Highway Infrastructure IPO: Check analysts views, ratings, latest GMP & more
Highway Infrastructure sold its shares in the price band of Rs 65-70 apiece, which could be applied for a minimum of 211 shares and its multiples to raise Rs 130 crore between August 05-07.
- Aug 5, 2025,
- Updated Aug 5, 2025 9:45 AM IST
The initial public offering (IPO) of Highway Infrastructure opens for bidding on Tuesday, August 05. The company shall be selling its shares in the range of Rs 65-70 apiece. Investors can apply for a minimum of 211 equity shares and its multiples thereafter. Bidding can be done until Thursday, August 07.
Highway Infrastructure is looking to raise a total of Rs 130 crore via IPO, which includes a fresh share sale of Rs 97.52 crore and an offer-for-sale (OFS) of up to 46.40 lakh equity shares worth Rs 32.48 crore. Net proceeds from the issue shall be utilized towards funding working capital requirements and general corporate purposes.
Indore-based Highway Infrastructure, incorporated in 1995, is an Indian infrastructure development and management company engaged in tollway collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development. The company specializes in the construction and maintenance of roads, highways, bridges, and residential projects.
Highway Infrastructure has raised Rs 23.4 crore from four anchor investors as it finalised allocation of 33.4 lakh shares at Rs 70 per share. Its anchor book included names like VPK Global Ventures Fund, HDFC Bank, Abans Finance, and Sunrise Investment Opportunities Fund.
For the year ended on March 31, 2025 Highway Infrastructure reported a net profit of Rs 22.40 crore with a revenue of Rs 504.48 crore. The company clocked a net profit of Rs 21.41 crore with a revenue of Rs 576.58 crore for the financial year 2023-24. At the current valuation, the company commands a total market capitalization of Rs 502.04 crore.
The company has reserved not more than 30 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs)will get not less than 30 per cent of the issue. Retail investors will have allocation of at least 40 per cent of the net offer in the issue. It is commanding a grey market premium (GMP) of Rs 40 apiece, suggesting 57 per cent gains.
Pantomath Capital Advisors is the book-running lead manager of the Highway Infrastructure IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with Tuesday, August 12 as the tentative date of listing at the bourses. Here's what a host of brokerage firms said about the IPO of Highway Infrastructure:
Anand Rathi Shares & Stock Brokers Rating: Subscribe for long-term
HIL aims to further strengthen its tollway collection and EPC infra-businesses while focusing on improving overall financial performance. With the government’s growing emphasis on road infrastructure, the total tolling network is projected to expand, supporting increased revenue generation, said Anand Rathi Shares & Stock Brokers.
"It presents a niche opportunity in India’s tollway and EPC infrastructure space, supported by consistent growth and a robust order book. The use of ANPR (automatic number plate recognition) technology in toll systems provides a competitive advantage, while the combination of toll and EPC businesses offers diversified revenue streams," it said with a 'subscribe for long-term' rating.
SBI Securities Rating: Avoid
HIL is a relatively smaller player in the infrastructure industry. Its primary business of tollway collection has shorter tenure contracts of only one year which exposes itself to frequent bidding and competition. Revenue concentration from the public sector clients stands at 91 per cent leading to elongated working capital cycle and subdued return ratios, said SBI Securities.
"HIL is valued at FY25 P/E and EV/Ebitda multiples of 25.5 times and 17.8 times respectively on post issue capital. The low margin profile, higher working capital cycle and geographical concentration fail to justify these valuations. We recommend investors to 'avoid' the issue," it added.
Arihant Capital Markets Rating: Subscribe
Highway Infrastructure is an integrated infrastructure development and management company in India, with a consolidated order book of Rs 666.3 crore as of May 31, 2025. It operates across two major segments: tollway collection and EPC infrastructure and is recognized for its extensive experience in toll operations across 11 states and 1 union territory, said Arihant Capital Markets.
With a focus on cost optimization and project execution, HIL is well-positioned to benefit from India’s growing investment in national highway development and asset monetization initiatives. The issue is valued at a P/E ratio of 22.41 times, based on a FY25 EPS of Rs 3.1 and EV/Ebitda at 17.8 times, based on FY25 Ebitda, it said with a 'subscribe for listing gains' for the IPO.
Swastika Investmart Rating: Subscribe
HIL's order book stands strong at Rs 666.3 crore as of May 2025, mainly from EPC projects. It uses advanced ANPR technology to enhance toll automation and operational efficiency. The valuation stands at 18.06 times FY25 earnings, the IPO is considered fully priced, said Swastika Investmart, with a 'subscribe' for listing gains and long-term investors.
Lakshmishree Investments Rating: Subscribe for long-term.
Highway Infrastructure presents a compelling opportunity in India’s booming infrastructure sector. With over three decades of experience, the company holds a strong position in toll collection, EPC, and real estate, backed by robust financials and impressive revenue and profit growth, said Lakshmishree Investments.
"However, investors must consider key risks- high dependence on NHAI contracts and the capital-intensive nature of the business could impact stability during downturns. Promoters' deep industry experience, diversified operations, and strong financial trajectory make it a promising bet. Given its potential to benefit from infra expansion and generate long-term value, we assign a 'subscribe' rating for long-term investors," it said.
