The Highway Infrastructure IPO involves a book building process amounting to ₹130.00 crores. This issue consists of a fresh issuance of 1.39 crore shares totaling ₹97.52 crores, alongside an offer for sale of 0.46 crore shares amounting to ₹32.48 crores.
The subscription period for the Highway Infrastructure IPO commences on August 5, 2025, and concludes on August 7, 2025. The allotment for this IPO is anticipated to be finalized on Friday, August 8, 2025. Furthermore, the Highway Infrastructure IPO is set to be listed on BSE and NSE, with a provisional listing date scheduled for Tuesday, August 12, 2025.
The price band for the Highway Infrastructure IPO is established at ₹65 to ₹70 per share. The application lot size is 211 shares. An individual retail investor is required to make a minimum investment of ₹13,715 (for 211 shares). For small Non-Institutional Investors (sNII), the lot size investment is 14 lots (2,954 shares), totaling ₹2,06,780, while for large Non-Institutional Investors (bNII), it is 68 lots (14,348 shares), amounting to ₹10,04,360.
Pantomath Capital Advisors Pvt Ltd serves as the book-running lead manager for the Highway Infrastructure IPO, whereas Bigshare Services Pvt Ltd acts as the registrar for this issue.
For comprehensive details, please refer to the Highway Infrastructure IPO Red Herring Prospectus (RHP).
Highway Infrastructure IPO Details
| IPO Date | August 5, 2025 to August 7, 2025 |
| Listing Date | [.] |
| Face Value | ₹5 per share |
| Issue Price Band | ₹65 to ₹70 per share |
| Lot Size | 211 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 1,85,71,428 shares (aggregating up to ₹130.00 Cr) |
| Fresh Issue | 1,39,31,428 shares (aggregating up to ₹97.52 Cr) |
| Offer for Sale | 46,40,000 shares of ₹5 (aggregating up to ₹32.48 Cr) |
| Issue Type | Book building IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 5,77,89,204 shares |
| Share Holding Post Issue | 7,17,20,632 shares |
Highway Infrastructure IPO Reservation
| 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 |
Highway Infrastructure IPO Timeline (Tentative Schedule)
Highway Infrastructure IPO opens on August 5, 2025, and closes on August 7, 2025.
| IPO Open Date | Tue, Aug 5, 2025 |
| IPO Close Date | Thu, Aug 7, 2025 |
| Tentative Allotment | Fri, Aug 8, 2025 |
| Initiation of Refunds | Mon, Aug 11, 2025 |
| Credit of Shares to Demat | Mon, Aug 11, 2025 |
| Tentative Listing Date | Tue, Aug 12, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 7, 2025 |
Highway Infrastructure IPO Lot Size
Investors can bid for a minimum of 211 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| 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 |
Highway Infrastructure IPO Promoter Holding
Arun Kumar Jain, Anoop Agrawal and Riddharth Jain are the company promoters.
| Share Holding Pre Issue | 94.95% |
| Share Holding Post Issue |
Highway Infrastructure Ltd. Financial Information (Restated Consolidated)
Highway Infrastructure Ltd.'s revenue decreased by 13% and profit after tax (PAT) rose by 5% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 231.56 | 202.63 | 156.59 |
| Revenue | 504.48 | 576.58 | 456.83 |
| Profit After Tax | 22.40 | 21.41 | 13.80 |
| EBITDA | 31.32 | 38.44 | 27.69 |
| Net Worth | 117.72 | 100.19 | 74.81 |
| Reserves and Surplus | 83.90 | 83.49 | 64.44 |
| Total Borrowing | 71.82 | 69.62 | 63.36 |
| Amount in ₹ Crore | |||
Key Performance Indicator (KPI)
The market capitalization of Highway Infrastructure IPO is ₹502.04 Cr.
KPI as of Mon, Mar 31, 2025.
| 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 |
About Highway Infrastructure Ltd.
Highway Infrastructure Limited (HIL), established in 1995, is an Indian company focused on infrastructure development and management, specializing in tollway collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development. The firm is adept in the construction and upkeep of roads, highways, bridges, and residential developments.
Business Segments:
Tollway Collection Business:
HIL manages and operates tollway collection systems for highway projects awarded through competitive bidding processes. The company is one of the few toll operators utilizing ANPR (Automatic Number Plate Recognition) technology for toll collection on the Delhi-Meerut Expressway. Toll collection activities span across 11 states and one Union Territory. HIL employs an advanced Electronic Toll Collection (ETC) system that incorporates RFID tags and digital payment platforms to facilitate smooth toll payments. As of August 31, 2024, HIL has successfully completed 24 tollway collection projects and is actively managing 07 tollway collection projects.
EPC Infra Projects:
HIL possesses in-house capabilities to oversee projects from their initial conceptualization to final completion. The company has a wealth of experience in various infrastructure initiatives, including roads, bridges, tanks, irrigation-related construction, and civil buildings. As of August 31, 2024, HIL has finalized 63 EPC Infra projects, with 20 projects currently in progress. Ongoing projects are being carried out in Indore, Ratlam, and Khandwa in Madhya Pradesh, India.
Real Estate:
The real estate division encompasses the ownership, development, construction, and sale of commercial and residential properties. Over the years, the company has developed gated communities and housing projects. Real estate represents the smallest segment of HIL's business operations.
Workforce:
As of August 31, 2024, HIL employs a total of 398 individuals across its various business segments.