IPO Details
Bidding Dates
05 Aug '25 - 07 Aug '25
Minimum Investment
₹14,770/ 1 Lot (211 Shares)
Price Range
₹65-₹70
Maximum Investment
₹1,92,010/ 13 Lots (2,743 Shares)
Retail Discount
To be announced
Issue Size
₹130.00 Cr
Investor category and sub category
Retail Individual Investors (RII) | Non-institutional Investors (NII) | Qualified Institutional Buyers (QIB) |Highway Infrastructure IPO Important Dates
Important dates with respect to IPO allotment and listing
IPO Opening Date
Aug 05, 25
IPO Closing Date
Aug 07, 25
Basis of Allotment
Aug 08, 25
Initiation of Refunds
Aug 11, 25
IPO Listing Date
Aug 12, 25
Highway Infrastructure IPO Subscription Details
| Date | QIB | NII | Retail | Total |
|---|---|---|---|---|
|
Day 1Aug 4, 2025 |
5.01 | 34.99 | 29.96 | 28.15 |
About Highway Infrastructure IPO
Highway Infrastructure IPO is a book-built issue worth ₹130 crore. The IPO comprises a fresh issue of 1.39 crore shares aggregating to ₹97.52 crore and an offer for sale of 0.46 crore shares aggregating to ₹32.48 crore. The IPO opens for subscription on August 5, 2025, and will close on August 7, 2025.
The basis of allotment is expected to be finalised on August 8, 2025. Tentative listing of the shares is scheduled on August 12, 2025, on both BSE and NSE. The price band for the IPO is fixed between ₹65 and ₹70 per share. Retail investors can apply for a minimum of 211 shares, requiring an investment of ₹13,715.
The minimum lot size for sNII is 14 lots, equivalent to 2,954 shares, amounting to ₹2,06,780. For bNII, the lot size is 68 lots, or 14,348 shares, amounting to ₹10,04,360.
Pantomath Capital Advisors Private Limited is acting as the book-running lead manager for the IPO, while Bigshare Services Private Limited is appointed as the registrar to the issue. Further details are available in the RHP.
Industry Outlook
- The Indian government plans to invest ₹111 lakh crore in infrastructure projects between FY2020–25. A large part of this is focused on building roads, highways, and transport systems.
- India has the world’s second-largest road network, covering over 63 lakh km. Big projects like Bharatmala Phase I aim to build over 34,000 km of highways, connecting more than 550 districts across 31 states.
- Electronic toll systems like FASTag and GPS-based tolling are reducing delays and improving revenue. This makes toll roads more efficient and profitable to manage.
- Green expressways and smart highways are being promoted to reduce pollution and support long-term sustainability in road transport. The use of technology in tolling, combined with corridor-based development and expressway expansion, creates a favorable business environment for growth and long-term revenue generation.
Highway Infrastructure IPO Objectives
The company plans to allocate the net proceeds from the issuance to the following purposes:
- The company plans to utilise funds to meet the company’s growing working capital needs.
- Remaining funds will be used for general corporate purposes to support overall growth.
About Highway Infrastructure Limited
Highway Infrastructure Limited is an infrastructure development and management company with operations across tollway collection, EPC (Engineering, Procurement, and Construction) infrastructure, and real estate. The company’s tollway collection business forms a significant part of its revenue, followed by its EPC Infra segment.
As of May 31, 2025, the company reported a consolidated order book of ₹6,663.07 million, with ₹595.30 million from tollway collection and ₹6,067.77 million from EPC Infra. The company is among the few operators in India managing toll collection through ANPR (Automatic Number Plate Recognition) technology, particularly on the Delhi-Meerut Expressway.
It has completed 27 tollway projects and is currently operating four toll collection centers across 11 states and one union territory. Advanced toll systems like Electronic Toll Collection (ETC) using FASTag and RFID tags have been implemented to improve efficiency and user experience.
In EPC Infra, Highway Infrastructure Limited has completed 66 projects and is executing 24 projects across Madhya Pradesh. These projects include roads, bridges, tanks, irrigation structures, and civil buildings. The company caters to both public and private sectors and has delivered projects under government schemes such as PMAY, PMGSY, and Jal Jeevan Mission.
The real estate segment remains the smallest, with the company developing residential and commercial properties, including gated communities. Its growing experience, skilled manpower, and equipment base support execution across diverse infrastructure projects, enabling it to take on projects of various sizes and complexities across regions.
How To Check the Allotment Status of Highway Infrastructure IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
How To Apply for the Highway Infrastructure IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Highway Infrastructure IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
Contact Details of Highway Infrastructure IPO
Registered office: 57-FA, Scheme No. 94, Pipliyahana Junction, Ring Road, Indore-452016 Madhya Pradesh, India.
