Highway Infrastructure Ltd IPO will open on August 5, 2025, and close on August 7, 2025. The IPO price band is fixed at ₹65 to ₹70 per equity share. The lot size is 211 shares, and the minimum investment for retail investors is ₹14,770. The IPO size is approximately ₹130 crore, including a fresh issue and offer for sale. The shares will be listed on the NSE SME platform on August 12, 2025.
IN THIS ARTICLE
About the Company
Highway Infrastructure Ltd is engaged in toll collection, road infrastructure development, and EPC projects. The company uses advanced technologies like FASTag, ETC, and ANPR (Automatic Number Plate Recognition) for toll management. It has a presence in five major states: Gujarat, Maharashtra, Rajasthan, Madhya Pradesh, and Uttar Pradesh.
As of May 2025, the company’s order book stands at ₹666 crore, offering strong revenue visibility over the coming years.
Highway Infrastructure Ltd IPO – Important Dates
| Event | Date |
|---|---|
| IPO Opening Date | August 5, 2025 |
| IPO Closing Date | August 7, 2025 |
| Anchor Investor Allotment | August 4, 2025 |
| Basis of Allotment | August 8, 2025 |
| Refund Initiation | August 11, 2025 |
| Demat Credit | August 11, 2025 |
| Listing Date | August 12, 2025 |
IPO Lot Size and Minimum Investment
| Category | Lot Size | Shares per Lot | Amount (₹) |
|---|---|---|---|
| Retail Investors | 1 Lot | 211 Shares | ₹14,770 |
| HNIs / NII | Min 2 Lot | 422 Shares | ₹29,540 |
| Bidding Multiple | – | 211 Shares | ₹14,770/lot |
- Lot size: 211 shares
- Minimum application: 1 lot = ₹14,770
- Investors can apply in multiples of 211 shares only.
IPO Size and Structure
- Total Issue Size: ₹130 crore
- Fresh Issue: ₹98 crore
- Offer for Sale (OFS): ₹32 crore (by promoters Arun Kumar Jain and Anoop Agrawal)
- Face Value: ₹5 per share
- Price Band: ₹65 to ₹70 per share
- IPO Type: Book Built Issue
- Listing: NSE SME Platform
Investor Reservation (IPO Quota)
| Category | Reservation % |
|---|---|
| Retail Investors | 35% of Net Issue |
| NII (HNI) | 15% of Net Issue |
| QIBs | 50% of Net Issue |
- Retail investors get 35% of the net offer
- High Net-Worth Individuals (HNIs) get 15%
- Qualified Institutional Buyers (QIBs) get 50% allocation
Grey Market Premium (GMP)
The current Grey Market Premium (GMP) of Highway Infrastructure IPO is ₹40 per share.
- Estimated listing price: ₹110 (₹70 + ₹40 GMP)
- Expected listing gain: Around 57% if GMP holds
The GMP suggests strong demand among investors ahead of the listing.
Use of IPO Proceeds
The company will utilize the raised funds as follows:
- Working Capital Requirements: for toll operations and EPC project execution
- General Corporate Purposes: marketing, operations, and expansion
- Debt Reduction and Liquidity Improvement
Financial Highlights
| Year | Revenue (₹ Cr) | EBITDA (₹ Cr) | PAT (₹ Cr) | EPS (₹) |
|---|---|---|---|---|
| FY 2023–24 | 571 | 49 | 27 | 4.3 |
| FY 2024–25 | 496 | 40 | 22 | 3.4 |
- Revenue declined by 13% in FY25
- EBITDA and net margins are moderate (~8% and ~4% respectively)
- EPS decreased slightly compared to the previous year
- Order book remains strong at ₹666 crore
Company Strengths
- Experienced Promoters: Over 25 years in infra and toll management
- Strong Order Book: ₹666 crore as of May 2025
- Advanced Technology: Toll systems use FASTag, ETC, ANPR
- Operational Efficiency: Short-term execution contracts with government
Risk Factors
- Revenue Decline: FY25 revenue dropped despite sector growth
- Low Margins: Operating and net margins are below peer average
- Short-term Contracts: EPC and toll contracts are typically one year
- High Valuation: PE ratio ~20x vs 12–15x for listed peers
- Working Capital Pressure: High debtor days may strain liquidity
Peer Comparison
| Company | PE Ratio | Net Profit Margin | Revenue FY25 (₹ Cr) |
|---|---|---|---|
| Highway Infra Ltd | 20x | ~4% | 496 |
| J Kumar Infra | 14x | ~8% | Higher |
| HG Infra | 13x | ~7% | Higher |
Highway Infrastructure Ltd is priced at a higher valuation compared to well-established infra players, despite having thinner margins.
Should You Apply?
Reasons to Apply:
- High GMP (₹40) indicates strong listing premium
- Strong infra sector demand in India
- Large order book and expansion potential
- 35% reservation for retail investors
Reasons to Avoid:
- Revenue declined in FY25
- Profit margins are lower than peers
- IPO appears overvalued based on financials
- Contracts are short-term in nature
FAQs – Highway Infrastructure Ltd IPO
What is the Highway Infrastructure IPO date?
The IPO opens on August 5, 2025, and closes on August 7, 2025.
What is the price band and lot size?
The price band is ₹65 to ₹70 per share, and the lot size is 211 shares
What is the minimum investment amount?
Retail investors need to invest at least ₹14,770 for one lot.
What is the GMP of this IPO?
The GMP is ₹40 per share, indicating strong market interest.
Where will the shares be listed?
The shares will be listed on the NSE SME platform on August 12, 2025.
Conclusion
Highway Infrastructure Ltd IPO looks attractive for short-term investors due to strong GMP and high demand. However, long-term investors should evaluate the company’s declining financial performance and relatively high valuation. If you are a retail investor aiming for listing gains, this IPO might offer an opportunity. For long-term holding, waiting for post-listing performance would be a safer strategy.
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