Highway Infrastructure IPO 2025 – ₹130 Cr Issue, ₹65–₹70 Price Band & Financials
📚 Table of Contents
🏢 Highway Infrastructure Company Overview
Highway Infrastructure Ltd., incorporated in 2006 and headquartered in Indore (Madhya Pradesh), operates across three segments: tollway collection, EPC infrastructure, and real estate development. It manages toll operations in 11 states using advanced ANPR and RFID-based ETC technology, including projects such as the Delhi–Meerut Expressway. As of August 2024, the consolidated order book stood at ₹596.4 crore.([turn0search6]turn0search11])
📌 IPO Details
| Total Issue Size | ₹130 Crore (₹97.5 Cr Fresh + ₹32.5 Cr OFS) |
|---|---|
| Price Band | ₹65 – ₹70/share |
| Bid Dates | 5–7 August 2025 |
| Lot Size | 211 shares (≈₹14,770 at ₹70 cap) |
| Allotment Date | 8 August 2025 |
| Listing Date | 12 August 2025 (BSE & NSE) |
| Lead Manager | Pantomath Capital Advisors Pvt Ltd |
| Registrar | Bigshare Services Pvt Ltd |
| Category Allocation | Retail 40%, NII 30%, QIB 30% |
📊 Financial Highlights
| Year | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA Margin | ROE (%) |
|---|---|---|---|---|
| Mar‑22 | 294.3 | 8.4 | 4.9% | 13.6% |
| Mar‑23 | 269.9 | 11.8 | 6.1% | 18.5% |
| Mar‑24 | 408.3 | 19.5 | 6.7% | 21.4% |
Volume grew 26%, and PAT surged 55% in FY24, while EBITDA margin expanded by 62 bps to 6.7%. The company’s ROE and order book strength underline robust growth.([turn0search4]turn0search5])
🔧 Tollway Collection & EPC Model
The company’s integrated model comprises:
- Tollway Collection: Uses ANPR and RFID-based ETC systems for digital FASTag payments across 24 completed toll plazas and 7 ongoing projects.([turn0search3]turn0search6])
- EPC Infrastructure: Delivered 63 projects, with 20 in execution across highways, bridges, and utilities.([turn0search3]turn0search6])
- Real Estate: Minimal but growing segment focused on gated housing and community projects in Indore.
💰 Use of IPO Proceeds
- ₹63 Cr allocated for working capital
- Remaining funds for general corporate purposes
- Offer-for-sale proceeds directly to promoters — Arun Kumar Jain and Anoop Agrawal.([turn0search11]turn0search10])
❓ FAQs – Highway Infrastructure IPO
Q1: When is the IPO opening?
Subscription is open from 5 to 7 August 2025.([turn0search9]turn0search8])
Q2: What is the minimum investment?
Lot size is 211 shares which totals ₹14,770 at the cap price.([turn0search9]turn0search8])
Q3: When will it list?
Shares are expected to list on 12 August 2025 on both NSE and BSE.([turn0search2]turn0search5])
Q4: What is the price band?
The price band ranges from ₹65 to ₹70 per equity share.
Q5: Who are the lead managers?
The IPO is managed by Pantomath Capital Advisors with Bigshare Services as registrar.([turn0search0]turn0search7])
✅ Final Verdict
Highway Infrastructure Ltd combines tollway revenue with EPC execution capability and a balanced order book. With strong FY24 financials and technology integration in toll collection, the IPO offers moderate limits. At a ₹130 Cr issue size, the IPO is attractively priced. Retail investors seeking stable infrastructure exposure may consider subscribing, but must account for government tender timing and execution risk. Robust track record and growing order pipeline make this an interesting long‑term play.
🔗 Useful Links
📢 Disclaimer
This article is for informational purposes only. It should not be construed as investment or financial advice. Please consult a qualified SEBI-registered advisor and refer to the official RHP before investing in any IPO.
