Popular Analysis

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

What is the latest news relating to Highway Infrastructure IPO?   

The company will enter the market on 5 August 2025. The listing is tentatively on 12th August 2025

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:

  1. Funding the working capital requirements Rs. 65 Cr
  2. 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
The Lead Managers of IPO?
Pantomath Capital Advisors Ltd
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:

  • Strong execution history in highway and bridge projects.

  • Diversified order book across multiple states, reducing regional dependency.

  • Experience in handling both EPC and annuity‑based projects.

  • Backed by reputed government clients like NHAI, providing steady business visibility.

  • Reasonable retail ticket size (Rs. 13,715), making it affordable compared to many SME IPOs.

Risks & Concerns:

  • High dependency on government contracts, which are subject to policy changes and fund allocation.

  • Execution risks due to delays in land acquisition, clearances, or raw material cost escalations.

  • Working capital intensity is high in the EPC business, which may impact margins.

  • 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

Q1. What is Highway Infrastructure IPO?

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.

Q2. What is the size of the Highway Infrastructure IPO?

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).

Q3. When does the Highway Infrastructure IPO open and close?

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.

Q4. What is the price band for Highway Infrastructure IPO?

The price band has been fixed at Rs. 65 to Rs. 70 per share.

Q5. What is the business of Highway Infrastructure Limited?

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

Q6. What is the business of Highway Infrastructure Limited?

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.

Q7 Should you invest in Highway Infrastructure IPO?

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.

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