The Highway Infrastructure IPO closed on August 7, 2025, to an overwhelming response, with the issue subscribed an extraordinary 211.44 times on the final day itself, as per the NSE data at 2:20 p.m.
This massive oversubscription underscores the strong investor confidence and high demand for the company’s shares in the primary market. Highway Infrastructure’s IPO has stood out as one of the most sought-after offerings of 2025, reflecting robust market interest and positive sentiment towards the company’s growth prospects. Let’s deep dive into the IPO details.
Highway Infrastructure Ltd. is an Indore-based infrastructure development company, established in 1995 and restructured as Highway Infrastructure in 2018. The company specialises in toll operations, engineering, procurement, and construction (EPC) services and has executed projects across multiple Indian states.
Notably, it is among the few toll operators in India employing Automatic Number Plate Recognition (ANPR) technology, with a healthy and growing order book of ₹666.3 crore as of May 2025.
| IPO Date | August 5-7, 2025 |
| Tentative Listing Date | Tue, Aug 12, 2025 |
| Face Value | ₹5 per share |
| Issue Price | ₹70 per share |
| Lot Size | 211 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 1,85,71,428 shares(aggregating up to ₹130.00 Cr) |
| Fresh Issue | 1,39,31,428 shares(aggregating up to ₹97.52 Cr) |
| Offer for Sale | 46,40,000 shares of ₹5(aggregating up to ₹32.48 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 5,77,89,204 shares |
| Share Holding Post Issue | 7,17,20,632 shares |
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets (₹ cr.) | 231.56 | 202.63 | 156.59 |
| Total Income (₹ cr.) | 504.48 | 576.58 | 456.83 |
| Profit After Tax (₹ cr.) | 22.40 | 21.41 | 13.80 |
| EBITDA (₹ cr.) | 31.32 | 38.44 | 27.69 |
| Net Worth (₹ cr.) | 117.72 | 100.19 | 74.81 |
| Reserves and Surplus (₹ cr.) | 83.90 | 83.49 | 64.44 |
| Total Borrowing (₹ cr.) | 71.82 | 69.62 | 63.36 |
Highway Infrastructure GMP today is ₹39 per share (as of August 7, 2025). This suggests an estimated listing price of about ₹110, which is a premium of approximately 57% over the upper end of the IPO price band (₹70 per share). The Highway Infrastructure IPO GMP (Grey Market Premium) has hovered between ₹39 and ₹41 in the last few days of the offering, reflecting strong grey market sentiment.
Demand for the Highway Infrastructure IPO has been exceptionally strong, as indicated by its heavy over-subscription and a consistently high grey market premium. With a strong financial record, a diversified business in toll and EPC infrastructure, and a healthy order pipeline, Highway Infrastructure Ltd is positioned as one of the notable IPOs of 2025.
Investors should remain watchful for official allotment and listing outcomes while keeping in mind the indicative nature of GMP.
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