Highway Infrastructure Limited
Bookbuilding IPO · NSE, BSE
- Price band
- ₹65 - ₹70
- Lot size
- 211 shares
- Issue amount
- ₹130 cr
- Total subscription
- 316.69×
- Opens
- 5 Aug 2025
- Closes
- 7 Aug 2025
- Allotment
- 8 Aug 2025
- Listing
- 12 Aug 2025
Offer at a glance
Issue overview
- Issue size
- 1,85,71,429 shares
- Face value
- ₹5 per share
- Minimum investment
- ₹13,715
- Fresh issue
- ₹97.52 cr
- Offer for sale
- ₹32.48 cr
- Registrar
- Bigshare Services Pvt Ltd
- Listing exchange
- NSE, BSE
- Maximum investment
- ₹14,770
- Issue type
- Bookbuilding IPO
- Shares before issue
- 5,77,89,204
- Shares after issue
- 7,17,20,632
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 1 | 211 | ₹14,770 |
| sHNI | 14 | 2,954 | ₹2,06,780 |
| bHNI | 68 | 14,348 | ₹10,04,360 |
Share reservation
Subscription & GMP
Subscription by category
Missing multiples are calculated from bids and offered shares when available.
GMP history
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 35,206 | 42,49,071 |
| HNIs(10L +) | 1,257 | 1,20,559 |
| HNIs (2-10L) | 629 | 2,66,615 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 15.6 | 6,750.33 |
| RETAIL | 52 | 8,556.95 |
| HNIs 2+ | 13 | 5,870.11 |
| HNIs 10+ | 26 | 12,581.95 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | 31-Mar-24 | 31-Mar-23 | 31-Mar-22 |
|---|---|---|---|
| EPS | 19.69 | 12.16 | 8.65 |
| ROE | 21.37 | 18.45 | 13.44 |
| ROCE | 24.45 | 19.47 | 13.41 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 0 | 0 |
| POST IPO(PE) | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Company information
Company profile
Highway Infrastructure Limited (HIL), founded in 1995, is a diversified Indian infrastructure company engaged in tollway operations, EPC (Engineering, Procurement, and Construction) projects, and real estate development. The company primarily undertakes the construction and maintenance of roads, highways, bridges, and residential properties. In tollway collection operations, HIL manages toll systems obtained through competitive bidding and was among the early users of Automatic Number Plate Recognition (ANPR) technology on the Delhi–Meerut Expressway. It currently operates toll plazas across 11 states and one Union Territory, utilizing Electronic Toll Collection (ETC) systems with RFID tags and digital platforms for efficient transactions. As of August 31, 2024, the company has completed 24 toll projects and is working on 7 ongoing projects. In the EPC infrastructure segment, HIL manages end-to-end infrastructure development using internal resources, covering a wide range of projects such as roads, bridges, civil structures, and irrigation tanks. It has completed 63 projects and is executing 20 more, with major ongoing work in Indore, Ratlam, and Khandwa in Madhya Pradesh. In real estate, the company develops and sells residential and commercial properties, focusing on gated communities and housing projects, though this remains the smallest segment in terms of revenue and scale. As of August 31, 2024, the company employs 398 individuals across its various business verticals.
Strengths
- Pan-India Project Execution: 30+ years of experience in tollway and EPC projects across states, with smart tolling systems like ANPR and ETC on major expressways.
- Strong Leadership: Experienced MD, CFO, and CEO with proven expertise in execution, planning, and government coordination.
- Robust Growth & Order Book: ₹5,963.83 million order book (as of Aug 31, 2024); revenue and profit grew at 27.09% and 58.55% CAGR (FY22–FY24), showing strong financial health.
Risk factors
- High Client Concentration: Significant revenue depends on NHAI and other government clients; loss of major contracts could impact business stability.
- Seasonal Revenue Fluctuations: Monsoons reduce toll traffic and delay projects, causing irregular revenue patterns.
- Bidding-Driven Model: Relies on competitive tenders with high entry costs; failure to win bids affects growth and margins.
Promoters
Arun Kumar Jain
Anoop Agrawal
Riddharth Jain
Registrar & documents
Lead manager
Pantomath Capital Advisors Pvt Ltd
Registrar & contacts
Bigshare Services Pvt Ltd
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
57-FA, Scheme No. 94, Pipliyahana Junction, Ring Road, Indore, Madhya Pradesh, 452016
+91 731 4047177
[email protected]Company website ↗Understanding HILINFRA IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.