Highway Infrastructure IPO Day 1: Issue subscribed over 12x within 3 hours on strong retail, NII demand
Highway Infra IPO: As of 1 pm, the IPO received 19,90,08,870 bids against 1,60,43,046 shares on offer, translating into a total subscription of 12.40 times.
- Aug 5, 2025,
- Updated Aug 5, 2025 1:08 PM IST
The initial public offering (IPO) of Highway Infrastructure saw robust demand on its opening day, with the issue being subscribed nearly 12 times within the first three hours of the bidding process in Tuesday's trade setup.
As of 1 pm, the IPO received 19,90,08,870 bids against 1,60,43,046 shares on offer, translating into a total subscription of 12.40 times. The retail investor portion was subscribed 15.01 times, while the non-institutional investor (NII) category saw 13.38 times subscription. The qualified institutional buyer (QIB) segment was subscribed 99 per cent.
Of the total net offer, 30 per cent has been earmarked for QIBs, another 30 per cent for NIIs and at least 40 per cent for retail investors.
Highway Infra is offering its shares in a price band of Rs 65–70 apiece and the issue will remain open for bidding until August 7. Investors can bid for a minimum of 211 equity shares and in multiples thereafter.
The company aims to raise Rs 130 crore through the IPO, which comprises a fresh issue of Rs 97.52 crore and an offer-for-sale (OFS) of up to 46.40 lakh shares worth Rs 32.48 crore. The net proceeds will be used to meet working capital requirements and for general corporate purposes.
Prior to the IPO, the company raised Rs 23.4 crore from four anchor investors by allotting 33.4 lakh shares at Rs 70 apiece. The anchor book included investors such as VPK Global Ventures Fund, HDFC Bank, Abans Finance and Sunrise Investment Opportunities Fund.
As per the latest grey market data, Highway Infra shares were commanding a premium of Rs 40 per share, indicating potential listing gains of around 57 per cent.
Based in Indore and incorporated in 1995, Highway Infrastructure is involved in infrastructure development and management, primarily focused on toll collection, EPC (Engineering, Procurement and Construction) projects, and real estate. The company undertakes construction and maintenance of roads, highways, bridges and residential projects.
Pantomath Capital Advisors is acting as the book-running lead manager, while Bigshare Services is the registrar for the issue. The company's shares are proposed to be listed on both BSE and NSE, with a tentative listing date set for August 12.
For the financial year ended March 31, 2025, Highway Infrastructure reported a net profit of Rs 22.40 crore on a revenue of Rs 504.48 crore. In FY24, it had posted a profit of Rs 21.41 crore with a revenue of Rs 576.58 crore. Based on current valuations, the company commands a market capitalisation (m-cap) of Rs 502.04 crore.
Its consolidated order book stood at Rs 666.31 crore, comprising Rs 59.53 crore from the toll collection segment and Rs 606.78 crore from the EPC infrastructure business.
The initial public offering (IPO) of Highway Infrastructure saw robust demand on its opening day, with the issue being subscribed nearly 12 times within the first three hours of the bidding process in Tuesday's trade setup.
As of 1 pm, the IPO received 19,90,08,870 bids against 1,60,43,046 shares on offer, translating into a total subscription of 12.40 times. The retail investor portion was subscribed 15.01 times, while the non-institutional investor (NII) category saw 13.38 times subscription. The qualified institutional buyer (QIB) segment was subscribed 99 per cent.
Of the total net offer, 30 per cent has been earmarked for QIBs, another 30 per cent for NIIs and at least 40 per cent for retail investors.
Highway Infra is offering its shares in a price band of Rs 65–70 apiece and the issue will remain open for bidding until August 7. Investors can bid for a minimum of 211 equity shares and in multiples thereafter.
The company aims to raise Rs 130 crore through the IPO, which comprises a fresh issue of Rs 97.52 crore and an offer-for-sale (OFS) of up to 46.40 lakh shares worth Rs 32.48 crore. The net proceeds will be used to meet working capital requirements and for general corporate purposes.
Prior to the IPO, the company raised Rs 23.4 crore from four anchor investors by allotting 33.4 lakh shares at Rs 70 apiece. The anchor book included investors such as VPK Global Ventures Fund, HDFC Bank, Abans Finance and Sunrise Investment Opportunities Fund.
As per the latest grey market data, Highway Infra shares were commanding a premium of Rs 40 per share, indicating potential listing gains of around 57 per cent.
Based in Indore and incorporated in 1995, Highway Infrastructure is involved in infrastructure development and management, primarily focused on toll collection, EPC (Engineering, Procurement and Construction) projects, and real estate. The company undertakes construction and maintenance of roads, highways, bridges and residential projects.
Pantomath Capital Advisors is acting as the book-running lead manager, while Bigshare Services is the registrar for the issue. The company's shares are proposed to be listed on both BSE and NSE, with a tentative listing date set for August 12.
For the financial year ended March 31, 2025, Highway Infrastructure reported a net profit of Rs 22.40 crore on a revenue of Rs 504.48 crore. In FY24, it had posted a profit of Rs 21.41 crore with a revenue of Rs 576.58 crore. Based on current valuations, the company commands a market capitalisation (m-cap) of Rs 502.04 crore.
Its consolidated order book stood at Rs 666.31 crore, comprising Rs 59.53 crore from the toll collection segment and Rs 606.78 crore from the EPC infrastructure business.