Highway Infrastructure IPO subscribed over 3x so far on Day 1; check GMP and key details
ADVERTISEMENT Adding to investor enthusiasm, the IPO is also witnessing strong interest in the grey market, where shares are trading at a premium of around 50% over the issue price of Rs 70. This indicates bullish sentiment and suggests the stock could see solid listing gains.
Retail Individual Investors (RIIs) showed strong interest, subscribing to 5.06 times the allocated quota of 78.57 lakh shares. This reflects healthy participation from small investors, who are often seen as key sentiment drivers for IPOs.
Non-Institutional Investors (NIIs), including high-net-worth individuals (HNIs), also responded positively, subscribing to 3.3 times their allotted 58.92 lakh shares.However, there were no bids from Qualified Institutional Buyers (QIBs) at that time. QIB participation typically picks up later in the bidding window, especially closer to the IPO's closing day.
The Rs 130 crore IPO of Highway Infrastructure Ltd (HIL), a company with nearly three decades of experience in toll collection and EPC infrastructure execution, opened for subscription on Tuesday. The issue, which closes on August 7, is priced in the range of Rs 65–70 per share. The stock is scheduled to list on the NSE SME platform on August 12.
ADVERTISEMENT The 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 minimum retail investment of Rs 14,770 at the upper price band.
HIL operates primarily in tollway collection and EPC infrastructure projects, with a smaller presence in real estate development. As of May 2025, its consolidated order book stood at Rs 666.3 crore, with over 90% of it coming from its core toll and EPC segments.
ADVERTISEMENT The company has completed 27 tollway projects and is currently operating four, including ANPR-enabled tolling on the Delhi-Meerut Expressway.It has executed 66 EPC projects to date, with 24 more underway. While the company's stronghold is in Madhya Pradesh, its operations span 11 states and one Union Territory.
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HIL reported a net profit of Rs 22.4 crore in FY25, up 4.6% year-on-year, on revenue of Rs 495.7 crore. The EBITDA margin stood at 6.3%, with a PAT margin of 4.5%. The post-issue P/E comes to 22.5x, translating into a market cap of Rs 502 crore.The IPO proceeds will be used to meet working capital requirements and for general corporate purposes. Pantomath Capital is the sole book-running lead manager, while Bigshare Services is the registrar.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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