Highway Infrastructure was incorporated on February 10, 2006. The company operates in tollway collection, EPC Infra, and real estate, with tollway collection as a key revenue driver. It runs tolls on major expressways across 11 states and one Union Territory, using Electronic Tollway Collection (ETC) systems with RFID tags and digital payment platforms for seamless, contactless payments
| Bidding Dates |
|---|
| 05 Aug 2025 - 07 Aug 2025 |
| Subscription |
|---|
| 300.61x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹13,715 | 1 | 13 | 211 | 18.6 M | ₹65 - ₹70 | 70.04 % | ₹1207.1 M - ₹1300.0 M | RHP DOC |
Highway Infrastructure IPO SUBSCRIPTION STATUS
07 Aug '25Highway Infrastructure IPO overall subscription rate was 300.61 times the total available shares
Highway Infrastructure IPO retail subscription rate was 155.58 times in the retail segment
Highway Infrastructure IPO non-institutional investor subscription rate was 447.32 times in the non-institutional investor category
Highway Infrastructure IPO Qualified Institutional Bidder subscription rate was 420.57 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 40% | 30% | 30% |
07 Aug 2025 (Day 3) | 155.58x | 447.32x | 420.57x |
06 Aug 2025 (Day 2) | 73.55x | 97.7x | 7.1x |
05 Aug 2025 (Day 1) | 28.69x | 33.45x | 4.92x |
Highway Infrastructure FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY25 | 495.7 | 22.4 | -4.9 | -5.5 | 6.3% |
| FY24 | 573.5 | 21.4 | 14.2 | 123.5 | 6.7% |
| FY23 | 455.1 | 13.8 | 4.2 | 27.6 | 6.1% |
Highway Infrastructure IPO SUBSCRIPTION STATUS DETAILS
Highway Infrastructure had 18.6 M shares on offer
Highway Infrastructure IPO offer price was in the range ₹65 - ₹70
Highway Infrastructure IPO minimum Investment was ₹13715
Highway Infrastructure IPO issue size was ₹ 1207.1 M - ₹ 1300.0 M
Highway Infrastructure had a minimum lot size of 211 Shares per application
Highway Infrastructure NUMBER OF SHARES ON OFFER
Highway Infrastructure IPO IMPORTANT DATES
| Issue Open Date | 05 Aug 2025 |
| Issue close Date | 07 Aug 2025 |
| Allotment Date | 08 Aug 2025 |
| Refund Date | 11 Aug 2025 |
| Demat Account Credit Date | 11 Aug 2025 |
| Listing Date | 12 Aug 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Highway Infrastructure Allotment Status | Exchange/ Registrar |
Highway Infrastructure IPO subscription opened on 05 Aug 2025, and closed on 07 Aug 2025
IPO allotment for Highway Infrastructure was finalized on Friday, 08 Aug 2025
IPO listing for Highway Infrastructure was on NSE and BSE on Tuesday, 12 Aug 2025
Highway Infrastructure IPO LISTING GAINS
| Issue Price (adjusted) | 70.0 |
| Listing Open Price | 115.0 |
| Listing Close Price | 120.8 |
| Listing Gain% | 64.3% |
| Current Gain% | -33.8% |
Highway Infrastructure Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Highway Infrastructure Ltd. | 46.3 | 332.3 | 12.8 | -5.2 | 0.4 | 14 | 8.5 | 633.4 | 25.6 | 32.1 | 63 | 3.6 | -2.4 |
| IRB Infrastructure Developers Ltd. | 19.6 | 23624.6 | 24.8 | -0.3 | 3.1 | 4 | 1.6 | 7854 | -2.2 | 850.4 | -86.9 | 0.8 | -85.4 |
| G R Infraprojects Ltd. | 880.2 | 8516.4 | 8.4 | -1.1 | 0.9 | 9.6 | 5.6 | 8527.3 | 12.3 | 902.8 | -11 | 105 | -7.9 |
| Dilip Buildcon Ltd. | 422.2 | 6858.4 | 5.8 | 0.1 | 0.8 | 19.1 | 6.9 | 9499.6 | -17.1 | 1302.4 | 103.2 | 73 | 58.1 |
| PNC Infratech Ltd. | 222.4 | 5705.4 | 7.8 | 0.9 | 1 | 12.2 | 6 | 5509.6 | -20.6 | 831.8 | 2 | 28.5 | 9 |
| Ashoka Buildcon Ltd. | 117 | 3284.2 | 1.3 | 0 | 0.5 | 38.8 | 19.5 | 7703.6 | -24.5 | 2550 | 50.5 | 87.6 | 39.7 |
Highway Infrastructure INFORMATION ON IPO ISSUE
About Highway Infrastructure
Highway Infrastructure was incorporated on February 10, 2006. The company operates in tollway collection, EPC Infra, and real estate, with tollway collection as a key revenue driver. It runs tolls on major expressways across 11 states and one Union Territory, using Electronic Tollway Collection (ETC) systems with RFID tags and digital payment platforms for seamless, contactless payments