Phone: +91731 4047177
E-mail:cs@highwayinfrastructure.in
Highway Infrastructure IPO Reservation
|
Investor Category |
Shares Offered |
|
QIB Shares |
Not more than 30% of the Net Offer |
|
Retail Shares |
Not less than 40% of the Net Offer |
|
NII Shares |
Not less than 30% of the Net Offer |
Highway Infrastructure IPO Lot Size
|
Application |
Lots |
Shares |
Amount |
|
Retail (Min) |
1 |
211 |
₹14,770 |
|
Retail (Max) |
13 |
2,743 |
₹1,92,010 |
|
S-HNI (Min) |
14 |
2,954 |
₹2,06,780 |
|
S-HNI (Max) |
67 |
14,137 |
₹9,89,590 |
|
B-HNI (Min) |
68 |
14,348 |
₹10,04,360 |
Highway Infrastructure IPO Promoter Holding
The promoters of the company include Arun Kumar Jain, Anoop Agrawal and Riddharth Jain.
|
Share Holding Pre-Issue |
94.95% |
|
Share Holding Post Issue |
- |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Highway Infrastructure IPO
|
KPI |
Value |
|
Debt/Equity |
0.61 |
|
ROE (%) |
19.03 |
|
RoCE (%) |
16.56 |
|
RoNW (%) |
19.03 |
|
PAT Margin (%) |
4.44 |
|
Price to Book Value |
3.44 |
Highway Infrastructure IPO Prospectus
Highway Infrastructure IPO Registrar and Lead Managers
Highway Infrastructure IPO Lead Managers
- Pantomath Capital Advisors Private Limited
Registrar for Highway Infrastructure IPO
Bigshare Services Private Limited
- Contact Number: +91-22-6263 8200
- Email Address: ipo@bigshareonline.com
Highway Infrastructure IPO Registrar
Financial Performance of Highway Infrastructure Limited
| Particulars | Year ending on March 31, 2025 | Year ending on March 31, 2024 | Year ending on March 31, 2023 |
|---|---|---|---|
| Revenue from Operation (in ₹ million) | 4,957.15 | 5,734.54 | 4,551.33 |
| Profit After Tax (in ₹ million) | 223.98 | 214.14 | 138.00 |
| Earnings per share (in ₹) | 3.40 | 3.28 | 2.03 |
| Net Worth (in million) | 1,177.22 | 1,001.85 | 748.11 |
| Return on Equity (%) | 19.03 | 21.37 | 18.45 |
| Return on capital employed (RoCE) (%) | 16.56 | 24.45 | 19.47 |
| EBITDA (in ₹ million) | 313.22 | 384.42 | 276.87 |
Know before investing
Strengths
8-
Nearly 30 years of toll and EPC (Engineering, Procurement, and Construction) project execution experience.
-
₹6,663.07 million order book as of May 31, 2025 reflects strong future pipeline.
-
Toll collection uses ANPR (Automatic Number Plate Recognition) and RFID (Radio Frequency Identification) technology.
-
Profit grew from ₹138 million in FY23 to ₹223.98 million in FY25, CAGR 27.40%.
-
Business is diversified into toll, infrastructure, real estate, and other auxiliary activities.
-
EPC segment includes 66 completed projects and 24 currently under execution.
-
The company plans expansion into new states and Hybrid Annuity Model (HAM) projects.
-
Exploring way-side amenities and leveraging the government's push for infrastructure growth via NHAI (National Highways Authority of India) projects.
Risks
8-
Heavy reliance on NHAI contracts; toll losses may hurt business significantly.
-
Projects concentrated in a few states; risks rise from local disruptions.
-
Most NHAI toll contracts are for one year, limiting revenue stability.
-
Business is capital-intensive; cash flow shortages may impact operations severely.
-
Promoters hold stakes in similar firms, posing conflict of interest risks.
-
Related party transactions may cause conflicts, affecting transparency and governance.
-
₹650 million allocated for working capital; shortfalls may need extra funding.
-
No proceeds from Offer for Sale benefit the Company or investors directly.
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Highway Infrastructure Limited Peer Comparison
| Company Name | Total Revenue (₹ mn) | EPS (₹) | NAV (₹) | RoNW (%) |
|---|---|---|---|---|
| Highway Infrastructure Limited | 4,957.15 | 3.40 | 20.37 | 19.03 |
| Udayshivakumar Infra Limited | 2,891.27 | (1.18) | 30.43 | (4.28) |
| IRB Infrastructure Developers | 76,134.67 | 1.12 | 32.83 | 32.69 |
| H.G. Infra Engineering Limited | 50,561.82 | 75.04 | 452.62 | 17.13 |
Highway Infrastructure IPO FAQs
Highway Infrastructure IPO is a book built issue IPO. It runs from August 5, 2025, to August 7, 2025.
The Basis of Allotment will happen on Friday, August 8, 2025.
The IPO subscription window will open on August 5, 2025.
The minimum lot size retail investors can subscribe to is 1 lot, and the lot size is 211 shares.
The listing date for Highway Infrastructure IPO is Tuesday, August 12, 2025.
The issue size of the Highway Infrastructure IPO is ₹130.00 crore.
The open and close dates for Highway Infrastructure IPO are from August 5, 2025, to August 7, 2025.
Listing gains cannot be ascertained before the listing of the IPO on the stock exchange.
You will receive a notification once your order is successfully placed with the exchange after the bidding starts.
Bigshare Services Private Limited is the registrar responsible for managing the IPO allotment process and handling investor queries.
The Highway Infrastructure IPO is proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange (BSE).
- Multiple Submissions: Use different Demat accounts to make multiple applications.
- Higher Price Band Bidding: Opt for bidding at the cut-off price or higher price band.
- Timely Subscription: Ensure you subscribe to the IPO within the specified time frame.
You must complete the payment process by logging in to your UPI handle and approving the payment mandate.
You can submit only one application using your PAN card.
To read Highway Infrastructure Limited’s financial statements, download the IPO’s RHP document.
Pre-apply allows investors to apply for the Highway Infrastructure IPO two days before the subscription period opens, ensuring an early submission of your application.
Your order will be placed when the IPO opens for bidding, and a UPI request will follow within 24 hours.
