The Highway Infrastructure IPO is all set to open for subscription on August 5, 2025, and will close on August 7, 2025. Highway Infrastructure Limited (HIL), incorporated in 2006, is an Indian infrastructure development and management company involved in tollway collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development. The company focuses on the construction, maintenance, and operation of roads, highways, and bridges, alongside developing residential properties.
This blog will further cover Highway Infrastructure IPO details, including issue size, price band, key financials, and business strengths.
Highway Infrastructure IPO Date
The key pointers for the Highway Infrastructure IPO dates are:
- Bidding Opening Date: August 5, 2025
- Bidding Closing Date: August 7, 2025
- Allotment Date: August 8, 2025
- Initiation of Refunds (in case of less or no allotment): August 11, 2025
- Shares Credited to Your Demat Account: August 11, 2025
- IPO Listing Date: August 12, 2025
- Listing on Exchange: BSE and NSE
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Highway Infrastructure: IPO Issue Size
Highway Infrastructure IPO valuation, as denoted by the market capitalization, stood at ₹502.04 crores. Here are the important details:
- Highway Infrastructure IPO Price Band: ₹65 to ₹70 per share
- Lot Size: 211 Shares
- Issue Size and Amount: 1.85 crore shares (aggregating up to ₹130 crores)
- Fresh Issue Size and Amount: 1.39 crore shares (aggregating up to ₹97.52 crores)
- Offer for Sale and Amount: 46 lakh shares (aggregating up to ₹32.48 crores)
Highway Infrastructure IPO Proceeds Usage
Highway Infrastructure IPO proceeds will be used for the following purposes:
- To meet the company’s working capital requirements, support ongoing operational needs, and project execution.
- To cover general corporate expenses, including administrative costs and business growth initiatives.
Highway Infrastructure IPO Reservations
Highway Infrastructure IPO reservations to different investors are:
- For QIBs: Not more than 30% of the Net Offer
- For NIIs: Not less than 30% of the Net Offer
- For Retail Investors: Not less than 40% of the Net Offer
Highway Infrastructure IPO Lot Size
The Highway Infrastructure IPO lot size is 211 shares, wherein bidding can be done in multiples. The minimum amount that each category of investor needs to bid in this IPO is:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 211 | ₹14,770 |
| S-HNI (Min) | 14 | 2,954 | ₹2,06,780 |
| B-HNI (Min) | 68 | 14,348 | ₹10,04,360 |
Highway Infrastructure IPO Details: Promoter Holding
Arun Kumar Jain, Anoop Agrawal, and Riddharth Jain are the company promoters. Arun Kumar Jain and Anoop Agrawal are the selling shareholders in this IPO.
Highway Infrastructure IPO: Company Overview
Highway Infrastructure Limited (HIL), set up in 1995, is an Indian company involved in infrastructure development and management. Its core areas include tollway collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development. The company focuses on building and maintaining roads, highways, bridges, and residential projects.
In the Tollway Collection segment, HIL operates toll collection systems awarded through competitive bidding. It is among the few companies using Automatic Number Plate Recognition (ANPR) technology on highways like the Delhi-Meerut Expressway. Toll operations span across 11 states and one Union Territory, using RFID tags and digital platforms for smooth and contactless toll payments. As of May 31, 2025, HIL has completed 27 tollway collection projects and is currently operating 4 tollway projects.
In its EPC Infrastructure business, HIL handles projects from planning to execution with in-house capabilities. The company has built roads, bridges, water tanks, irrigation works, and civil structures. Up to May 31, 2025, it had completed 66 EPC projects, with 24 projects under execution in locations such as Indore, Ratlam, and Khandwa in Madhya Pradesh.
HIL also has a real estate arm, which is the smallest part of its business. This segment is involved in developing, constructing, and selling both commercial and residential properties. The company has delivered gated community housing projects over the years.
Highway Infrastructure IPO: Financial Performance
Highway Infrastructure Limited’s key financials for different periods are as follows:
| Particulars (in ₹ Cr) | 31 Mar 2025 | 31 Mar 2024 | YoY Change |
|---|---|---|---|
| Revenue from Operations | 495.72 | 573.45 | -14% |
| Profit After Tax (PAT) | 22.40 | 21.41 | 5% |
| EBITDA | 31.32 | 38.44 | -19% |
| Net Worth | 117.72 | 100.19 | 17% |
| Total Assets | 231.56 | 202.63 | 14% |
| Total Borrowing | 71.82 | 69.62 | 3% |
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WHY SMC
- Highway Infrastructure Ltd. reported a 14% decline in operating revenue for FY25, reaching ₹495.72 crores compared to ₹573.45 crores in FY24, indicating a slowdown in topline growth.
