Highway Infrastructure IPO huge hit among investors; subscribed 300.61 times
Highway Infrastructure Ltd
garnered a whopping 300.61 times subscription on the closing day of the share sale on Thursday.
The Rs 130-crore
IPO
received bids for 4,82,27,45,343
shares
against 1,60,43,046 shares on offer, as per NSE data.
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Non-institutional investors
part attracted 447.32 times subscription while the quota meant for
Qualified Institutional Buyers
(QIBs) got subscribed a huge 420.57 times. Retail Individual Investors (RIIs) portion fetched 155.58 times subscription.
Highway Infrastructure Ltd on Monday raised Rs 23.40 crore from anchor investors, including
HDFC Bank
and Abans Finance Pvt Ltd.
The price band for the offer has been fixed at Rs 65-70 per share.
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The initial public offer (IPO) is a mix of fresh issue of 1.39 crore shares aggregating to Rs 97.52 crore and an offer for sale of 46.4 lakh shares amounting to Rs 32.48 crore.
Incorporated in 1995, Highway Infrastructure Ltd (HIL) is engaged in tollway collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development.
The Indore-based company specialises in the construction and maintenance of roads, highways, bridges, and residential projects.
The company's shares will be listed on the BSE and NSE.
Pantomath Capital Advisors is the sole book-running lead manager, while Bigshare Services is the registrar for the IPO.
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