Highway Infrastructure IPO: Price, Analysis, And GMP

Highway Infrastructure IPO  - Company Analysis

Highway Infrastructure IPO, a Mainboard IPO, is a bookbuilding issue of Rs. 130 Cr (1.85 Cr Shares) by Highway Infrastructure Ltd., which was incorporated in 2006 and is an infrastructure development and management company in India that works on real estate development, EPC (Engineering, Procurement, and Construction) projects, and tollway collecting.  Building and maintaining roads, highways, bridges, and residential projects is the company's area of expertise.

Business Segments:

Tollway Collection Company- For highway projects awarded through competitive bidding, HIL runs and oversees tollway collection systems.

This segment contributed to 77.14% of the revenue in FY2025. Hence, this segment is the main source of income for the company.

For tollway collection on the Delhi-Meerut Expressway, it is one of the few toll operators utilizing ANPR (Automatic Number Plate Recognition) technology.

For smooth toll payments, it uses an upgraded Electronic Toll Collection (ETC) system that makes use of digital payment platforms and RFID tags.

EPC Infrastructure Projects- HIL possesses internal resources to oversee projects from inception to completion.

Roads, bridges, tanks, irrigation-related construction, and civil structures are just a few of the infrastructure projects the organization has worked on.

Real Estate- Owning, creating, building, and selling residential and commercial properties are all part of the real estate industry.

Highway Infrastructure IPO Details

The Highway Infrastructure IPO open date is from Aug 05 to Aug 07, with IPO allotment on Aug 08, refund initiation on Aug 11, and listing on Aug 12, 2025.

The Rs. 130 crore mainline IPO comprises a combination of 1.39 crore shares (Rs. 97.52 Cr) and an offer for sale (OFS) of 0.46 crore shares (Rs. 32.48 Cr).                                                                                                                                                                                                                                                                                         

The Highway Infrastructure IPO listing date is on Tuesday, 12 August 2025, and it will be listed at BSE and NSE. The Highway Infrastructure IPO price band is Rs. 65 to Rs. 70 for each Share.

Events	Date
IPO Opening Date	Aug 05, 2025
IPO Closing Date	Aug 07, 2025
IPO Allotment Date	Aug 08, 2025
Refund Initiation	Aug 11, 2025
IPO Listing Date	Aug 12, 2025

 

Industry Outlook

According to the Quick Estimates of the Index of Industrial Production (IIP), the index grew 2.7% in April 2025 as opposed to 5.2% in April 2024.

 

If you want to apply for the IPO, click to open a Demat Account.

Company Financial 

(Amount in Cr)

Period	31 Mar 2025	31 Mar 2024	31 Mar 2023
Total Assets	231.56	202.63	156.59
Total Revenue	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
Reserves and Surplus	83.90	83.49	64.44
Total Borrowing	71.82	69.62	63.36

Cash Flows

The cash flows for various activities are shown below:

(Amount in millions)

Net Cash Flow In Multiple Activities	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	(49.49)	142.19	41.51
Net Cash Flow Investing Activities	120.09	(60.27)	(36.24)
Net Cash Flow Financing Activities	(53.76)	(28.77)	(10.24)

 

Revenue Bifurcation 

Revenue from operations Breakdown

(Amount in millions)

Sector-wise Revenue Bifurcation

(Source RHP)

The Objective of The Issue

• Financing the company's working capital needs.

• General corporate purposes.

Click to check the IPO application status.

Listed Peers of Highway Infrastructure Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Udayshivakumar Infra	10	(1.18)	-
IRB Infrastructure Developers Limited	1	1.12	44.38
H.G. Infra Engineering Ltd.	10	75.04	14

 

Peer Analysis

Valuation

Metric	Value
ROE	19.03%
ROCE	16.56%
RoNW	19.03%
PAT Margin	4.44%
EBITDA	6.32%
Price to Book Value	3.44
Debt/Equity	0.61

 

Evaluation of P/E Ratio

Considering the period of FY 2025, with an EPS of Rs. 3.40 from the last year, the resulting P/E ratio is 20.58x (taking the upper price of Rs. 70). When compared with the industry’s average P/E of 29.19x, this indicates an undervaluation (on a P/E ratio basis only). Hence, the price of the Share seems fully priced for the investors.

