What is the story about?
The ₹130 crore initial public offering (IPO) of Highway Infrastructure, a company with nearly three decades of experience in toll collection and EPC infrastructure execution, witnessed strong investor interest on the first day
of public bidding.
The issue was subscribed 10.35 times so far within few hours of opening on Tuesday, August 5.
The IPO received bids for more than 16.60 crore shares, in comparison to the offer size of 1.6 crore shares, according to data on NSE at 12:24 pm.
The subscription was led by retail investors, who booked their reserved portion by 12.79 times till now. The non institutional investors (NII) were next, subscribing their reserved portion by 10.76 times. The Qualified Institutional Buyers (QIB) have booked 93% of the portion kept
for them.
Highway Infrastructure IPO: GMP today
In the unlisted market, shares of the company were commanding a premium of ₹40, suggesting a grey market premium (GMP) of 57.14% over the issue price of Rs 70 per share.
The grey market is an unofficial ecosystem where shares start trading before the allotment in the IPO and continue till the listing day. Most investors track the GMP to get an idea of the listing price.
Highway Infrastructure IPO details
The issue is priced in the band of ₹65-70 per share.
Investors can bid for a minimum of 211 shares and in multiples thereof.
The IPO comprises a fresh issue of ₹97.5 crore and an offer for sale of ₹32.5 crore, aggregating to ₹130 crore.
Proceeds will be utilised to meet working capital needs and for general corporate purposes.
Ahead of the issue opening, the company has raised ₹23.4 crore from institutional investors via anchor book.
VPK Global Ventures Fund has invested ₹8.4 crore against nearly 12 lakh shares in Highway Infrastructure, while HDFC
Bank, Abans Finance, and Sunrise Investment Opportunities Fund bought 7.14 lakh shares worth₹5 crore each.
Company overview
Highway Infrastructure operates primarily in tollway collection, EPC infrastructure projects, and to a smaller extent, real estate development. As of May 2025, its consolidated order book stood at ₹666.3 crore, with over 90% of it from its core toll and EPC segments.
The company has completed 27 tollway projects and is currently operating four, including ANPR-enabled tolling on the
Delhi-Meerut Expressway.
Over the years, it has executed 66 EPC projects, with 24 more underway. The company’s stronghold lies in Madhya Pradesh but extends to 11 states and one Union Territory.
Highway Infrastructure posted a FY25 net profit of ₹22.4 crore, up 4.6% YoY, on revenues of ₹495.7 crore. The EBITDA margin stood at 6.3%, with a PAT margin of 4.5%. Its post-issue P/E comes to 22.5x, translating into a market cap of ₹502 crore.
Pantomath Capital is the sole book-running lead manager, and
Bigshare Services is the registrar.
The allotment for the Highway Infrastructure IPO is expected to be finalised on August 8, while the company's shares will be listed on BSE, NSE with a tentative listing date fixed as August 12.
The issue was subscribed 10.35 times so far within few hours of opening on Tuesday, August 5.
The IPO received bids for more than 16.60 crore shares, in comparison to the offer size of 1.6 crore shares, according to data on NSE at 12:24 pm.
The subscription was led by retail investors, who booked their reserved portion by 12.79 times till now. The non institutional investors (NII) were next, subscribing their reserved portion by 10.76 times. The Qualified Institutional Buyers (QIB) have booked 93% of the portion kept
Highway Infrastructure IPO: GMP today
In the unlisted market, shares of the company were commanding a premium of ₹40, suggesting a grey market premium (GMP) of 57.14% over the issue price of Rs 70 per share.
The grey market is an unofficial ecosystem where shares start trading before the allotment in the IPO and continue till the listing day. Most investors track the GMP to get an idea of the listing price.
Highway Infrastructure IPO details
The issue is priced in the band of ₹65-70 per share.
The IPO comprises a fresh issue of ₹97.5 crore and an offer for sale of ₹32.5 crore, aggregating to ₹130 crore.
Proceeds will be utilised to meet working capital needs and for general corporate purposes.
Ahead of the issue opening, the company has raised ₹23.4 crore from institutional investors via anchor book.
VPK Global Ventures Fund has invested ₹8.4 crore against nearly 12 lakh shares in Highway Infrastructure, while HDFC
Company overview
Highway Infrastructure operates primarily in tollway collection, EPC infrastructure projects, and to a smaller extent, real estate development. As of May 2025, its consolidated order book stood at ₹666.3 crore, with over 90% of it from its core toll and EPC segments.
The company has completed 27 tollway projects and is currently operating four, including ANPR-enabled tolling on the
Over the years, it has executed 66 EPC projects, with 24 more underway. The company’s stronghold lies in Madhya Pradesh but extends to 11 states and one Union Territory.
Highway Infrastructure posted a FY25 net profit of ₹22.4 crore, up 4.6% YoY, on revenues of ₹495.7 crore. The EBITDA margin stood at 6.3%, with a PAT margin of 4.5%. Its post-issue P/E comes to 22.5x, translating into a market cap of ₹502 crore.
Pantomath Capital is the sole book-running lead manager, and
The allotment for the Highway Infrastructure IPO is expected to be finalised on August 8, while the company's shares will be listed on BSE, NSE with a tentative listing date fixed as August 12.
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