Highway Infrastructure Limited is a major participant in the Indian infrastructure development and management business which recently closed an Initial Public Offering (IPO). The IPO, which attracted a lot of interest by investors, was subscribed to between August 5 and August 7, 2025. This article gives detail information on the allotment date, the method to check allotment status and some of the important details of the IPO to the investors and the readers.
The allotment foundation of the Highway Infrastructure IPO was settled on the Friday, August 8, 2025. The shares that the investors have applied in the IPO will be allotted to their demat accounts by Monday, August 11, 2025. Refunding of non allotted applications also will be initiated on the same day. Highway Infrastructure shares will tentatively be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on Tuesday, August 12, 2025.
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Overview of Highway Infrastructure IPO
Incorporated in 1995, Highway Infrastructure Limited is a company dealing with three major areas, tollway collection, Engineering, Procurement, and Construction (EPC) projects, and the real estate development. The company also has a reputation of having advanced toll collection systems such as Automatic Number Plate Recognition (ANPR) and RFID-based Electronic Toll Collection (ETC) especially on the Delhi-Meerut Expressway. The company has a strong order book worth 666.31 crore as on May 2025 with 11 states and one Union Territory operations, and the key revenue drivers are toll collection and EPC projects.
The IPO was a book-built of 130 crore worth that included:
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- A new issue of 1.39 crore equity shares totalling to 97.52 crore rupees.
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- An offer of sale (OFS) of 46 lakh equity shares worth 32.48 crores by promoters Arun Kumar Jain and Anoop Agrawal.
The price band was fixed at 65 to 70 per share with minimum lot size of 211 shares, so a retail investor will need to invest at least 13715 to buy the shares. It was oversubscribed 300.61 times with bids received on more than 482 crore shares as opposed to the 1.60 crore shares available. Subscriptions were broken down as follows by type of investor:
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- Non-Institutional Investors (NIIs): 447.32 times
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- Qualified Institutional Buyers (QIBs): 420.57 times
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- Retail Investors: 155 58 times
With the oversubscription being so high, allotment probabilities are low especially to retail investors and a large number of them will just end up getting the minimum lot, should they be allotted.
Grey Market Premium (GMP) and Expected Listing Price
On August 8, 2025, this Highway Infrastructure IPO traded at 36, which is a 51.43 percent premium to the upper price band of 70 on the Grey Market Premium on Highway Infrastructure IPO. This implies a valuation of about 106/share. But GMP is an informal indicator and is not regulated by SEBI or stock markets. Investors are advised to consult financial experts or to carry out their personal research and make investment decisions using GMP.
Key Financials and IPO Objectives
Highway Infrastructure recorded a 13.5 percent drop in revenue to FY25 and a 4.5 percent growth in Profit After Tax (PAT) with an annualized revenue and PAT of 495.71 crores and 22.39 crores respectively. The IPO proceeds are meant to:
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- Finance working capital needs ( 65 crore).
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- Fund general company purposes ( 32.5 crore).
Its large order book, government sponsored pipeline projects, and toll collection technologies are a strong point of the company in terms of future growth, although the volatility of raw material prices and competition with entities such as Larsen & Toubro and IRB Infrastructure are some of the problems that the company has to deal with.
Important Contacts
Contact of Company: Highway Infrastructure Ltd., 57-FA, Scheme No. 94, Pipliyahana Junction, Ring Road, Indore, Madhya Pradesh, 452016. Address: 998, 12 th Avenue, 1 st Cross Street, Saidapet, Chennai, Tamil Nadu 600015. Phone: +91 731 4047177, Email: cs@highwayinfrastructure.in, Website: http://www.highwayinfrastructure.in/.
Registrar Contact: Bigshare Services Pvt Ltd, Phone: +91-22-6263 8200, Email: ipo@bigshareonline.com, Website: https://ipo.bigshareonline.com/IPO_Status.html.
Lead Book-Running Manager: Pantomath Capital Advisors Pvt Ltd.
Conclusion
The Highway Infrastructure IPO has created a lot of hype because of its oversubscription which is immense, and its GMP is high indicating good investor sentiment. The allotment status can be inquired by the investors of the BSE, NSE, or Bigshare Services on and after August 8, 2025. The post-listing gain can also be realized with the shares to be listed on August 12, 2025, but investors need to approach it with caution because of the competition in the infrastructure sector and instabilities in the market. To get further information, see the Red Herring Prospectus (RHP) of the company or contact a financial counselor.
Disclaimer: The information provided is for educational purposes only and does not constitute investment advice. Investors should verify details and consult certified financial experts before making investment decisions.
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