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Mint
2 hours ago
- Mint
Highway Infrastructure IPO Day 1 Live Updates: Check GMP, review, key dates, more
Highway Infrastructure IPO Day 1 Live: Highway Infrastructure, the tollway operator, is set to launch for the public on August 5 and will conclude on August 7. The company has established a price range of ₹ 65-70 per share for its IPO. The Madhya Pradesh-based firm aims to raise ₹ 97.52 crore through a fresh issue and an additional ₹ 32.48 crore via the sale of 46.4 lakh shares. The promoters plan to sell shares as part of the offer-for-sale. This company, which focuses on infrastructure development and management, is engaged in toll collection, EPC infrastructure, and real estate, intending to allocate ₹ 65 crore of the proceeds from the fresh issue for working capital needs, while the remaining funds will be used for general corporate purposes. By the end of fiscal 2025, its consolidated order book totaled ₹ 666.3 crore, comprising ₹ 59.53 crore from the toll collection segment and ₹ 606.8 crore from the EPC infrastructure sector. The toll collection segment accounted for 77 percent of its revenue, whereas the EPC infrastructure segment made up 21 percent in fiscal 2025. Between fiscal years 2023 and 2025, the revenue from operations increased at a CAGR of 4.36 percent, reaching ₹ 495.7 crore, while profit grew at a CAGR of 27.4 percent during the same period to ₹ 22.4 crore in FY25. (Stay tuned for more updates) Follow updates here: 05 Aug 2025, 09:21 AM IST The company IPO has reserved not more than 30% of the shares in the public issue for qualified institutional buyers (QIB), not less than 30% for non-institutional Institutional Investors (NII), and not less than 40% of the offer is reserved for retail investors. 05 Aug 2025, 09:19 AM IST Highway Infrastructure has secured ₹ 23.4 crore from four institutional investors through an anchor book on August 4, just a day ahead of its initial public offering (IPO) launch. VPK Global Ventures Fund has put in ₹ 8.4 crore for approximately 12 lakh shares in Highway Infrastructure, while HDFC Bank, Abans Finance, and Sunrise Investment Opportunities Fund each acquired 7.14 lakh shares amounting to ₹ 5 crore. 05 Aug 2025, 09:17 AM IST Highway Infrastructure IPO GMP today is +40. This indicates Highway Infrastructure share price were trading at a premium of ₹ 40 in the grey market, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Highway Infrastructure share price was indicated at ₹ 110 apiece, which is 57.14% higher than the IPO price of ₹ 70. According to the grey market activities over the past 12 sessions, the IPO GMP is trending upward today and is anticipated to have a robust listing. The minimum GMP recorded is ₹ 0.00, while the maximum GMP is ₹ 40, as noted by experts from 'Grey market premium' indicates investors' readiness to pay more than the issue price. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Indian Express
3 hours ago
- Indian Express
Six years since the abrogation of Article 370 in J&K, belied promises
Article 370 was seen as a development dampener. Its abrogation was expected to bring about economic transformation in Jammu and Kashmir. The promised bargain underlying the constitutional, governance and administrative downgrade was an era of unprecedented economic growth and prosperity. The development dividend that Kashmiris had been deprived of for the last seven decades and more would be shared with them, as in the rest of the country. Today, J&K completes six years as a Union Territory. This anniversary, like a forced pause, allows us to take stock of how J&K's economy has fared as a centrally administered unit. Have the promise of opening the floodgates of corporate investments and the promises of prosperity been delivered? Far from it. The macroeconomic performance of J&K post-2019 is disappointing. J&K's $30 billion economy has grown at a much slower pace post the abrogation. The growth in Gross State Domestic Product has declined both in nominal and in real terms. The fall is much sharper in real terms, placing J&K far below the national rate of growth. As a result, the contribution of J&K to the national GDP has declined to 0.77 per cent. The tertiary sector, which accounts for 60 per cent of the local economy, has borne the brunt of the slowdown with its rate of growth getting halved to 5.8 per cent in 2023-24 from 11 per cent in 2022-23. Income growth from hotels and restaurants declined from 38 per cent to 13 per cent. The growth in real per capita income has also been halved — from 6 per cent to less than 3 per cent. In 2011-12, J&K's per capita income was 84 per cent of the national average, but now it has declined to 76 per cent. The gap between the two is the highest ever in 2024. Besides the slowdown in income growth, unemployment has been volatile post-2019 with temporary spikes much higher than earlier peaks. The unemployment rate spiked to 23 per cent in March 2023 and remained at 17 per cent in 2024. In the 15-29 age bracket, the unemployment rate of more than 30 per cent is almost double the national average. J&K is now among the states with the highest unemployment rate. It is high despite an increase in the labour force participation rate as well as the worker population ratio — this reflects economic instability. The number of workers in industry reached a decadal low in 2022-23. Even the number of factories has been stagnant at the 2016-17 level. Underlying the slower growth and higher volatility, be it output or employment, is a drop in fixed capital. J&K's fixed capital, which peaked in 2016-17, had halved by 2022-23. This drop is quite unprecedented and has not been distorted by the separation