Sidley Advises on US$520 Million Public Offering of Cube Highways Trust — India’s First Private-to-Public InvIT Conversion

Sidley advised the underwriters, Kotak Mahindra Capital, HDFC Bank, HSBC Securities, and JM Financial, on the approximately US$520 million public offering of units of Cube Highways Trust.

The offering was undertaken in connection with the conversion of Cube Highways Trust from a privately placed and listed infrastructure investment trust (InvIT) into a publicly listed InvIT.

The transaction represents the first conversion of its kind in India under the Securities and Exchange Board of India’s InvIT framework, establishing a precedent-setting pathway for privately listed InvITs to access India’s public capital markets.

Cube Highways Trust is backed by global investors including I Squared Capital, Abu Dhabi Investment Authority (ADIA), British Columbia Investment (BCI), and Mubadala Investment Company (MIC). The InvIT owns and operates a diversified portfolio of road assets across 12 states and one union territory in India.

The Sidley team was led by Manoj Bhargava and included Rachna Talati, Dhanush Dinesh, Oindree Bandyopadhyay, and Edward Lee (all Singapore) with support from Daniel O’Shea (New York), Omar Shafi, and Noel Li (both London).