August 12, 2025
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Highway Infrastructure Limited is coming out with a book-built issue of Rs. 130.00 crores, comprising a fresh issue of 1.39 crore shares worth Rs. 97.52 crores and an Offer for Sale of 0.46 crore shares worth Rs. 32.48 crores. The IPO opens on August 5, 2025, and closes on August 7, 2025. Allotment is expected on August 8, 2025, with proposed listing on both BSE and NSE on August 12, 2025.
The price band is fixed at Rs. 65 to Rs. 70 per share. The minimum retail application is 1 lot (211 shares), requiring an investment of Rs. 13,715. For sNII, the minimum is 14 lots (2,954 shares) amounting to Rs. 2,06,780, and for bNII, 68 lots (14,348 shares) amounting to Rs. 10,04,360.
Pantomath Capital Advisors Pvt Ltd is the Book Running Lead Manager, while Bigshare Services Pvt Ltd is the Registrar to the issue.
Table of Contents
- GMP
- Reviews
- Subscription
- Allotment
Listing Review
The shares are listed at Rs. 115, premium of 64.29% over the issue price.
Final Subscription Tally
| QIB | B HNI X | S HNI X | NII X | RII X | Total X |
| 432.71 | 483.92 | 451.47 | 473.10 | 164.48 | 316.64 |
| Applications: 46,36,029 | |||||
| Subscription Review: Retail subscription trend very strong on the last day |
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Who are the promoters of Highway Infrastructure IPO?
Arun Kumar Jain, Anoop Agrawal and Riddharth Jain are the company promoters. The promoters hold 94.95% of the pre-IPO capital.
What are the Objects of Highway Infrastructure IPO?
The Offer comprises only fresh issue of capital.
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
- Funding the working capital requirements Rs. 65 Cr
- General corporate purposes
What is the business of Highway Infrastructure?
Highway Infrastructure Limited
Incorporated in 2001, Highway Infrastructure Limited is engaged in the development, construction, and maintenance of road and highway projects across India. The company primarily undertakes projects awarded by the National Highways Authority of India (NHAI), various state governments, and other infrastructure agencies.
The company’s expertise spans EPC (Engineering, Procurement & Construction) and BOT (Build–Operate–Transfer) models, along with Hybrid Annuity Model (HAM) projects. Over the years, it has successfully executed multiple road projects that include four‑lane and six‑lane highways, bridges, and bypass constructions.
Highway Infrastructure is supported by a fleet of modern machinery and equipment, enabling timely and quality execution of large‑scale infrastructure projects. With its focus on operational efficiency and quality standards, the company has built strong relationships with government agencies and infrastructure partners.
As of March 31, 2025, the company had a portfolio comprising completed, ongoing, and newly awarded projects spread across multiple Indian states, ensuring a well‑diversified order book and steady revenue visibility.
Highway Infrastructure IPO Details
| IPO opens on | 5 August 2025 |
| IPO closes on | 7 August 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | 185,71,428 Shares/ Rs. 130 Crore |
| * Fresh Issue | Rs 97.52 Crore |
| * Offer for Sale | Rs 32.48 Crore |
| Face Value per share: | Rs. 5 |
| Price Band | Rs 65-75 |
| Retail Discount | Rs 0 per share |
| Employee discount | Rs. 0 per share |
| Retail Lot Size | 211 Shares |
| Listing will at | BSE, NSE |
How shares can be applied in this IPO?
| Application | Lots | Shares | Amount Rs. |
| Retail (Min) | 1 | 211 | 14,770 |
| Retail (Max) | 13 | 2,743 | 1,92,010 |
| S-HNI (Min) | 14 | 2,954 | 2,06,780 |
| S-HNI (Max) | 67 | 14,137 | 9,89,590 |
| B-HNI (Min) | 68 | 14,348 | 10,04,360 |
How are the shares reserved?
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 30% of the Net Offer |
| Retail Shares Offered | Not less than 40% of the Net Offer |
| NII Shares Offered | Not less than 30% of the Net Offer |
| What is the timetable of this IPO? | |
| IPO opens on | 5 August 2025 |
| IPO Closes on | 7 August 2025 |
| IPO Allotment on | 8 August 2025 |
| Unblocking of Asba | 11 August 2025 |
| Credit of Shares | 11 August 2025 |
| Listing of Shares | 12 August 2025 |
| Registered Office of the company Highway Infrastructure Ltd. 57-FA, Scheme No. 94, Pipliyahana Junction, Ring Road, Indore, Madhya Pradesh, 452016 |
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| The Lead Managers of IPO? Pantomath Capital Advisors Ltd |
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| Registrar to IPO | |
| BigShare Services Pvt ltd |
Highway Infrastructure IPO Financials
| Period Ended | 31-Mar-25 | 31-Mar-24 | 31-Mar-23 |
| Assets | 231.56 | 202.63 | 156.59 |
| Revenue | 504.48 | 576.58 | 456.83 |
| Profit After Tax | 22.4 | 21.41 | 13.8 |
| EBITDA | 31.32 | 38.44 | 27.69 |
| Net Worth | 117.72 | 100.19 | 74.81 |
| Reserves and Surplus | 83.9 | 83.49 | 64.44 |
| Total Borrowing | 71.82 | 69.62 | 63.36 |
| Amount in Rs. Crore | |||
| KPI | Values |
| ROE | 19.03% |
| ROCE | 16.56% |
| Debt/Equity | 0.61 |
| RoNW | 19.03% |
| PAT Margin | 4.44% |
| EBITDA Margin | 6.32% |
| Price to Book Value | 3.44 |
| EPS | 3.88 |
| PE Ratio | 18.06 |
How Highway Infrastructure IPO compares with the Peers?
