Highway Infrastructure shares to list today. Here's what GMP suggests
will make its debut on the bourses today after delivering a stellar subscription performance in its Rs 130 crore IPO last week. The book-built issue, priced at Rs 70 per share, received an overwhelming response, being subscribed 316.64 times overall.
The retail portion was booked 164.48 times, while the non-institutional investor (NII) category saw bids at an extraordinary 473.10 times. The qualified institutional buyers (QIB) segment was subscribed 432.71 times.
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The IPO, which opened on August 5 and closed on August 7, comprised a fresh issue of 1.39 crore shares aggregating Rs 97.52 crore and an offer for sale of 0.46 crore shares worth Rs 32.48 crore by the promoters.
In the grey market, the company's shares are commanding a healthy premium of about 34% over the IPO price, indicating strong listing-day expectations. If the trend sustains, the stock could list near Rs 94 per share, rewarding investors with substantial listing gains.
Highway Infrastructure operates across three business segments: tollway collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development.
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The tollway collection business is the company's primary revenue driver, with operations spanning 11 states and one Union Territory.
It is among the few operators in India to deploy Automatic Number Plate Recognition (ANPR) technology on the Delhi-Meerut Expressway, alongside RFID-based Electronic Toll Collection systems. As of August 2024, the company had completed 24 tollway projects and was operating seven more.
Its EPC portfolio includes roads, bridges, irrigation structures, and building projects, with 63 projects completed and 20 ongoing as of August 2024. The company also undertakes selective real estate developments, mainly residential projects.
Financially, the company reported a revenue of Rs 504.48 crore in FY25, down 13% from FY24, but net profit rose 5% to Rs 22.40 crore.
IPO proceeds will be primarily used to fund working capital requirements of Rs 65 crore, with the balance earmarked for general corporate purposes.
With strong investor demand, robust grey market sentiment, and a differentiated position in the toll and infrastructure space, all eyes will be on how Highway Infrastructure performs when trading begins.
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