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Highway Infrastructure Ltd's initial public offering saw an enthusiastic response, getting fully subscribed within hours of opening. With total bids exceeding 11.97 crore shares well over the 1.60 crore shares on offer the IPO was subscribed 7.47 times. Retail investors and non-institutional investors led the charge, with strong demand also reflected in the anchor investor segment. The company has already secured INR 23.4 crore from anchor investors including HDFC Bank and Abans Finance Pvt Ltd. The issue, set to close later this week, is aimed at raising funds for working capital and corporate needs.
Highway Infrastructure Ltd attracted overwhelming investor interest as its IPO was fully subscribed within the opening hours of bidding. The three-day public issue opened for subscription earlier this week and received over 11.97 crore bids against the 1.60 crore shares on offer, marking a subscription rate of 7.47 times, based on data from the National Stock Exchange. Advertisement
Retail Individual Investors (RIIs) led the surge in demand, subscribing 9.63 times their allocated portion. Non-institutional investors weren't far behind, recording a 7.14 times subscription. The portion reserved for Qualified Institutional Buyers (QIBs) saw a 90% subscription by mid-morning on the first day.
Ahead of the IPO, the company had successfully raised INR 23.4 crore from prominent anchor investors including HDFC Bank and Abans Finance Pvt Ltd. The total IPO size is pegged at INR 130 crore and is set to close in the coming days.
The price band for the offer has been fixed between INR 65 and INR 70 per equity share. The offering comprises a fresh issue of 1.39 crore equity shares, expected to generate INR 97.52 crore, and an offer for sale (OFS) of 46.4 lakh shares valued at INR 32.48 crore. From the fresh capital raised, INR 65 crore has been earmarked for funding working capital requirements, with the remaining funds directed towards general corporate purposes.
Established in 1995, Highway Infrastructure Ltd (HIL) is involved in tollway operations, EPC (Engineering, Procurement, and Construction) contracts, and real estate development. Based in Indore, the company has a robust portfolio of infrastructure projects, including the construction and maintenance of roads, highways, bridges, and residential properties.
As per recent financial disclosures, HIL posted a total income of INR 504.48 crore and reported a profit after tax of INR 22.40 crore. Upon completion of the IPO process, its equity shares are set to be listed on both the BSE and NSE.
Pantomath Capital Advisors is acting as the sole book-running lead manager for the issue, while Bigshare Services Pvt Ltd has been appointed as the registrar.
Source PTI
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