The initial public offering (IPO) of Highway Infrastructure opens for bidding on Tuesday, August 05. The company shall be selling its shares in the range of Rs 65-70 apiece. Investors can apply for a minimum of 211 equity shares and its multiples thereafter. Bidding can be done until Thursday, August 07.
Highway Infrastructure is looking to raise a total of Rs 130 crore via IPO, which includes a fresh share sale of Rs 97.52 crore and an offer-for-sale (OFS) of up to 46.40 lakh equity shares worth Rs 32.48 crore. Net proceeds from the issue shall be utilized towards funding working capital requirements and general corporate purposes.
Indore-based Highway Infrastructure, incorporated in 1995, is an Indian infrastructure development and management company engaged in tollway collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development. The company specializes in the construction and maintenance of roads, highways, bridges, and residential projects.
Highway Infrastructure has raised Rs 23.4 crore from four anchor investors as it finalised allocation of 33.4 lakh shares at Rs 70 per share. Its anchor book included names like VPK Global Ventures Fund, HDFC Bank, Abans Finance, and Sunrise Investment Opportunities Fund.
For the year ended on March 31, 2025 Highway Infrastructure reported a net profit of Rs 22.40 crore with a revenue of Rs 504.48 crore. The company clocked a net profit of Rs 21.41 crore with a revenue of Rs 576.58 crore for the financial year 2023-24. At the current valuation, the company commands a total market capitalization of Rs 502.04 crore.
The company has reserved not more than 30 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs)will get not less than 30 per cent of the issue. Retail investors will have allocation of at least 40 per cent of the net offer in the issue. It is commanding a grey market premium (GMP) of Rs 40 apiece, suggesting 57 per cent gains.
Pantomath Capital Advisors is the book-running lead manager of the Highway Infrastructure IPO, while Bigshare Services is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with Tuesday, August 12 as the tentative date of listing at the bourses. Here's what a host of brokerage firms said about the IPO of Highway Infrastructure:
Anand Rathi Shares & Stock Brokers Rating: Subscribe for long-term
HIL aims to further strengthen its tollway collection and EPC infra-businesses while focusing on improving overall financial performance. With the government’s growing emphasis on road infrastructure, the total tolling network is projected to expand, supporting increased revenue generation, said Anand Rathi Shares & Stock Brokers.
"It presents a niche opportunity in India’s tollway and EPC infrastructure space, supported by consistent growth and a robust order book. The use of ANPR (automatic number plate recognition) technology in toll systems provides a competitive advantage, while the combination of toll and EPC businesses offers diversified revenue streams," it said with a 'subscribe for long-term' rating.
SBI Securities Rating: Avoid
HIL is a relatively smaller player in the infrastructure industry. Its primary business of tollway collection has shorter tenure contracts of only one year which exposes itself to frequent bidding and competition. Revenue concentration from the public sector clients stands at 91 per cent leading to elongated working capital cycle and subdued return ratios, said SBI Securities.
"HIL is valued at FY25 P/E and EV/Ebitda multiples of 25.5 times and 17.8 times respectively on post issue capital. The low margin profile, higher working capital cycle and geographical concentration fail to justify these valuations. We recommend investors to 'avoid' the issue," it added.
Arihant Capital Markets Rating: Subscribe
Highway Infrastructure is an integrated infrastructure development and management company in India, with a consolidated order book of Rs 666.3 crore as of May 31, 2025. It operates across two major segments: tollway collection and EPC infrastructure and is recognized for its extensive experience in toll operations across 11 states and 1 union territory, said Arihant Capital Markets.
With a focus on cost optimization and project execution, HIL is well-positioned to benefit from India’s growing investment in national highway development and asset monetization initiatives. The issue is valued at a P/E ratio of 22.41 times, based on a FY25 EPS of Rs 3.1 and EV/Ebitda at 17.8 times, based on FY25 Ebitda, it said with a 'subscribe for listing gains' for the IPO.
Swastika Investmart Rating: Subscribe
HIL's order book stands strong at Rs 666.3 crore as of May 2025, mainly from EPC projects. It uses advanced ANPR technology to enhance toll automation and operational efficiency. The valuation stands at 18.06 times FY25 earnings, the IPO is considered fully priced, said Swastika Investmart, with a 'subscribe' for listing gains and long-term investors.
Lakshmishree Investments Rating: Subscribe for long-term.
Highway Infrastructure presents a compelling opportunity in India’s booming infrastructure sector. With over three decades of experience, the company holds a strong position in toll collection, EPC, and real estate, backed by robust financials and impressive revenue and profit growth, said Lakshmishree Investments.
"However, investors must consider key risks- high dependence on NHAI contracts and the capital-intensive nature of the business could impact stability during downturns. Promoters' deep industry experience, diversified operations, and strong financial trajectory make it a promising bet. Given its potential to benefit from infra expansion and generate long-term value, we assign a 'subscribe' rating for long-term investors," it said.