Cube Highways Trust IPO Day 2: GMP, subscription status live, key dates, should you subscribe?

Cube Highways Trust IPO Day 2: Cube Highways Trust's initial public offering (IPO) has entered the second day of subscription after receiving a muted response from investors on the opening day. Following the subscription trend, the IPO has also failed to generate interest in the unlisted market.

Cube Highways Trust IPO Subscription StatusOn Day 1, the IPO was subscribed only 0.05 times, indicating that it received bids for 66,50,950 shares against 13,65,89,480 shares on offer. The subscription on the first day was primarily driven by corporate investors and non-resident Indians (NRIs).

Interest from institutional investors remained lukewarm, as the IPO did not receive a single bid from the category.

Readers should note that the Grey Market Premium (GMP) is only one of several indicators and should not be considered the sole factor in determining an IPO's listing performance. Actual listing gains depend on various factors, including market conditions, investor sentiment, subscription demand, and the company's fundamentals.

Cube Highways Trust InvIT, which opened its three-day subscription window on July 18, will close the issue on July 22.

Following the three-day subscription period, the IPO allotment is expected to be finalised on July 29.

The units are expected to be listed on both the NSE and BSE on July 29, subject to the completion of the allotment process.

Cube Highways Trust InvIT is a book-built issue worth Rs 5,000 crore. The company has fixed the price band at Rs 151–Rs 152 per unit. The minimum application size is 95 units.

Kotak Mahindra Capital Co. Ltd. is the book-running lead manager, while KFin Technologies Ltd. is the registrar to the issue.

Should you subscribe to the Cube Highways Trust IPO?

As the IPO entered its subscription period, brokerage firm SMIFS Limited reiterated its "Subscribe" recommendation, citing the InvIT's diversified road portfolio, consistent distribution track record, strong balance sheet, and visible growth pipeline.

(Disclaimer: The above article is meant for informational purposes only and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)

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