Object of the Issue
- Funding working capital requirements of the company
- General corporate purposes
Highway Infrastructure - PROMOTERS
| Name |
|---|
| Arun Kumar Jain |
| Anoop Agrawal |
| Riddharth Jain |
Highway Infrastructure - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Arun Kumar Jain | Managing Director |
| Anoop Agrawal | Whole Time Director |
| Riddharth Jain | Non-Executive Non-Independent Director |
| Om Prakash Shrivastava | Independent Director |
| Ujjwal Kumar Ghosh | Independent Director |
| Ritika Agrawal | Non-Executive Independent Director |
Highway Infrastructure Book Running Lead Manager
Pantomath Capital Advisors Private Limited
highway.ipo@pantomathgroup.com
Highway Infrastructure Registrar to the Offer
Bigshare Services Private Limited
ipo@bigshareonline.com
Highway Infrastructure Strengths
Diversified revenue base
The company operates in three main sectors: tollway collection, EPC Infra projects, and real estate. This diversification helps reduce reliance on a single sector and identify profitable opportunities, while also generating revenue from auxiliary activities like equipment leasing and surplus material sales
Fnancial performance
As of August 31, 2024, the company's consolidated order book stands at Rs 5,963.8 million, with Rs 3,149.6 million from tollway collection and Rs 2,814.2 million from EPC Infra. This order book aids in planning revenues, operations, and project execution
Execution capabilities
The company has nearly 30 years of experience in tollway collection and EPC Infra projects across various Indian states, including Madhya Pradesh, Gujarat, and Delhi. It is among the few operators using ANPR technology for toll collection on the Delhi-Meerut Expressway
Highway Infrastructure Risks
Tender bidding process
The company's projects in tollway collection and EPC Infra are awarded through a competitive tender bidding process that includes specific pre-qualification criteria. Failing to bid for or win these tenders could negatively impact the business and its financial condition
Capital-intensive business
Working capital is required to cover security deposits, bank guarantees, material purchases, and project resource mobilization before client payments are received. Additionally, the selection process for contracts is influenced by various factors, making it challenging to predict when a bid will be awarded and how quickly resources must be mobilized
Seasonal fluctuations
Traffic flow and toll collections during the monsoon period are typically lower than at other times of the year. The toll collection industry often experiences a decline in the second quarter of the fiscal year due to the monsoon season.
IPO FAQs
This IPO consists of an offer for sale of up to Rs 32.5 crore, of 4,640,000 shares. It also consists of a fresh issue of Rs 97.5 crore.
The promoters of the company are Arun Kumar Jain, Anoop Agrawal and Riddharth Jain.
The category allocation of qualified institutional buyers is 30.0%, the category allocation of non individual investors or high networth individuals is 30.0% and for retail investors it is 40.0%.
The price band of the IPO is Rs 65.0 - 70.0.
The IPO application opens on Aug 05, 2025 and closes on Aug 07, 2025.
The minimum lot size for the IPO is 211. The maximum lot size for the IPO is 2743.
For all category investors, the minimum application amount for this IPO is Rs. 13,715.0, the maximum value for this IPO is Rs 192,010.0.
This IPO will be allotted on Aug 08, 2025.
The refund will be credited to your account on Aug 11, 2025.
The allotted shares will be credited to your demat on Aug 11, 2025.
Highway Infrastructure Ltd.’s shares listed on the stock exchanges on Aug 12, 2025.