Highway Infrastructure IPO: Shares list at 67% premium; highest debut gains of 2025
Highway Infrastructure Limited made a strong market debut on Tuesday, delivering the highest listing gains for any stock this year.
Shares opened at Rs 117 on the BSE, a 67.1% premium of Rs 47 over the issue price of Rs 70 and at Rs 115 on the NSE, up 64.3%, according to ET.
The Rs 130-crore
IPO
, which ran from 5–7 August, drew a massive investor response, with total subscriptions reaching 316.64 times. The non-institutional investor category saw record demand at 473.10 times, while qualified institutional buyers subscribed 432.71 times and retail investors 164.48 times.
The issue comprised a fresh sale of 1.39 crore shares worth Rs 97.52 crore and an offer for sale of 0.46 crore shares valued at Rs 32.48 crore by promoters.
Grey market activity ahead of the listing had indicated a 34% premium, with some expectations that the stock could debut near Rs 94.
Highway Infrastructure operates across toll collection, engineering-procurement-construction (EPC) projects, and selective real estate development. Its toll business, the main revenue driver, spans 11 states and one Union Territory, and includes the use of Automatic Number Plate Recognition (ANPR) and RFID-based toll systems on the Delhi–Meerut Expressway.
As of August 2024, it had completed 24 tollway projects and was operating seven more, alongside 63 completed EPC works and 20 ongoing projects.
The company reported FY25 revenue of Rs 504.48 crore, down 13% from FY24, but net profit rose 5% to Rs 22.40 crore. IPO proceeds will fund Rs 65 crore in working capital, with the rest allocated to general corporate purposes.
Highway Infrastructure's IPO is the most subscribed in the infrastructure sector in 2025 and the third most subscribed in India's history. Managing director Arun Jain said, 'The record subscription is a testament to investor confidence in our track record and our vision for the future.'
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