of Ladakh. The UT's government recently stated that J&K has attracted investment proposals worth Rs 84,544 crore across 42 industrial sectors. In 2023, actual investments on the ground reached Rs 2,518 crore, with 266 industrial units registered in Jammu and 148 in Kashmir. Yet, the official statistics collated by the central statistical bodies, such as the Annual Survey of Industries, show a decline in the invested capital in J&K. Capital investments started gaining momentum in 2015-16 and peaked the next year. By 2022-23, this had declined in absolute terms. In 2022-23, less capital was invested in J&K compared to what it was five years earlier. It should be obvious that the capital intensity of the economy has declined. The decline in fixed and invested capital has been accompanied by a sharp rise in borrowings — a sure recipe for a fiscal crisis. Despite better revenue mobilisation, J&K's fiscal health has deteriorated significantly with higher debt and deficits compared to pre-2019. Internal debt has almost doubled in just five years. The total liabilities of the government have also surged, making them more than half of the GSDP. The total outstanding liabilities of the government are now almost 60 per cent of the GSDP. The all-India average of states is less than half of this figure. The fiscal deficit continues to hover around 6 per cent, way above the stipulated FRBM limits. All this is despite the government earning more and spending more. The state's own revenues have increased threefold in eight years. The tax-to-GDP ratio has increased sharply from 6.3 to 8.4 per cent, a consequence of implementing GST in July 2017. Yet, they are also borrowing much more. Without investment growth, the sharp improvement in the credit-deposit ratio can be problematic. A higher credit growth is likely to be financing consumption, which can lead to a debt trap. The impact of credit growth has also been dampened by the negligible share of J&K in national credit, which is not even 1 per cent. The share in deposits, which has been growing at a slow rate, is around 1 per cent, indicating a net resource outflow. This continued low level of credit is validated by the credit-to-GSDP, which is as low as 38 per cent in 2024, compared to, say, Maharashtra, where it is 99 per cent. The low level of credit adds to the shortage of capital in an already capital-scarce economy and will have a crippling effect on the growth potential of the economy. Inflation has normally been aligned with or slightly above the national averages. This is expected of an import-dependent sub-national economy like J&K. There was a sharp spike in 2019, after which the inflation threshold has remained the same, even as the average rate of inflation has been marginally higher than earlier. J&K is a high-wage economy. Inflation has resulted in the average daily wages of agricultural or construction labour in the UT being the second-highest in the country, after Kerala. In the last six years, the historical structural features of J&K — a high-cost, import-dependent economy with parts of it being export-oriented — have only accentuated. An expansionary public expenditure policy continues as in the past, with the added feature of an overleveraged budget. Hardly the signs of an economy set for a take-off a la Rostow. It is unlikely to engender long-term sustainable economic growth, let alone transformation. The writer is former finance minister of Jammu and Kashmir
Economic Times
3 hours ago
- Economic Times
Highway Infrastructure IPO opens with strong GMP. Should you subscribe?
Highway Infrastructure Limited's IPO is set to open on Tuesday. The IPO has a strong grey market premium. The issue will close on August 7. The IPO price band is Rs 65–70 per share. The company will list on NSE SME on August 12. The IPO comprises a fresh issue and an offer for sale. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Should you subscribe? The Rs 130 crore IPO of Highway Infrastructure (HIL), a company with nearly three decades of experience in toll collection and EPC infrastructure execution , will open for subscription on Tuesday with a robust grey market premium (GMP) of 57%. The issue, which closes on August 7, is priced in the band of Rs 65–70 per share. The stock is scheduled to list on NSE SME on August IPO comprises a fresh issue of Rs 97.5 crore and an offer for sale of Rs 32.5 crore, aggregating to 1.86 crore shares. Bids can be placed in lots of 211 shares, translating into a retail minimum investment of Rs 14,770 at the upper price operates primarily in tollway collection , EPC infrastructure projects, and to a smaller extent, real estate development. As of May 2025, its consolidated order book stood at Rs 666.3 crore, with over 90% of it from its core toll and EPC company has completed 27 tollway projects and is currently operating four, including ANPR-enabled tolling on the Delhi-Meerut Expressway Over the years, it has executed 66 EPC projects, with 24 more underway. The company's stronghold lies in Madhya Pradesh but extends to 11 states and one Union reported a FY25 net profit of Rs 22.4 crore, up 4.6% YoY, on revenues of Rs 495.7 crore. The EBITDA margin stood at 6.3%, with a PAT margin of 4.5%. Its post-issue P/E comes to 22.5x, translating into a market cap of Rs 502 proceeds will be used to meet working capital needs and for general corporate purposes. Pantomath Capital is the sole book-running lead manager, and Bigshare Services is the by steady financials, technological adoption in tolling (such as FASTag and ANPR), and government tailwinds in infrastructure, the issue has been rated 'Subscribe for Long Term' by Anand Rathi : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
