Highway Infrastructure shares to debut tomorrow; GMP declines: Key details
Highway Infra offered its shares in the price range of Rs 65-70 per share. The IPO comprised a fresh issue worth Rs 97.52 crore and an offer-for-sale (OFS) of up to 46.40 lakh shares, amounting to Rs 32.48 crore.
- Aug 11, 2025,
- Updated Aug 11, 2025 4:27 PM IST
The grey market premium (GMP) of Highway Infrastructure Ltd's recently concluded initial public offering (IPO) has dropped just a day before its scheduled listing on August 12 (Tuesday). As of Monday, the unlisted stock was trading at a premium of around 34 per cent, down from 51 per cent on August 7, when the issue closed.
The company is understood to have finalised the basis of allotment for its IPO today. The refurbished electronics player's Rs 130-crore issue saw an overwhelming response during the three-day bidding process, attracting bids worth over Rs 33,759 crore. This strong demand was primarily driven by institutional investors, who alone applied for shares worth Rs 25,202 crore.
According to BSE data, investors bid for 4,82,27,63,700 equity shares -- 300.61 times the 1,60,43,046 shares on offer. The non-institutional investor (NII) category was subscribed 447.32 times, the qualified institutional buyer (QIB) segment 420.57 times, and the retail investor category 155.58 times.
Highway Infra offered its shares in the price range of Rs 65-70 per share. The IPO comprised a fresh issue worth Rs 97.52 crore and an offer-for-sale (OFS) of up to 46.40 lakh shares, amounting to Rs 32.48 crore. Proceeds from the issue will be utilised to meet working capital requirements and for general corporate purposes.
Ahead of the IPO, the company raised Rs 23.4 crore from four anchor investors -- VPK Global Ventures Fund, HDFC Bank, Abans Finance, and Sunrise Investment Opportunities Fund -- by allotting 33.4 lakh shares at Rs 70 each.
"Highway Infra's IPO is valued at a post-issue P/E of 22.4×, in line with sector peers. Supported by consistent order book execution, low leverage, and favourable policy tailwinds in the infrastructure sector, we recommend a 'Subscribe' rating for long-term investors," said Angel One.
The brokerage, however, flagged risks such as revenue dependence on government contracts, possible delays in project execution, margin pressures from competitive EPC pricing and vulnerability to regulatory or policy changes affecting tolling and infrastructure development.
For the financial year ended March 31, 2025, Highway Infra posted a net profit of Rs 22.40 crore on revenue of Rs 504.48 crore, compared with a profit of Rs 21.41 crore on revenue of Rs 576.58 crore in FY24. At current valuations, the company’s market capitalisation stands at Rs 502.04 crore.
Its consolidated order book is valued at Rs 666.31 crore, including Rs 59.53 crore from the toll collection segment and Rs 606.78 crore from its EPC infrastructure division.
The grey market premium (GMP) of Highway Infrastructure Ltd's recently concluded initial public offering (IPO) has dropped just a day before its scheduled listing on August 12 (Tuesday). As of Monday, the unlisted stock was trading at a premium of around 34 per cent, down from 51 per cent on August 7, when the issue closed.
The company is understood to have finalised the basis of allotment for its IPO today. The refurbished electronics player's Rs 130-crore issue saw an overwhelming response during the three-day bidding process, attracting bids worth over Rs 33,759 crore. This strong demand was primarily driven by institutional investors, who alone applied for shares worth Rs 25,202 crore.
According to BSE data, investors bid for 4,82,27,63,700 equity shares -- 300.61 times the 1,60,43,046 shares on offer. The non-institutional investor (NII) category was subscribed 447.32 times, the qualified institutional buyer (QIB) segment 420.57 times, and the retail investor category 155.58 times.
Highway Infra offered its shares in the price range of Rs 65-70 per share. The IPO comprised a fresh issue worth Rs 97.52 crore and an offer-for-sale (OFS) of up to 46.40 lakh shares, amounting to Rs 32.48 crore. Proceeds from the issue will be utilised to meet working capital requirements and for general corporate purposes.
Ahead of the IPO, the company raised Rs 23.4 crore from four anchor investors -- VPK Global Ventures Fund, HDFC Bank, Abans Finance, and Sunrise Investment Opportunities Fund -- by allotting 33.4 lakh shares at Rs 70 each.
"Highway Infra's IPO is valued at a post-issue P/E of 22.4×, in line with sector peers. Supported by consistent order book execution, low leverage, and favourable policy tailwinds in the infrastructure sector, we recommend a 'Subscribe' rating for long-term investors," said Angel One.
The brokerage, however, flagged risks such as revenue dependence on government contracts, possible delays in project execution, margin pressures from competitive EPC pricing and vulnerability to regulatory or policy changes affecting tolling and infrastructure development.
For the financial year ended March 31, 2025, Highway Infra posted a net profit of Rs 22.40 crore on revenue of Rs 504.48 crore, compared with a profit of Rs 21.41 crore on revenue of Rs 576.58 crore in FY24. At current valuations, the company’s market capitalisation stands at Rs 502.04 crore.
Its consolidated order book is valued at Rs 666.31 crore, including Rs 59.53 crore from the toll collection segment and Rs 606.78 crore from its EPC infrastructure division.