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Highway Infrastructure Ltd. entered the stock market with a sharp surge in its share price, listing at INR 117 on the BSE and INR 115 on the NSE about 67 % and 64 % above the IPO price of INR 70. The INR 130-crore IPO, which closed with an extraordinary subscription of over 300 times, comprised a fresh issue worth INR 97.52 crore and an offer-for-sale of 46.4 lakh shares at INR 32.48 crore. Established in 1995, the Indore-based company works in tollway collection, EPC projects, and real estate development. Strong grey market activity before listing had already hinted at a robust debut.
Highway Infrastructure Ltd. saw a strong debut on the stock exchanges as its shares opened at INR 117 on the BSE and INR 115 on the NSE. This reflected a premium of around 67 % and 64 % over the issue price of INR 70 per share, marking one of the notable listings this year. The listing valued the company at about INR 881.02 crore. Advertisement
The IPO, which closed earlier in the week, was worth INR 130 crore and drew overwhelming investor interest, with overall subscription reaching 300.61 times. It included a fresh issue of 1.39 crore shares worth INR 97.52 crore and an offer-for-sale of 46.4 lakh shares valued at INR 32.48 crore. Investor categories across retail, non-institutional, and institutional segments recorded strong demand.
Market trends before listing had signalled high investor appetite, with the grey market showing premiums as high as INR 40 per share at one stage before easing to INR 24-25. Despite the softening, the final listing price comfortably exceeded these indications.
Founded in 1995, Highway Infrastructure is based in Indore and operates in tollway collection, engineering-procurement-construction (EPC) projects, and real estate development. It has delivered projects involving roadways, highways, bridges, and residential construction. The company uses ANPR technology and RFID-based systems for toll management and has executed work on major stretches such as the Delhi-Meerut Expressway.
For the financial year ending March 2025, the firm reported consolidated revenue of INR 504.48 crore, down 13 % from the previous year, while net profit rose by 5 % to INR 22.40 crore. It also holds an order book worth over INR 6,663 million, primarily driven by EPC contracts.
Funds raised through the IPO are planned to be used for working capital requirements, debt repayment, and general corporate purposes. Analysts note that the company's listing performance reflects its established presence and the strong demand for infrastructure-focused stocks in the current market environment.
Source PTI
5th Jun, 2025
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