Peer Comparison.
| Company Name | P/E (x) | RoNW (%) |
| Highway Infrastructure | 19.03 | |
| Udayshivakumar Infra | -4.28 | |
| IRB Infrastructure Developers | 44.38 | 32.69 |
| H.G. Infra Engineering | 14 | 17.13 |
# This is only coverage of News related to Grey Market. We do not deal in grey market premium, nor we recommend dealing in Grey Market. Investment decision based on Grey Market trends can be faulty.
Highway Infrastructure IPO Review by Paresh Gordhandas, CA & Research Analyst.
Highway Infrastructure IPO – Review & Investment Guidance
Company Overview:
Highway Infrastructure Limited, established in 2001, has over two decades of experience in road construction and maintenance. The company executes projects under EPC, BOT, and Hybrid Annuity Models, primarily for NHAI and various state governments. Its proven track record, diversified portfolio, and fleet of modern equipment support efficient execution.
Strengths:
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Strong execution history in highway and bridge projects.
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Diversified order book across multiple states, reducing regional dependency.
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Experience in handling both EPC and annuity‑based projects.
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Backed by reputed government clients like NHAI, providing steady business visibility.
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Reasonable retail ticket size (Rs. 13,715), making it affordable compared to many SME IPOs.
Risks & Concerns:
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High dependency on government contracts, which are subject to policy changes and fund allocation.
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Execution risks due to delays in land acquisition, clearances, or raw material cost escalations.
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Working capital intensity is high in the EPC business, which may impact margins.
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Competitive bidding environment may keep profitability under pressure.
Valuation View:
At the price band of Rs. 65–70 per share, the valuation appears reasonable compared to sector peers in the infrastructure and EPC space. With a steady pipeline of projects and strong sectoral demand under India’s infrastructure push, the company stands to benefit in the medium term. However, investors should be mindful of execution and policy‑related risks.
Chanakya’s Guidance:
Highway Infrastructure IPO offers a balanced mix of growth potential and risks typical of the infrastructure sector. Considering its strong execution capability, diversified order book, and government‑backed projects, medium‑ to long‑term investors with moderate risk appetite may consider subscribing. Those seeking quick listing gains should watch grey market premium trends before applying.
Quicklinks
Highway Infrastructure IPO
Highway Infrastructure IPO GMP
Highway Infrastructure IPO review
Highway Infrastructure Limited, incorporated in 2001, is coming out with an IPO to raise Rs. 130.00 crores. The company is engaged in the development, construction, and maintenance of highways and road projects across India.
The issue size is Rs. 130.00 crores, comprising a fresh issue of Rs. 97.52 crores (1.39 crore shares) and an Offer for Sale of Rs. 32.48 crores (0.46 crore shares).
The IPO opens on August 5, 2025, and closes on August 7, 2025. The allotment is expected on August 8, 2025, and the shares are proposed to list on BSE and NSE on August 12, 2025.
The price band has been fixed at Rs. 65 to Rs. 70 per share.
For retail investors, the minimum application is 1 lot of 211 shares, requiring an investment of Rs. 13,715.
sNII Category: 14 lots (2,954 shares) = Rs. 2,06,780
bNII Category: 68 lots (14,348 shares) = Rs. 10,04,360
The company is engaged in executing EPC, BOT, and HAM model road projects, including construction of highways, bridges, and bypasses. It primarily works with NHAI, state governments, and infrastructure authorities, backed by a strong fleet of modern equipment and experienced execution teams.
Highway Infrastructure has a strong track record in the road construction sector, with diversified projects and steady order book visibility. Its focus on EPC and HAM models ensures balanced revenue flow. The IPO is priced reasonably within the Rs. 65–70 band, and the minimum retail entry of Rs. 13,715 makes it accessible. However, infrastructure projects are subject to government policy, execution timelines, and funding risks. Investors with a medium‑ to long‑term horizon and appetite for infrastructure exposure may consider subscribing, especially after monitoring grey market premium and valuation indicators.
