New Delhi, July 23 -- Premji Invest, the family office of Wipro founder chairman and billionaire Azim Premji, has increased its exposure to India's infrastructure sector as it invested more money in a highways operator that it backed just a few weeks ago.

Bengaluru-based Premji Invest, which was set up two decades ago and manages over $15 billion in assets, invested almost Rs 300 crore ($31 million) as an anchor investor in Cube Highways Trust ahead of the infrastructure investment trust's public offering.

Overall, the InvIT allotted 11.1 crore units to more than two dozen anchor investors for a total of Rs 1,687.5 crore. Mutual funds, insurance companies and foreign portfolio investors were among the buyers.

This comes soon after the family office invested Rs 950 crore (about $100 million) in Cube Highways Trust as a so-called strategic investor. The investment was part of a larger transaction totalling Rs 1,250 crore. Apart from Premji Invest, HDFC Life Insurance Company and HDFC Pension Fund Management each committed Rs 100 crore while Axis Max Life Insurance and WhiteOak Capital REIT & InvIT Alternatives Fund I pledged Rs 50 crore each.

Cube Highways Trust is at least the third InvIT in Premji Invest's portfolio. Earlier this year, Premji Invest upped its exposure to Anzen India Energy Yield Plus by investing more than Rs 200 crore to buy units of the energy-focused InvIT from its sponsor Edelweiss Infrastructure Yield Plus. In December 2025, Premji Invest acquired a 2.61% stake in National Highways Infra Trust (NHIT) through open market transactions, investing around Rs 754 crore.

Premji Invest is one of India's most active private investment firms and invests both in public and private markets. It has made more than 160 investments since inception across infrastructure, technology, healthcare, financial services, and consumer sectors.

Cube InvIT's IPO

Cube Highways Trust's public issue opened for public subscription on Wednesday and will close on Friday. The total size of the public offering, including the strategic investor portion, is Rs 5,000 crore.

The InvIT is not issuing any new units and the entire issue consists of an offer-for-sale by three existing unitholders-US-based private equity firm I Squared Capital, Abu Dhabi sovereign wealth fund Mubadala Investment Company and Canadian pension fund British Columbia Investment Management Corp.

Singapore-based Cube Highway group entities, which are controlled by I Squared and sponsor the InvIT, will collect Rs 3,406 crore via the offering. BCI will raise Rs 1,100 crore and Mubadala will mop up Rs 493.72 crore.

The offering marks the transition of the InvIT from a privately listed entity to a publicly listed one. The InvIT privately listed its units on the BSE and the National Stock Exchange in April 2023. The transition will help it to access a more diversified investor base and open additional pools of capital from both institution and non-institutional investors.

As of March 31, 2026, Cube Highways Trust manages a portfolio of 27 operational road assets across 12 states and one Union Territory, totaling 8,754 lane kilometers. The assets have an average residual concession life of 18 years.

The trust's assets under management grew to Rs 36,842 crore, aided by nine acquisitions during the financial year ended March 31, 2026. Its net debt stood at Rs 17,768 crore, representing a net debt-to-enterprise value ratio of 46.82%.

Kotak Mahindra Capital Company, HDFC Bank, HSBC Securities and Capital Markets (India), and JM Financial are acting as the book-running lead managers to the issue.

Published by HT Digital Content Services with permission from VC Circle.