📅 IPO Timeline & Pricing
- IPO Open Date: August 5, 2025
- IPO Close Date: August 7, 2025
- Price Band: ₹65–₹70 per share
- Lot Size: 211 shares (Minimum investment: ~₹13,715)
- Expected Listing Date: August 12, 2025
- Exchanges: BSE and NSE
💡 About the Company
Highway Infrastructure Ltd (HIL), based in Indore, Madhya Pradesh, has over 30 years of experience in the toll collection, EPC (engineering, procurement, and construction), and real estate sectors.
- Core Revenue Streams:
- Toll operations (~77% of revenue)
- EPC contracts (~21%)
- Real estate (~1.6%)
- Order Book: Approximately ₹666 crore as of May 2025
- Technology: Advanced toll systems using ANPR and RFID-based ETC on key highways
📈 IPO Subscription & Grey Market Premium
- The IPO was fully subscribed within the first hour of opening.
- By end of Day 1, it was oversubscribed by over 27 times:
- Retail investors: ~29×
- High Net-worth Individuals (HNIs): ~33×
- Institutional investors: ~5×
- GMP (Grey Market Premium): Around ₹38–₹40, indicating a likely listing price of ₹108–₹110, suggesting a 55% premium over the issue price.
💰 IPO Details
- Total Issue Size: ₹130 crore
- Fresh Issue: ₹97.5 crore (for working capital & corporate purposes)
- Offer for Sale (OFS): ₹32.5 crore (by promoters)
- Anchor Investors: Contributed approximately ₹23.4 crore at the upper price band
✅ Strengths & Growth Potential
- Proven Execution: 30+ years in infrastructure with stable cash flows from toll operations
- Technology-Driven: Efficient toll collection systems and experience with large-scale projects
- Strong Order Book: Healthy pipeline ensuring revenue visibility
- Strategic Focus: Government push for infrastructure development boosts long-term prospects
⚠️ Risks to Consider
- Grey Market Volatility: GMP trends are speculative and unofficial
- Valuation: At upper price band, valuation may be slightly high for a small-cap player
- Geographical Concentration: Most projects are located in central India, which may limit expansion
- Regulatory Risks: Infrastructure projects are exposed to government policy changes and approvals
📋 Summary Table
| Feature | Details |
|---|---|
| IPO Period | August 5–7, 2025 |
| Price Band | ₹65–₹70 per share |
| Minimum Lot | 211 shares |
| Issue Size | ₹130 crore |
| GMP | ₹38–₹40 |
| Expected Listing | ₹108–₹110 per share |
| Business Mix | Toll (77%), EPC (21%), Realty (1.6%) |
| Order Book | ₹666 crore |
🧠 Final Thoughts
The Highway Infrastructure Ltd IPO presents a compelling investment in India’s growing infrastructure sector. With a strong order book, efficient toll operations, and a technology-first approach, the company has potential for long-term growth.