- Profit after tax (PAT) rose by 5% YoY, moving from ₹21.41 crores in FY24 to ₹22.40 crores in FY25, suggesting moderate earnings stability.
- EBITDA dropped by 19%, standing at ₹31.32 crores in FY25, pointing to pressure on operating margins during the year.
- The company’s net worth increased by 17% YoY, improving its equity base to ₹117.72 crores by March 2025.
- Total assets grew by 14%, reflecting scale-up in capital deployment and operational footprint.
- Total borrowings saw a marginal increase of 3%, from ₹69.62 crores to ₹71.82 crores, indicating stable debt levels.
Highway Infrastructure IPO Peer Comparison
Here is the Highway Infrastructure Limited’s peer comparison:
| Company Name (FY25) | EPS (Basic in ₹) | P/E (x) | ROE (%) | ROCE (%) | Debt–Equity Ratio (times) |
|---|---|---|---|---|---|
| Highway Infrastructure | 3.40 | 18.06 | 19.03% | 16.56% | 0.61 |
| Udayshivakumar Infra | -1.18 | – | -4.28% | -3.41% | 0.36 |
| IRB Infrastructure Developers | 1.12 | 44.38 | 32.69% | 6.58% | 1.04 |
| H.G. Infra Engineering | 75.04 | 14.00 | 17.13% | 13.37% | 1.39 |
- Highway Infrastructure Limited’s EPS is ₹3.40, which is the second best in the industry.
- Its P/E ratio is 18.06 and is lower than the industry average P/E ratio of 29.19, signalling an undervalued potential of the company.
- The ROE and ROCE are in the range of 15% and 20%, highlighting strong return potential on equity and capital employed.
- The debt-to-equity ratio is less than 1, which means that the company relies more on equity financing than debt.
Highway Infrastructure IPO Risk Factors
Highway Infrastructure IPO GMP is ₹25 as of July 30, 2025 (at 12:32). It is expected to list at a 35.71% gain at a price of ₹95. However, GMP is not a safe or assured criterion to bid for an IPO.
Highway Infrastructure Limited is exposed to various risk factors that can eventually affect its business and investors’ perception:
- Dependence on Key Clients: A large portion of the company’s revenue comes from NHAI and other government bodies. Losing major contracts could affect business continuity and financial stability.
- Seasonal Impact on Revenue: The company’s income may fluctuate during monsoon seasons due to reduced toll traffic and delays in construction activities, leading to uneven revenue flow.
- Tender-Based Business Model: The company depends on winning competitive bids, which often involve high upfront costs. Not securing new contracts may impact its growth prospects and profitability.
For all the insights on Highway Infrastructure IPO and detailed expert advice, you can download the SMC ACE App or visit the SMC telegram channels. Take smart decisions and apply for the Highway Infrastructure IPO easily on the SMC ACE Apply by opening free demat account now.
Frequently Asked Questions – FAQs
1. When does the Highway Infrastructure IPO open and what are the important dates?
The Highway Infrastructure IPO opens on August 5, 2025, and closes on August 7, 2025. Allotment is expected on August 8, refunds and Demat credits by August 11, and the listing is tentatively scheduled for August 12, 2025 on the BSE and NSE.
2. What is the price band and lot size for the Highway Infrastructure IPO?
The IPO price band is ₹65 to ₹70 per share, and the minimum lot size is 211 shares. A retail investor can apply for a minimum of 1 lot (₹14,770) and up to 13 lots (₹1,92,010).
3. How will the company use the proceeds from the IPO?
The net proceeds from the IPO will be used to meet working capital requirements and to fund general corporate expenses, which include administrative and operational needs.
4. What are the key business areas of Highway Infrastructure Ltd.?
Highway Infrastructure operates in three verticals: tollway collection, EPC infrastructure projects, and real estate development. It has completed major highway and civil projects across India and manages toll systems in 11 states and 1 Union Territory.
5. What are the financial highlights of Highway Infrastructure for FY25?
In FY25, the company reported a 5% increase in profit after tax and a 17% rise in net worth. Despite a 14% dip in operating revenue, the company maintained financial stability with modest borrowing and consistent asset growth.
References:
https://www.sebi.gov.in/filings/public-issues/jul-2025/highway-infrastructure-limited-rhp_95618.html
https://www.investorgain.com/gmp/highway-infrastructure-ipo-gmp/1353/
Author: All Content is verified by SMC Global Securities.
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