What is a Highway Infrastructure Ltd?
Highway Infrastructure IPO: Highway Infrastructure Ltd infrastructure development and management Company. Our Company is engaged in the business of tollway. collection, EPC Infra and real estate business. While the Company’s business spans facets of infrastructure development and management, tollway collection stands out as a significant mix of its business, driving our revenues and financial performance. As on August 31, 2024, the consolidated Order Book of the Company is ₹5,963.83 million, comprising of ₹3,149.59 million in tollway collection business and ₹2,814.24 million in EPC Infra business. HIL is one of the few toll operators who have managed tollway collection based on ANPR technology on Delhi-Meerut Expressway. The Company has operated tolls on some of the known inter-state and intra-state expressways across 11 states and one Union Territory. The Company employs updated Electronic Tollway Collection (ETC) systems, which leverage Radio Frequency Identification (RFID) tags and digital payment platforms to facilitate seamless and contactless toll payments. This model not only reduces congestion at toll plazas but also enhances operational efficiency by reducing transaction times and errors, thereby resulting in overall better management
Highway infrastructure ipo listing
Highway Infrastructure IPO was open for public subscription from Tuesday, August 5 to Thursday, August 7. Highway Infrastructure IPO allotment date was 8 August 2025, and Highway Infrastructure IPO listing date is August 12.
Highway Infrastructure IPO Details
| IPO Date | August 5, 2025 to August 7, 2025 |
| Listing Date | August 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 |
Highway Infrastructure IPO 2025 – Tentative Timeline
The Highway Infrastructure IPO is scheduled to open on August 5, 2025 and will close on August 7, 2025. Below is the tentative schedule:
| Event | Date |
|---|---|
| IPO Open Date | Tuesday, August 5, 2025 |
| IPO Close Date | Thursday, August 7, 2025 |
| Basis of Allotment (Tentative) | Friday, August 8, 2025 |
| Initiation of Refunds | Monday, August 11, 2025 |
| Credit of Shares to Demat | Monday, August 11, 2025 |
| Tentative Listing Date | Tuesday, August 12, 2025 |
| Cut-off Time for UPI Mandate Confirmation | 5:00 PM on August 7, 2025 |
Highway Infrastructure IPO 2025 – Lot Size Details
Investors can apply for a minimum of 211 shares and in multiples thereof. The table below shows the minimum and maximum investment for Retail Investors, Small HNIs (S-HNI), and Big HNIs (B-HNI):
| Application Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Minimum) | 1 | 211 | ₹14,770 |
| Retail (Maximum) | 13 | 2,743 | ₹1,92,010 |
| S-HNI (Minimum) | 14 | 2,954 | ₹2,06,780 |
| S-HNI (Maximum) | 67 | 14,137 | ₹9,89,590 |
| B-HNI (Minimum) | 68 | 14,348 | ₹10,04,360 |
Highway Infrastructure IPO 2025 – Reservation Details
The Highway Infrastructure IPO comprises a total of 1,85,71,428 shares. The allocation across investor categories is as follows:
| Investor Category | Shares Offered | Percentage | Maximum Allottees |
|---|---|---|---|
| QIB (Qualified Institutional Buyers) | 55,71,427 | 30.00% | NA |
| QIB (Ex-Anchor) | 22,28,571 | 12.00% | NA |
| NII (Non-Institutional Investors / HNI) | 55,71,429 | 30.00% | NA |
| Retail Individual Investors (RII) | 74,28,572 | 40.00% | 35,206 |
| Anchor Investors | 33,42,856 | 18.00% | NA |
| Total | 1,85,71,428 | 100.00% | — |
Highway Infrastructure IPO 2025 – Promoter Holding
The promoters of Highway Infrastructure Ltd. are:
- Arun Kumar Jain
- Anoop Agrawal
- Riddharth Jain
Shareholding Pattern:
| Shareholding | Percentage |
|---|---|
| Pre-Issue Shareholding | 94.95% |
| Post-Issue Shareholding | To be calculated based on equity dilution |
Note: The Post-Issue Shareholding will be determined using the formula:
Equity Dilution = Pre-Issue Shareholding – Post-Issue Shareholding
Highway Infrastructure IPO 2025: Dates, Price, Lot Size, GMP, Reservation & Complete Details
The Highway Infrastructure IPO 2025 has generated strong interest among investors, thanks to its solid presence in tollway collection, EPC projects, and real estate development. The company has raised funds from anchor investors, received massive oversubscription, and is all set for listing on August 12, 2025.