Explore the M&B Engineering IPO.

IPO's Strengths 

• India's First and leading Depository carries out a variety of technology-driven businesses.

• Product innovation driven by technology has received a lot of attention.

• The Depository System's security and integrity are guaranteed by strong cybersecurity protocols, risk management frameworks, and IT infrastructure.

• Stable revenue base with a significant proportion of recurring revenue.

• A very large variety of asset classes is held in demat accounts and well-diversified business verticals.
  
  

IPO’s Weaknesses

• The project is from UPPWD rather than NHAI, in contrast to many other peer infra players. Because state-level authorities frequently lack the central-level execution efficiency, this could expose the corporation to increased payment and bureaucratic risks.

• Actual traffic flow and user compliance determine revenues. Collections may be lowered by any protests, toll exemptions, regulation limitations (such as FASTag transitions), or the creation of alternate routes.

• The promoters' Offer for Sale (OFS) is a component of the IPO. Long-term investors may be concerned because this partial exit indicates value unlocking rather than capital infusion for expansion.
  
  

Highway Infrastructure IPO GMP 

Highway Infrastructure IPO GMP today is Rs. 25 as of 30 July 2025, while writing this information. Hence, with the upper price of Rs. 70, its estimated listing price might be Rs. 95 (Upper price + Current GMP).

Highway Infrastructure IPO Summary 

The Highway Infrastructure Limited IPO with a face value of Rs. 5 per Share offers a total issue size of 1,85,71,428 Shares (Rs. 130 Cr).

IPO Opening & Closing Date	Aug 05, 2025 to Aug 07, 2025
Face Value	Rs. 5 per Share
Issue Price	Rs. 65 to Rs. 70
Lot Size	211 Shares
Issue Size	1,85,71,428 Shares (Rs. 130 Cr)
Offer for Sale	46,40,000 Shares (Rs. 32.48 Cr)
Fresh Issue	1,39,31,428 Shares (Rs. 97.52 Cr)
Listing At	BSE, NSE
Issue Type	Book Built Issue IPO
Registrar	Bigshare Services Pvt Ltd.

 

Highway Infrastructure IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (211 Shares) amounting to Rs. 14770 and 13 Lots (2743 Shares) amounting to Rs. 192010, respectively, while for HNI investors, the minimum Lot is 14 (2954 Shares) amounting to Rs. 206780.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	13 Lots
S-HNI (Minimum)	14 Lots
S-HNI (Maximum)	67 Lots
B-HNI (Minimum)	68 Lots

Highway Infrastructure IPO Reservation

Institutional Share Portion	30%
Retail Investors' Share Portion	40%
Non-Institutional Shares Portion	30%

 

Highway Infrastructure IPO Allotment Status

To check the IPO Allotment Status of Highway Infrastructure, visit the official Registrar’s website or the BSE website. Below are the website links for you.

Using Registrar’s Website- Bigshare Services IPO allotment status

Using BSE Website- ​BSE IPO allotment status

Promoters And Management of Highway Infrastructure Ltd.

• Arun Kumar Jain

• Anoop Agrawal

• Riddharth Jain.

Pre-Issue Promoter Shareholding	94.95%
Post-Issue Promoter Shareholding	-

 

Highway Infrastructure IPO Lead Managers

• Pantomath Capital Advisors Pvt Ltd.
  
  

Dividend Policy

The company has not paid a dividend in the last three years.

 

 

Conclusion

A diversified infrastructure play with significant toll-based revenue and EPC exposure is provided by the Highway Infrastructure IPO. State-level contract hazards and single-project reliance are still major issues, though. The IPO is favorably valued with growing financials and a moderate P/E of 20.58x. 

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Click Here To Stay Updated With The Upcoming IPOs.

DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.