Highway Infrastructure Limited is set to launch its Initial Public Offering (IPO), providing investors with an opportunity to invest in India’s growing infrastructure sector. The IPO will be open for subscription from 5th August 2025 to 7th August 2025 and is a bookbuilding issue of ₹130.00 crore. This IPO consists of both a fresh issue and an offer for sale, and the company shares are proposed to be listed on BSE and NSE.
Highway Infrastructure IPO Key Details
- IPO Open Date: 5th August 2025
- IPO Close Date: 7th August 2025
- IPO Allotment Date: 8th August 2025
- Refund Initiation: 11th August 2025
- Tentative Listing Date: 12th August 2025
- Face Value: ₹5 per share
- Price Band: ₹65 to ₹70 per share
- Issue Size: 1,85,71,428 shares (₹130.00 Cr)
- Fresh Issue: 1,39,31,428 shares (₹97.52 Cr)
- Offer for Sale: 46,40,000 shares (₹32.48 Cr)
- Lot Size: 211 shares
- Registrar: Bigshare Services Pvt Ltd
- Issue Type: Bookbuilding IPO
- Listing: BSE & NSE
Share Reservation for Highway Infrastructure IPO
The share reservation for different investor categories is as per SEBI guidelines:
| Investor Category | Shares Offered |
|---|---|
| Qualified Institutional Buyers (QIBs) | Not more than 30% of Net Offer |
| Retail Investors | Not less than 40% of Net Offer |
| Non-Institutional Investors (NIIs/HNIs) | Not less than 30% of Net Offer |
Highway Infrastructure IPO GMP (Grey Market Premium)
Grey Market Premium (GMP) reflects the demand for IPO shares before listing. As of 4th August 2025, Highway Infrastructure IPO GMP is ₹40 per share, indicating an expected listing price of ₹110 per share, which is approximately 57.14% listing gains.
| GMP Date | IPO Price | GMP | Estimated Listing Price | Estimated Gains |
| 04-08-2025 | ₹70.00 | ₹40.00 | ₹110.00 | 57.14% |
| 03-08-2025 | ₹70.00 | ₹40.00 | ₹110.00 | 57.14% |
| 02-08-2025 | ₹70.00 | ₹40.00 | ₹110.00 | 57.14% |
| 01-08-2025 | ₹70.00 | ₹31.00 | ₹104.00 | 48.57% |
Note: GMP is subject to market trends and can fluctuate until the listing date.
Highway Infrastructure Limited Financials
Before investing, analyzing a company’s financial health is crucial. Highway Infrastructure Limited has shown moderate performance with slight revenue decline but steady profit growth.
| Year Ended | 31-Mar-2025 | 31-Mar-2024 | 31-Mar-2023 |
| Assets (Cr.) | 231.56 | 202.63 | 156.59 |
| Revenue (Cr.) | 504.48 | 586.58 | 456.83 |
| Profit After Tax (Cr.) | 22.40 | 21.41 | 13.80 |
| EBITDA (Cr.) | 31.32 | 38.44 | 27.69 |
| Net Worth (Cr.) | 117.72 | 100.19 | 74.81 |
| Total Borrowing (Cr.) | 71.82 | 69.62 | 63.36 |
Key Highlights:
- Revenue declined by 13% YoY, from ₹576.58 Cr to ₹504.48 Cr.
- PAT grew by 5%, reflecting operational efficiency.
- Stable net worth growth with controlled borrowings.
Highway Infrastructure IPO Technical Analysis
| Key Indicators | Value |
| PE Ratio (Pre-IPO) | 18.06 |
| EPS | 3.88 |
| RoNW | 19.03% |
| ROCE | 16.56% |
| EBITDA Margin | 6.32% |
| Price to Book Value | 3.44 |
| Market Capitalisation | ₹502.04 Cr |
Post-IPO metrics:
| Indicators | Pre-IPO | Post-IPO |
| PE Ratio | 18.06 | 22.41 |
| EPS | 3.88 | 3.12 |
Peer Comparison
| Company Name | EPS | P/E Ratio | RoNW | Face Value | Revenue (Cr.) |
| Highway Infrastructure Ltd | 3.88 | 18.06 | 19.03% | ₹5 | 576.58 |
| Udayshivakumar Infra Ltd | -1.18 | -27.60 | -4.28% | ₹10 | 588.00 |
| IRB Infrastructure Developers Ltd | 10.73 | 4.13 | 32.69% | ₹1 | 8,202 |
| H.G. Infra Engineering Ltd | 77.56 | 13.25 | 17.13% | ₹10 | 5,070 |
Highway Infrastructure IPO Bidding Requirements
| Investor Type | 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 |
Promoter Holding
- Pre-Issue Holding: 94.95%
- Post-Issue Holding: Will be diluted as per equity issued.
Promoters: Arun Kumar Jain, Anoop Agrawal, and Riddharth Jain.
Objective of the IPO
The company plans to utilize IPO proceeds for:
- Funding working capital requirements.
- General corporate purposes.
Should You Invest in Highway Infrastructure IPO?
Pros:
- Operates in a government-backed sector with strong infrastructure demand.
- Consistent profit growth despite revenue dip.
- Opportunity to gain from India’s highway expansion projects.
Cons:
- Revenue declined in FY25.
- Highly competitive sector with dependency on government contracts.
- Labour-intensive operations with slower technology adoption.
Application and Allotment Process
Steps to Apply:
- Research IPO details including GMP and subscription trends.
- Open a Demat account or use your existing one.
- Place a bid for a minimum lot (211 shares).
- Approve the UPI mandate.
Checking Allotment:
- Via NSE Website or Registrar Portal by entering PAN or application details.
Conclusion
Highway Infrastructure IPO offers an opportunity to invest in India’s booming highway and infrastructure sector. With a moderate GMP of ₹40, the IPO is expected to list around ₹110, giving potential listing gains of 57%. However, the recent revenue decline indicates that it is best suited for medium to long-term investors looking for stability rather than quick speculative gains.