Below, we cover company details, IPO timeline, price band, lot size, GMP, subscription status, financials, objectives, and expert reviews — all in one place.
Company Overview – Highway Infrastructure Ltd.
Incorporated in 1995, Highway Infrastructure Ltd. (HIL) is engaged in infrastructure development and management, primarily in tollway collection, EPC projects, and real estate development.
Business Segments:
- Tollway Collection:
- Operates toll collection systems across 11 states & 1 UT.
- Uses ANPR (Automatic Number Plate Recognition) & RFID-based ETC.
- Completed 24 projects, operating 7 projects as of August 31, 2024.
- EPC Infra Projects:
- In-house execution from planning to completion.
- Completed 63 projects, 20 ongoing (roads, bridges, irrigation, civil buildings).
- Active projects in Indore, Ratlam & Khandwa, Madhya Pradesh.
- Real Estate:
- Develops and sells commercial & residential projects.
- Developed gated communities; smallest segment in revenue terms.
Workforce: 398 employees as of August 31, 2024.
Highway Infrastructure IPO Anchor Investors
- Anchor Investment Raised: ₹23.40 crore
- Bid Date: August 4, 2025
- Shares Offered to Anchors: 33,42,856
- Anchor Lock-in:
- 50% shares till September 7, 2025 (30 days)
- Remaining shares till November 6, 2025 (90 days)
Highway Infrastructure IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | Tue, August 5, 2025 |
| IPO Close Date | Thu, August 7, 2025 |
| Basis of Allotment | Fri, August 8, 2025 |
| Refund Initiation | Mon, August 11, 2025 |
| Credit of Shares | Mon, August 11, 2025 |
| Listing Date | Tue, August 12, 2025 |
| UPI Mandate Cut-off | 5:00 PM, August 7, 2025 |
Highway Infrastructure IPO Lot Size
Investors can apply for a minimum of 211 shares and multiples thereof.
| Investor Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail Min | 1 | 211 | ₹14,770 |
| Retail Max | 13 | 2,743 | ₹1,92,010 |
| S-HNI Min | 14 | 2,954 | ₹2,06,780 |
| S-HNI Max | 67 | 14,137 | ₹9,89,590 |
| B-HNI Min | 68 | 14,348 | ₹10,04,360 |
Highway Infrastructure IPO Reservation
| Category | Shares Offered | % of Issue | Max Allottees |
|---|---|---|---|
| QIB | 55,71,427 | 30.00% | NA |
| QIB (Ex-Anchor) | 22,28,571 | 12.00% | NA |
| NII (HNI) | 55,71,429 | 30.00% | NA |
| Retail | 74,28,572 | 40.00% | 35,206 |
| Anchor | 33,42,856 | 18.00% | NA |
| Total | 1,85,71,428 | 100% | — |
Promoter Holding
Promoters:
- Arun Kumar Jain
- Anoop Agrawal
- Riddharth Jain
| Stage | Holding |
|---|---|
| Pre-Issue | 94.95% |
| Post-Issue | To be calculated based on equity dilution |
Company Financials (₹ in Crore)
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 231.56 | 202.63 | 156.59 |
| Total Income | 504.48 | 576.58 | 456.83 |
| PAT | 22.40 | 21.41 | 13.80 |
| EBITDA | 31.32 | 38.44 | 27.69 |
| Net Worth | 117.72 | 100.19 | 74.81 |
| Total Borrowing | 71.82 | 69.62 | 63.36 |
Key Performance Indicators (KPI)
| KPI | Value |
|---|---|
| ROE | 19.03% |
| ROCE | 16.56% |
| Debt/Equity | 0.61 |
| PAT Margin | 4.44% |
| EBITDA Margin | 6.32% |
| Price/Book Value | 3.44 |
| Pre-IPO EPS | ₹3.88 |
| Post-IPO EPS | ₹3.12 |
| P/E Ratio (Post) | 22.41 |
Objects of the Issue
| Purpose | Amount (₹ Cr.) |
|---|---|
| Working Capital Requirements | 65.00 |
| General Corporate Purposes | — |
Highway Infrastructure IPO Subscription Status (Final Day)
| Category | Subscription (x) | Shares Offered | Shares Bid |
|---|---|---|---|
| QIB | 432.71 | 22,28,571 | 96,43,33,511 |
| NII | 473.10 | 55,71,429 | 2,63,58,61,163 |
| bNII | 483.92 | 37,14,286 | 1,79,74,21,646 |
| sNII | 451.47 | 18,57,143 | 83,84,39,517 |
| Retail | 164.48 | 74,28,572 | 1,22,18,22,297 |
| Total | 316.64 | 1,52,28,572 | 4,82,20,16,971 |
Applications Received: 46,36,029
Expert Review
- Dilip Davda (IPO Expert): The company has shown bottom-line growth but saw a revenue decline in FY25. Issue is fully priced; informed investors may consider for medium to long-term holding.
