The Highway Infrastructure Ltd IPO officially closed on August 7, 2025, after a three-day subscription window. As investors await allotment results and listing, early signs from the grey market premium (GMP) and analyst sentiment point toward a potentially solid debut on the bourses.
Here’s a complete breakdown of the IPO, including GMP trends, company fundamentals, and what investors should expect next.
IPO Overview – Key Dates & Numbers
- IPO Opened: August 5, 2025
- IPO Closed: August 7, 2025
- Listing Date (Tentative): August 12, 2025
- Price Band: ₹65 to ₹70 per share
- Face Value: ₹5 per share
- Issue Type: Book-Built (Mainboard IPO)
- Total Issue Size: ₹130 crore
- Fresh Issue: ₹97.52 crore
- Offer for Sale: ₹32.48 crore
- Lot Size: 211 shares
- Minimum Investment (Retail): ₹14,770
Highway Infrastructure Ltd IPO GMP Update & Market Sentiment
As of the latest GMP data (July 31, 2025), Highway Infrastructure IPO is trading at a grey market premium of ₹25 per share. This implies an expected listing price of around ₹95 (₹70 + ₹25), translating to a ~35% premium over the upper price band.
While GMPs are unofficial and speculative, they often reflect short-term sentiment and HNI interest. Multiple brokers and analysts are citing solid fundamentals and a diversified order book as reasons for bullish sentiment in the grey market.
Analyst Recommendations:
- Anand Rathi: “Subscribe for long-term gains”
- IPO Central: Points to robust EPC and tollway track record and ₹666 crore order book
- Moneycontrol: Calls it a reasonable valuation for a company with ₹500+ crore revenue base
Subscription Status
Although full final-day subscription figures are pending publication, early indicators suggest a healthy subscription, particularly from retail and HNI segments. Based on past mainboard IPO trends and media sentiment:
- Retail portion likely subscribed fully or oversubscribed
- HNI demand appears strong, driven by GMP interest
- QIB response expected to be robust, based on strong EPC credentials
Final figures will be updated by late night on August 7 or early August 8 on BSE/NSE and aggregator platforms like Chittorgarh and IPOWatch.
Allotment & Listing Timeline
| Event | Date |
|---|---|
| Basis of Allotment | August 8, 2025 |
| Refunds Initiated | August 11, 2025 |
| Shares Credited in Demat | August 11, 2025 |
| Listing Date (Tentative) | August 12, 2025 |
Allotment Status will be available at the registrar’s website (Bigshare Services Pvt Ltd) post August 8.
Company Overview – What Does Highway Infrastructure Do?
Founded and promoted by Arun Kumar Jain, Anoop Agrawal, and Riddharth Jain, Highway Infrastructure Ltd has carved a niche in:
- Tollway collection
- EPC (Engineering, Procurement, Construction) infrastructure
- Real estate-linked infra projects
- Roadside amenities (new vertical under expansion)
Project Track Record:
- 66 EPC infra projects across 11 states & 1 UT
- 27 tollway projects completed; 4 currently operational
- ₹666.31 crore order book as of May 2025
Financial Highlights (FY25)
- Revenue: ₹504.48 crore
- Net Profit: ₹22.4 crore
- Profit Growth: Improving year-over-year
- Capex Plan: Utilize fresh issue funds for working capital and project execution
- Promoter Holding (Pre-IPO): 94.95%
The company is debt-light and operationally sound, with cash flow visibility from long-term EPC and toll contracts.
Investor Allocation Breakdown
| Category | Allocation (%) | Minimum Investment |
|---|---|---|
| Retail | ≥40% | 1 lot = ₹14,770 (211 shares) |
| HNI/NII | ≤30% | 2,954 shares = ₹2,06,780 (S-HNI min) |
| QIB | ≤30% | As per SEBI norms |
Conclusion – Should You Watch the Listing?
The Highway Infrastructure Ltd IPO ticks several important boxes for investors:
- Strong order book of approximately ₹666 crore
- Consistent revenue performance, crossing ₹500 crore
- Healthy grey market premium (GMP) of ₹25 and strong overall demand
- Reasonable valuation in a sector aligned with India’s infrastructure growth story
If you applied, be sure to check your allotment status on Bigshare’s website on August 8, 2025.
If you didn’t apply, it might still be worth watching the stock on listing day—current GMP trends point to a strong debut, and infrastructure continues to be a focus area for the government in FY26.
Next Steps for Investors:
- Check allotment status on Bigshare Services
- Track the listing date: August 12, 2025
