the public issue, Cube Highways Trust had already secured ₹1,250 crore from five strategic investors through unit subscription agreements executed on July 13, with the strategic investors including Prazim Trading and Investment Company (₹950 crore), HDFC Life Insurance Company (₹100 crore), HDFC Pension Fund Management (₹100 crore), Axis Max Life Insurance Company (₹50 crore), and WhiteOak Capital REIT & InvIT Alternatives Fund I (₹50 crore). The minimum bid is 95 units and thereafter in multiples of 95 units. Of the net issue, 75 per cent has been reserved for qualified institutional buyers (QIBs), while the remaining 25 per cent has been earmarked for non-institutional investors (NIIs). The allotment is expected on July 29, while the units are likely to be listed on August 3 on both NSE and BSE. Kotak Mahindra Capital Co. Ltd. is acting as the Book Running Lead Manager for the issue, with KFin Technologies Ltd. appointed as the registrar.
Cube Highways Trust has demonstrated robust financial performance in FY26, reflecting steady growth in its infrastructure portfolio. According to The Economic Times, the trust's total income increased to ₹2,922.09 crore in FY26 from ₹2,106.32 crore in FY25, registering a year-on-year growth of 38.7%. Profitability also improved significantly, with Profit After Tax (PAT) rising to ₹1,422.89 crore in FY26 from ₹999.57 crore in FY25, representing a growth of 42.3%. In the latest financial year, the trust posted a profit of ₹216.71 crore with revenue from operations at ₹4,238.88 crore, as reported by Business Standard. This strong performance was driven by improved operational performance, efficient asset management, and stronger value creation. The trust has built a diversified portfolio of highway projects, including both toll-based and annuity-based assets, providing stable revenue streams through long-term concession agreements. As of March 31, 2026, Cube Highways Trust's portfolio included 27 road assets spanning approximately 8,754 lane kilometres across 12 states and one union territory*, positioning it among India's leading highway infrastructure InvITs. The trust follows a strategy of acquiring mature, cash-generating infrastructure assets while improving operational efficiency through technology-driven asset management, effective maintenance practices, and disciplined capital allocation. As of March 31, 2026, the trust's assets under management (AUM) comprised an 85:15 mix of toll and annuity assets, with the trust currently operating 26 road assets following the conclusion of the concession period for the WUPTPL project. The trust has increased its annual distribution to unitholders over the past three years, from ₹10.09 per unit in its first year to ₹11 in the second and ₹13.77 in the third, with future distribution growth supported by both organic traffic growth and the addition of new assets.
Cube Highways Trust InvIT IPO opened for subscription on July 22, 2026, with the Grey Market Premium (GMP) standing at ₹0, indicating shares are trading at the issue price of ₹152 with no premium or discount in the grey market, according to investorgain.com. The subscription status shows 3% subscription on day 2, with 70.53 lakh units bid against 13.65 crore units on offer at 17:00 IST on Thursday (July 23, 2026), as reported by Business Standard. Multiple brokerages have issued positive reviews for the InvIT, with Sushil Financial Services assigning a "Subscribe" rating citing the InvIT's high-quality road asset portfolio, strong sponsor backing, visible growth pipeline, healthy distribution track record, and robust credit profile. SMIFS has also recommended investors subscribe to the issue, highlighting the compelling combination of scale, geographic diversification, acquisition-led growth pipeline, investment-grade balance sheet, and consistent distribution track record. Marwadi Shares & Finance has maintained a "Subscribe" rating, noting the InvIT's large and diversified portfolio of highway assets, strong pipeline of committed assets, ROFO assets, and future acquisition opportunities. The trust's fair enterprise value is estimated at around ₹36,842 crore as of March 31, 2026, supporting its investment case. Investors must note that the grey market premiums are unofficial and based on market speculation, they do not guarantee listing gains or reflect the company's fundamentals.
Indo MIM's IPO comprises a fresh issue of shares worth ₹499.10 crore and an offer for sale (OFS) of 6.82 crore shares by existing shareholders including Green Meadows Investments, Anuradha Koduri, and the Indian Institute of Technology Madras. According to market sources cited by The Economic Times, Business Standard, The Hindu BusinessLine, ET Now, and The Financial Express, the total issue is expected to be over ₹3,500 crore and will open for subscription on July 23, 2026 and close on July 27, 2026. The precision engineering components maker intends to utilize ₹400 crore from the fresh issue to repay borrowings, while the balance will be used for general corporate purposes. The company has fixed the price band at ₹461-₹485 per share with a lot size of 30 shares. Founded in 1996, Indo MIM operates 15 manufacturing facilities across India, the US, the UK and Mexico, catering to the automotive, defence, medical, consumer and aerospace sectors. The latest Grey Market Premium (GMP) stands at around ₹202, suggesting an estimated listing price of nearly ₹687, which translates into a potential premium of more than 41% over the upper end of the price band. However, investors are cautioned that GMP is unofficial and can change every day, and should not be treated as a guarantee of listing gains or future stock performance.