Listing Details
| Detail | Info |
|---|---|
| Listing Date | August 12, 2025 |
| Exchange | NSE, BSE |
| BSE Code | 544477 |
| ISIN | INE00RL01028 |
| Issue Price | ₹70 per share |
| Listing Group | T |
Registrar & Lead Manager
- Registrar: Bigshare Services Pvt. Ltd. (Website)
- Lead Manager: Pantomath Capital Advisors Pvt. Ltd.
Company Contact
Address: 57-FA, Scheme No. 94, Pipliyahana Junction, Ring Road, Indore, Madhya Pradesh – 452016
Phone: +91 731 4047177
Email: cs@highwayinfrastructure.in
Website: www.highwayinfrastructure.in
Conclusion – Buy or Not?
The Highway Infrastructure IPO 2025 comes from a strong player in India’s infrastructure space, with proven execution capability in tollway and EPC projects. Despite FY25 revenue dip, profitability improved, and the IPO witnessed heavy oversubscription. Investors with a medium to long-term horizon may consider applying, while short-term listing gains will depend on market sentiment.
Highway Infrastructure IPO 2025 – Frequently Asked Questions (FAQs)
Q1. What is the Highway Infrastructure IPO?
Ans: It is the initial public offering of Highway Infrastructure Ltd., a company engaged in toll collection, EPC infrastructure projects, and real estate. The IPO will help the company fund working capital needs and other corporate purposes.
Q2. Who are the promoters of Highway Infrastructure Ltd.?
Ans: The company’s promoters are Arun Kumar Jain, Anoop Agrawal, and Riddharth Jain.
Q3. When will the Highway Infrastructure IPO open and close?
Ans: The IPO will open on Tuesday, August 5, 2025, and close on Thursday, August 7, 2025.
Q4. What is the Highway Infrastructure IPO price band?
Ans: The price band is fixed at ₹70 per share.
Q5. What is the lot size for Highway Infrastructure IPO?
Ans: The minimum lot size is 211 shares. Retail investors can apply for a minimum of 1 lot (₹14,770) and a maximum of 13 lots (₹1,92,010).
Q6. How can I apply for the Highway Infrastructure IPO?
Ans: You can apply through your broker’s IPO platform (e.g., Zerodha, Upstox, Angel One) using a UPI ID, or via your bank’s ASBA facility.
Q7. How to apply for Highway Infrastructure IPO via Zerodha?
Ans:
- Log in to Zerodha Console.
- Go to the IPO section under “Portfolio.”
- Select Highway Infrastructure IPO.
- Enter lot size, bid price, and UPI ID.
- Submit and approve the UPI mandate in your UPI app.
Q8. When is the allotment date for Highway Infrastructure IPO?
Ans: The allotment is expected to be finalized on Friday, August 8, 2025.
Q9. When will the Highway Infrastructure IPO list on the stock exchanges?
Ans: The listing date is scheduled for Tuesday, August 12, 2025, on both NSE and BSE.
Q10. What was the subscription status of the Highway Infrastructure IPO?
Ans: The IPO was subscribed 316.64 times overall, with 164.48x in retail, 432.71x in QIB, and 473.10x in NII categories.