Highway Infra IPO Last Day: GMP Rises, Issue Gets 95.69x Subscription So Far; Should You Apply?
Highway Infrastructure IPO GMP: The initial public offering of Highway Infrastructure Ltd is going to be closed today, Thursday, August 7. It was be opened on August 5. The price band of the mainboard IPO, which plans to raise Rs 130 crore, has been fixed in the range of Rs 65 to Rs 70 apiece. Till 10:24 am on the final day of bidding on Thursday, the issue received a strong 95.69 times subscription, garnering bids for 1,45,71,56,927 shares as against the 1,60,43,046 shares on offer.
The retail and NII participation stood at 89.22x and 139.42x, respectively. The QIB category has received a 7.90x subscription.
The IPO's grey market premium has risen to 57.14%, compared with 54.29% earlier, indicating strong listing gains for investors.
Highway Infrastructure IPO Key Dates
The IPO will remain open for public subscription between August 5, 2025, and August 7, 2025. The share allotment will likely be finalised on August 8, and the company is expected to be listed on both BSE and NSE on August 12.
The price band of the IPO has been fixed in the range of Rs 65 to Rs 70 per share.
For investors, the minimum lot size for the IPO is 211. It means investors will have to apply for a minimum of 211 shares or in multiple thereof. So, retail investors require a minimum capital of Rs 13,715 to apply for the IPO.
Highway Infrastructure IPO GMP Today
According to market observers, unlisted shares of Highway Infrastructure Ltd are currently trading at Rs 110 against the upper IPO price of Rs 70. It means a grey market premium or GMP of Rs 40, which is 57.14% over its issue price, indicating strong listing gains.
The GMP is based on market sentiments and keeps changing. 'Grey market premium' indicates investors' readiness to pay more than the issue price.
Highway Infrastructure IPO: Should You Subscribe?
The IPO of Highway Infrastructure Ltd (HIL), a company operating in the tollway collection and EPC infrastructure space, has garnered mixed recommendations from leading brokerages. While majority firms have issued a 'subscribe' rating, especially for long-term investors or listing gains, several have urged caution citing valuation and operational risks.
Swastika Investmart is also bullish, recommending a 'subscribe' rating for both listing gains and long-term investment. The firm appreciated the company's investment in advanced technologies such as ANPR for toll management and noted that its order book, primarily driven by EPC projects, provides visibility for future revenues. At 18.06x FY25 earnings, the brokerage feels the IPO is 'fully priced" but sees room for upside given the sector outlook and company's execution capabilities.
Anand Rathi is optimistic about HIL's long-term prospects, citing the government's increased focus on road infrastructure development and the company's efforts to strengthen its tollway and EPC businesses. The brokerage believes HIL is well-positioned to ride on this momentum. 'It presents a niche opportunity in India's tollway and EPC infrastructure space, supported by consistent growth and a robust order book," the note said. It also highlighted HIL's use of ANPR (automatic number plate recognition) technology as a key differentiator that improves operational efficiency. The brokerage has issued a 'subscribe for long-term' recommendation.
Arihant Capital Markets: Subscribe for Listing Gains
Arihant Capital took a balanced stance, recommending investors subscribe for listing gains. It acknowledged HIL's strong presence across toll operations in 11 states and one union territory, and its diversified business model spanning toll collection and EPC infrastructure. As of May 31, 2025, the company's consolidated order book stood at Rs 666.3 crore. 'With a focus on cost optimization and project execution, HIL is well-positioned to benefit from India's growing investment in national highway development," the note added. The IPO is valued at a P/E of 22.41x on FY25 projected EPS of Rs 3.1.
Taking a contrarian view, SBI Securities advised investors to avoid the IPO. It pointed out that HIL is still a relatively small player in the infrastructure sector, with short-term toll collection contracts that are subject to frequent rebidding and intense competition. The brokerage raised concerns over the company's high dependency on public sector clients, which account for 91 per cent of its revenue.
'The low margin profile, higher working capital cycle and geographical concentration fail to justify these valuations," it noted. Based on post-issue capital, the stock is valued at 25.5x FY25 P/E and 17.8x EV/Ebitda, levels SBI believes are not justified given the company's fundamentals.
Highway Infrastructure IPO: More Info
The Highway Infrastructure IPO, which is a book-building of Rs 130 crore, is a combination of a fresh issue of 1.39 crore shares aggregating to Rs 97.52 crore and an offer for sale of 0.46 crore shares aggregating to Rs 32.48 crore.
Highway Infrastructure Limited (HIL), established in 1995, is an Indian infrastructure development company primarily engaged in tollway collection and EPC (Engineering, Procurement, and Construction) projects, with a smaller presence in real estate. The company operates toll systems across 11 states and one Union Territory, leveraging technologies like ANPR and RFID-based ETC. As of August 31, 2024, it had completed 24 toll projects and was operating 7.
HIL has executed 63 EPC projects and is currently working on 20 more, mainly in Madhya Pradesh, covering roads, bridges, irrigation, and civil construction. Its real estate division focuses on residential and commercial developments, though it remains a minor part of the business. The company employs 398 people across its operations.
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Its revenue fell 13% and profit after tax (PAT) rose 5% between the financial year ending with March 31, 2025 and March 31, 2024.
Pantomath Capital Advisors Pvt Ltd is the book-running lead manager of the Highway Infrastructure IPO, while Bigshare Services Pvt Ltd is the registrar for the issue.
About the Author
Mohammad Haris
Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to personal finance, markets, economy and companies. Having over a decade of experience in financial journalism, Haris h...Read More
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First Published:
August 07, 2025, 10:34 IST
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