Highway Infrastructure IPO
ClosedAlready have an account? Apply now
Schedule of Highway Infrastructure
| Issue open date | 05 Aug 2025 |
| Issue close date | 07 Aug 2025 |
| UPI mandate deadline | 07 Aug 2025 (5 PM) |
| Allotment finalization | 08 Aug 2025 |
| Refund initiation | 11 Aug 2025 |
| Share credit | 11 Aug 2025 |
| Listing date | 12 Aug 2025 |
| Mandate end date | 22 Aug 2025 |
| Lock-in end date for anchor investors (50%) | 07 Sep 2025 |
| Lock-in end date for anchor investors (remaining) | 06 Nov 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Highway Infrastructure
Established in 1995 as Highway Enterprises and restructured as Highway Infrastructure in 2018, the company is an Indore-based infrastructure development firm specialising in toll operations and engineering, procurement, and construction (EPC) services. With nearly three decades of experience, it has executed projects across multiple Indian states, including Madhya Pradesh, Gujarat, Andhra Pradesh, and Delhi. Notably, the company is among the few toll operators in India utilizing Automatic Number Plate Recognition (ANPR) technology on the Delhi-Meerut Expressway. As of the fiscal year ending March 2024, Highway Infrastructure reported an annualized revenue of ₹576.57 crore and a net profit of ₹21.41 crore, reflecting its operational efficiency and market presence.
Financials of Highway Infrastructure
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹130 crores |
| Fresh issue | ₹97.52 crores |
| Offer for sale | ₹32.48 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Working capital requirements | 65 (66.6%) |
| General corporate purposes |
Strengths
- Nearly 30 years of industry experience in toll operations and EPC projects.
- Pioneered the use of ANPR technology for toll collection on major expressways.
- Diversified project portfolio across multiple Indian states, enhancing market reach.
- Demonstrated financial performance with substantial revenue and profitability.
- Experienced promoters with extensive industry knowledge and established relationships
Risks
- Modest scale of operations compared to larger industry peers.
- High working capital requirements may impact liquidity.
- Susceptibility to risks inherent in tender-based business models.
- Moderate contribution from the EPC segment could affect revenue diversification.
- Exposure to regulatory changes and policy shifts in the infrastructure sector.
Subscription Figures for Highway Infrastructure
As per media reports (Link), the Grey Market Premium (GMP) of Highway Infrastructure is reported at ₹41 over the IPO price. This metric is not reliable, and to track IPO interest, it is better to check subscription numbers published by exchanges, which are considered more reliable indicators.
Subscription numbers as of 5:00 PM on August 07, 2025:
| Category | Reserved (lakhs) | Applied (lakhs) | Subscription (X times) |
|---|---|---|---|
| Institutional | 22.28 | 9643.33 | 432.71x |
| NII | 55.71 | 26358.61 | 473.10x |
| Retail | 74.28 | 12218.22 | 164.48x |
| Total | 152.28 | 48220.16 | 316.64x |