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Highway Infrastructure IPO Day 1 Live: Highway Infrastructure, the tollway operator, launched its initial public offer (IPO) on August 5. The issue 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)

Highway Infrastructure IPO Day 1 Live: Promoters Arun Kumar Jain and Anoop Agrawal will each be offering up to 2,320,000 equity shares with a face value of ₹5 in the Offer for Sale (OFS). 

Highway Infrastructure IPO Day 1 Live: Highway Infrastructure is an infrastructure development and management company. It is engaged in the business of tollway collection, EPC Infra, and real estate businesses. While the company’s business spans various facets of infrastructure development and management, tollway collection stands out as a significant part of its operations, driving revenues and financial performance. This is followed by the EPC Infra business, which comprises the execution of construction and development projects of different types such as roads, bridges, tanks, irrigation-related construction, and civil buildings for customers.

As on May 31, 2025, its consolidated order book stands at ₹6,663.07 million, comprising ₹595.30 million in the tollway collection business and ₹6,067.77 million in the EPC Infra business. Out of the consolidated revenue from operations for Fiscal 2025, the tollway collection business, EPC Infra business, and real estate development contributed 77.14%, 21.28%, and 1.58%, respectively.

Highway Infrastructure IPO Day 1 Live: Highway Infrastructure IPO was subscribed 5.92 times so far on the first day of the bidding process. In just over an hour, retail investor portion was booked 7.77 times, NII portion was booked 5.63 times and QIB quote 0.89 times.

Highway Infrastructure IPO Day 1 Live: The company plans to use the fresh funds ( ₹97.5 crore) raised for the following purposes: 

Highway Infrastructure IPO Day 1 Live: 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.

Highway Infrastructure IPO Day 1 Live: Highway Infrastructure IPO sailed through in just 15 mins of opening. The issue was subscribed 1.67 times in the retail segment, and the non-institutional investor portion was subscribed 1.25 times. The qualified institutional buyer segment has not received any bids yet.

Highway Infrastructure IPO Day 1 Live: A look at the comparison of Highway Infrastructure with its listed peers in the Indian stock market.

Highway Infrastructure IPO Day 1 Live: Highway Infrastructure IPO opened for subscription on Tuesday, August 5. Investors can now apply for the issue till August 7. The IPO is commanding a strong GMP. 

At the upper price band, the company is valued at a FY25 P/E of 22.5x, with a post-issue market capitalization of ₹5,020 million. It presents a niche opportunity in India’s tollway and EPC infrastructure space, supported by consistent growth and a robust order book. The use of ANPR (Automatic Number Plate Recognition) technology in toll systems provides a competitive advantage, while the combination of toll and EPC businesses offers diversified revenue streams. Considering these factors, the IPO seems fully priced, and a “SUBSCRIBE – LONG TERM” recommendation is suggested.

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.

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.

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 investorgain.com.

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 investorgain.com.

'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.

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