Highway Infrastructure IPO 2025: Date, Review, GMP, Price, Allotment Details
The Highway Infrastructure IPO, a mainboard IPO from Indore-based Highway Infrastructure Limited (HIL), opens for subscription on August 5, 2025, and closes on August 7, 2025, aiming to raise ₹130 crores. Priced at ₹65–₹70 per share, this IPO targets investors seeking exposure to tollway collection and infrastructure development. As of July 27, 2025, the grey market premium (GMP) ranges from ₹20–₹25, suggesting potential listing gains of 29–36%. This article provides a detailed overview of the Highway Infrastructure IPO, including key dates, price details, financial performance, review, and allotment process to guide investors.
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Highway Infrastructure IPO Details
The Highway Infrastructure IPO is a book-built issue comprising a fresh issue of 1.39 crore equity shares (₹97.52 crores) and an offer for sale (OFS) of 46.40 lakh shares (₹32.48 crores) with a face value of ₹5 per share. Below are the key details based on the Red Herring Prospectus (RHP) filed on July 24, 2025, and recent updates:
| Particulars | Details |
|---|---|
| IPO Open Date | August 5, 2025 |
| IPO Close Date | August 7, 2025 |
| Face Value | ₹5 per equity share |
| IPO Price Band | ₹65 to ₹70 per share |
| Issue Size | Approx. ₹130 crores (1.86 crore shares) |
| Fresh Issue | Approx. ₹97.52 crores (1.39 crore shares) |
| Offer for Sale | Approx. ₹32.48 crores (46.40 lakh shares) |
| Lot Size | 211 shares |
| Issue Type | Book Built Issue |
| IPO Listing | BSE, NSE |
| Retail Quota | Not more than 35% |
| QIB Quota | Not more than 50% |
| NII Quota | Not more than 15% |
| DRHP Draft Prospectus | Click Here |
| RHP Draft Prospectus | Click Here |
| Anchor Investors List | Click Here |
| Book Running Lead Managers | Pantomath Capital Advisors Pvt Ltd |
| Registrar | Bigshare Services Pvt Ltd |
The IPO allocates 50% to Qualified Institutional Buyers (QIBs), 15% to Non-Institutional Investors (NIIs), and 35% to Retail Individual Investors (RIIs). The minimum investment for retail investors is ₹14,770 (211 shares at ₹70). The public issue constitutes approximately 25% of the post-issue paid-up equity share capital. The OFS includes 46.40 lakh shares by promoters and other shareholders, with no anchor investor details available as of July 27, 2025.
Highway Infrastructure IPO Market Lot
The Highway Infrastructure IPO minimum market lot is 211 shares with a ₹14,770 application amount at the upper price band. Retail investors can apply for up to 13 lots (2,743 shares, ₹1,92,010) within the ₹2 lakh cap, while HNIs have higher minimums, per BSE/NSE bidding rules effective July 1, 2025.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 211 | ₹14,770 |
| Retail Maximum | 13 | 2,743 | ₹1,92,010 |
| S-HNI Minimum | 14 | 2,954 | ₹2,06,780 |
| B-HNI Minimum | 68 | 14,348 | ₹10,04,360 |
Note: The market lot table is based on confirmed data from web sources, aligning with the 211-share lot size and ₹70 upper price band.
Highway Infrastructure IPO Dates
The key dates for the Highway Infrastructure IPO are as follows:
| Event | Date |
|---|---|
| IPO Open Date | August 5, 2025 |
| IPO Close Date | August 7, 2025 |
| Basis of Allotment | August 8, 2025 |
| Refunds | August 11, 2025 |
| Credit to Demat Account | August 11, 2025 |
| IPO Listing Date | August 12, 2025 |
Investors can track subscription status on BSE, NSE, or the registrar’s portal (Bigshare Services) during the subscription period. Bidding closes at 5:00 PM on August 7, with UPI mandate acceptance until 5:00 PM.
Promoters of Highway Infrastructure IPO
The promoters are Arun Kumar Jain, Anoop Agrawal, and Riddharth Jain.
About Highway Infrastructure IPO
Incorporated in 1995, Highway Infrastructure Limited (HIL) is an Indore-based company engaged in tollway collection, Engineering, Procurement, and Construction (EPC) infrastructure projects, and real estate development. HIL operates toll collection on major expressways, including the Delhi-Meerut Expressway, using advanced Automatic Number Plate Recognition (ANPR) technology, and has managed toll operations across 11 states and one Union Territory. As of August 31, 2024, HIL’s consolidated order book stood at ₹596.38 crores, with ₹314.96 crores from tollway collection and ₹281.42 crores from EPC projects. The company has completed 24 tollway projects and 63 EPC projects, with 7 tollway and 20 EPC projects ongoing in Madhya Pradesh (Indore, Ratlam, Khandwa). HIL participates in government schemes like Pradhan Mantri Awas Yojna (PMAY), Pradhan Mantri Gram Sadak Yojna (PMGSY), and Jal Jeevan Mission. Its real estate division, the smallest segment, focuses on residential and commercial properties, including housing projects and gated communities. HIL employs 1,200+ staff and uses fund-based and non-fund-based banking facilities for working capital.
