Highway Infrastructure IPO
Highway Infrastructure IPO — date, price band, lot size & details 2025
Highway Infrastructure listed on 12 Aug 2025 at ₹115, 64.3% above the ₹70 issue price.
Highway Infrastructure runs tollway collection, EPC infrastructure and real estate businesses. Its order book was Rs 666.31 crore on 31 May 2025.
Stock price
Highway Infrastructure is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 05 Aug 2025
- Close 07 Aug 2025
- Allotment 08 Aug 2025
- Refund/credit 11 Aug 2025
- Listing 12 Aug 2025
Issue summary
The terms of the offer, as filed.
| IPO Dates | 5 to 7 Aug, 2025 |
|---|---|
| Price Band | ₹65 – ₹70 |
| Face Value | ₹5 |
| Lot Size | 211 Shares |
| Issue Size | ₹130 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | Bigshare Services Private Limited |
| Min Investment | ₹ 14,770 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 211 shares at the ₹70 cut-off. Drag to size your application.
| 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 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from Rs 13.80 crore in FY2023 to Rs 22.40 crore in FY2025.
- 02The order book was Rs 666.31 crore on 31 May 2025.
- 03Toll operations extend across 11 states and one union territory.
- 04Return on equity was 19.03% and debt to equity was 0.61.
- 05Rs 97.52 crore of the Rs 130 crore issue was fresh capital.
Risks · 7
- 01Total income fell from Rs 576.58 crore in FY2024 to Rs 504.48 crore in FY2025.
- 02The PAT margin was thin at 4.44% and the EBITDA margin was 6.32%.
- 03Toll contracts are awarded through competitive bidding and only Rs 59.53 crore of the order book was tollway work on 31 May 2025.
- 04The P/E was 22.41 at the upper band of Rs 70, based on post-issue EPS of Rs 3.12.
- 05Rs 65.00 crore of the proceeds was for working capital.
- 06Rs 32.48 crore of the issue was offer for sale and did not reach the company.
- 07Promoters held 94.95% before the issue and held 70.04% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Highway Infrastructure offer document.
| Metric | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 231.56 | 202.63 | 156.59 |
| Total Income | 504.48 | 576.58 | 456.83 |
| Profit After Tax | 22.40 | 21.41 | 13.80 |
| EBITDA | 31.32 | 38.44 | 27.69 |
| NET Worth | 117.72 | 100.19 | 74.81 |
| Reserves and Surplus | 83.90 | 83.49 | 64.44 |
| Total Borrowing | 71.82 | 69.62 | 63.36 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Highway Infrastructure RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Highway Infrastructure IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹3.88 | ₹3.12 |
| P/E Ratio (x) | 18.06 | 22.41 |
| Market Cap at Offer Price (₹ Cr) | ₹404.12 | ₹502.56 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹70 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹114.17 Cr of the issue is earmarked to named objects.
Highway Infrastructure IPO Anchor Investors
4 anchor investors across 4 fund houses committed ₹23.40 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| Abans Finance Private Limited | Abans Finance | 714,446 | 5.00 | 21.37% |
| HDFC Bank Limited | HDFC Bank | 714,446 | 5.00 | 21.37% |
| Sunrise Investment Opportunities Fund | Sunrise | 714,446 | 5.00 | 21.37% |
| Vpk Global Ventures Fund - Scheme 1 | Vpk Global Ventures | 1,199,518 | 8.40 | 35.88% |
| Total anchor allocation | 23.40 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
The company uses automatic number plate recognition on the Delhi-Meerut Expressway. Toll operations extend across 11 states and one union territory.
The EPC business builds roads, bridges, tanks, irrigation works and civil buildings. The consolidated order book on 31 May 2025 was Rs 666.31 crore, of which Rs 606.78 crore was EPC and Rs 59.53 crore was tollway collection.
The IPO was Rs 130 crore, with Rs 97.52 crore of fresh issue and Rs 32.48 crore of offer for sale. Rs 65.00 crore was planned for working capital.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Highway Infrastructure IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Pantomath Capital Advisors Pvt Ltd
12 issues handledBest listing: Regaal Resources (+38.2%). Weakest: Glottis (-34.9%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Highway Infrastructure?
The current Grey Market Premium is ₹25, or 36% over the issue price.
What is the Highway Infrastructure IPO price band?
₹65 to ₹70, on a face value of ₹5.
When is the allotment?
The basis of allotment is 8 August 2025, with listing on 12 August 2025.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Bigshare Services Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
