The IPO is led by Pantomath Capital Advisors, with Bigshare Services Pvt Ltd as registrar. Prominent market watchers, including Shivani Nyati of Swastika Investmart and Gaurav Goel of Fynocrat Technologies, have weighed in with early reviews. The IPO is proposed to list on both the BSE and NSE, with the expected listing date set for 12 August 2025. The bidding began on 5 August and ends on 7 August 2025. Share allotment is likely to take place by 8 August.
Highway Infrastructure is looking to capitalise on India’s infrastructure boom and strengthen its balance sheet. The company's order book stood at Rs 6,663 million in May 2025, with a focus on road and bridge construction across the country.
The IPO price band is Rs 65–Rs 70, with each lot comprising 211 shares. As of 10:21 AM on day one, the issue was subscribed 2.00 times overall, with retail investors bidding 2.65 times their allocated portion. The grey market premium (GMP) stood at Rs 41, indicating a potential listing price of around Rs 111—nearly 60 per cent above the issue price.
Analyst Views: Subscribe for Gains, But Caution on Valuations
Shivani Nyati, Head of Wealth at Swastika Investmart, recommends a “SUBSCRIBE – LISTING GAIN AND LONG TERM” rating. She notes: “At the IPO upper band, the valuation stands at 18.06x FY25 earnings, with a post-issue market cap of Rs 502 crore. The strong order book and sector growth make it attractive for exposure to infrastructure.”Gaurav Goel, Founder at Fynocrat Technologies, is more cautious. While he highlights the company’s:
- Strong Rs 6,200 crore order book
- Healthy PAT of Rs 22.4 crore in FY25
- Improved debt-equity ratio (0.61)
IPO Snapshot
| Detail | Value |
|---|---|
| Issue Size | Rs 130 crore |
| Price Band | Rs 65–Rs 70 |
| Lot Size | 211 shares |
| GMP | Rs 41 |
| Subscription (10:21 AM Day 1) | 2.00x overall |
| Allotment Date | 8 August 2025 |
| Listing Date | 12 August 2025 |
| Registrar | Bigshare Services Pvt Ltd |