Highway Infrastructure IPO Company Financial Report
HIL’s financials reflect steady growth, driven by tollway and EPC segments. Below is a summary of its financial performance:
| Period Ended | Revenue (₹ Cr) | Expense (₹ Cr) | Profit After Tax (₹ Cr) | Assets (₹ Cr) |
|---|---|---|---|---|
| 2022 | 357.94 | 346.37 | 8.52 | 155.09 |
| 2023 | 456.83 | 437.34 | 13.80 | 156.59 |
| 2024 | 576.58 | 546.65 | 21.41 | 202.63 |
Revenue grew by 26% and PAT by 55% from FY23 to FY24, with a 27% revenue CAGR and 59% PAT CAGR from FY22–FY24, reflecting operational efficiency and order book growth.
Highway Infrastructure IPO Valuation – FY2024
Key valuation metrics for Highway Infrastructure IPO based on FY24 financials are as follows:
| KPI | Values |
|---|---|
| ROE | 21.37% |
| ROCE | 24.45% |
| EBITDA Margin | 6.70% |
| PAT Margin | 3.71% |
| Debt to Equity Ratio | 0.69 |
| Earning Per Share (EPS) | ₹3.28 (Basic, Pre-Issue) |
| Price/Earning P/E Ratio | 21.34 (at ₹70) |
| Return on Net Worth (RoNW) | 21.37% |
| Net Asset Value (NAV) | ₹17.34 |
The P/E ratio is calculated using FY24 EPS, indicating a reasonable valuation for an infrastructure player. Note: Post-issue EPS is estimated at ₹2.75, yielding a P/E of 25.45.
Peer Group Comparison
There are no listed peers in India’s tollway and EPC infrastructure sector, making HIL a unique investment opportunity.
| Company | EPS | PE Ratio | RoNW % | NAV | Income (₹ Cr) |
|---|---|---|---|---|---|
| NA | – | – | – | – | – |
Objects of the Issue
The net proceeds from the fresh issue will be used for:
Highway Infrastructure IPO Review
The Highway Infrastructure IPO, opening August 5, 2025, has garnered attention, with X posts highlighting its ₹130 crore issue and ₹65–₹70 price band. The ₹97.52 crore fresh issue and ₹32.48 crore OFS target growth in tollway collection and EPC projects, with an order book of ₹596.38 crores as of August 31, 2024. FY24 financials show ₹576.58 crores revenue (26% growth) and ₹21.41 crores PAT (55% growth), with a 21.37% RoNW and 0.69 debt-to-equity ratio. The P/E ratio of 21.34 (at ₹70) is competitive for an unlisted sector, with a market cap of ₹502 crores. The GMP of ₹20–₹25 suggests a listing price of ₹90–₹95 (29–36% gains), though subscription data is unavailable as of July 27, 2025. The infrastructure sector benefits from government initiatives like Bharatmala Pariyojana, with a projected 8.2% CAGR for India’s road construction market through 2030. HIL’s use of ANPR technology and operations across 11 states enhance its appeal. Risks include reliance on tollway revenue (52.8% of order book) and potential regulatory changes. Brokerages like Dilip Davda recommend subscribing for medium-to-long-term gains, citing HIL’s diversified portfolio and government scheme participation, though no specific ratings are available.
Recommendation: Suitable for long-term investors with moderate risk tolerance, given strong financial growth, government-backed projects, and unique market position. Short-term investors should monitor GMP and subscription trends due to potential oversubscription. Consult a financial advisor before investing.
Highway Infrastructure IPO Registrar
Bigshare Services Pvt Ltd
Phone: +91-22-6263 8200
Email: ipo@bigshareonline.com
Website: https://ipo.bigshareonline.com/IPO_Status.html
IPO Lead Managers aka Merchant Bankers
- Pantomath Capital Advisors Pvt Ltd
Company Address
Highway Infrastructure Ltd.
57-FA, Scheme No. 94, Pipliyahana Junction,
Ring Road, Indore, Madhya Pradesh, 452016
Phone: +91-731-4047177
Email: investor@highwayinfrastructure.in
Website: http://www.highwayinfrastructure.in/
Highway Infrastructure IPO FAQs
What is Highway Infrastructure IPO?
Highway Infrastructure IPO is a mainboard IPO to raise ₹130 crores via a fresh issue of ₹97.52 crores and an OFS of 46.40 lakh shares. The issue is priced at ₹65 to ₹70 per share and will list on BSE and NSE.
When will Highway Infrastructure IPO open for subscription?
The IPO opens on August 5, 2025, and closes on August 7, 2025.
What is Highway Infrastructure IPO Investors Portion?
The investors’ portion is 50% for QIB, 15% for NII, and 35% for Retail.
How to Apply for the Highway Infrastructure IPO?
Apply via ASBA online through your bank account or UPI through stock brokers like Zerodha or Upstox. Alternatively, fill an offline IPO form and submit it to your broker.
What is Highway Infrastructure IPO Issue Size?
The issue size is ₹130 crores, comprising a fresh issue of ₹97.52 crores and an OFS of ₹32.48 crores.
What is Highway Infrastructure IPO Price Band?
The price band is ₹65 to ₹70 per share.
What is Highway Infrastructure IPO Lot Size?
The minimum lot size is 211 shares, with a ₹14,770 application amount at the upper price band.
What is the Highway Infrastructure IPO Allotment Date?
The allotment date is August 8, 2025.
What is the Highway Infrastructure IPO Listing Date?
The listing date is August 12, 2025, on BSE and NSE.
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