The Highway Infrastructure Ltd IPO opened for subscription on Tuesday, August 5, 2025, and has already witnessed a robust response from investors. By mid‑day on Day 1, the Highway Infra IPO Subscription had reached 10.39×, indicating strong market interest, especially from retail and non-institutional investors (NIIs).
Highway Infra IPO Subscription Breakdown – Day 1
The IPO, valued at ₹130 crore, received 15.47 crore share bids against 1.49 crore shares on offer (excluding anchor) by 12:14 PM. Here’s a category-wise breakdown:
| Investor Category | Shares Bidded | Quota Shares | Subscription (×) |
|---|---|---|---|
| Retail Investors | 9,38,91,835 | 72,95,988 | 12.87× |
| Non-Institutional Investors (NII) | 5,87,10,117 | 54,71,992 | 10.73× |
| – bNII (> ₹10 lakh) | – | – | 18.05× |
| – sNII (< ₹10 lakh) | – | – | 7.07× |
| Qualified Institutional Buyers (QIBs) | 21,25,614 | 21,29,134 | 1.00× |
| Overall Subscription | 15,47,27,566 | 1,48,97,114 | 10.39× |
Key takeaway:
- Retail investors led with 12.87× subscription, showing strong confidence.
- NIIs followed closely, with 18× demand from high-ticket bNII applications.
- QIBs recorded full 1× subscription, reflecting moderate but validating institutional interest.
Additionally, the anchor portion of 33.42 lakh shares was fully subscribed on August 4, 2025, raising ₹23.4 crore.
Highway Infra IPO: Issue Structure & Key Date
The Highway Infra IPO is a book-built issue comprising a fresh issue and an offer for sale (OFS):
- Fresh Issue: 1.39 crore shares (₹97.52 crore)
- Offer for Sale: 46.40 lakh shares (₹32.48 crore)
- Price Band: ₹65–70 per share
- Lot Size: 211 shares
- Minimum Investment: ₹13,715 (1 lot for retail)
Important dates for investors:
| Event | Date |
|---|---|
| IPO Open | August 5, 2025 |
| IPO Close | August 7, 2025 |
| Basis of Allotment | August 8, 2025 |
| Refunds & Demat Credit | August 11, 2025 |
| Tentative Listing (BSE & NSE) | August 12, 2025 |
| UPI Mandate Cut-off | 5 PM, August 7 |
The IPO is managed by Pantomath Capital Advisors Pvt Ltd, with Bigshare Services Pvt Ltd as the registrar.
About Highway Infrastructure Ltd
Incorporated in 1995, Highway Infrastructure Ltd (HIL) is an EPC and toll collection company with additional operations in real estate development.
Key business verticals:
- Toll Collection: Operating and maintaining national and state highways.
- EPC Contracts: Construction of roads, highways, and bridges.
- Real Estate: Residential and commercial development projects.
Financial Highlights (FY25):
- Revenue: ₹495.7 crore (CAGR ~4.36% over FY23‑25)
- Profit After Tax: ₹22.4 crore (CAGR ~27.4%)
- Order Book: ₹666.3 crore (77% toll, 21% EPC, 2% real estate)
Why the Highway Infra IPO Subscription is Significant
The 10.39× Highway Infra IPO Subscription highlights:
- Retail Euphoria: Nearly 13× bids reflect strong small-investor confidence.
- Healthy NII Demand: Both high-ticket (bNII) and small-ticket (sNII) investors are active.
- Institutional Backing: QIB interest, even at 1×, supports credibility.
- GMP Buzz: Market chatter shows a grey market premium (GMP) of ₹40–41, hinting at potential 50%+ listing gains.
Outlook for Investors
The Highway Infra IPO Subscription trend signals robust listing prospects. Short-term traders may benefit from anticipated listing gains if GMP trends sustain. Long-term investors should weigh margin pressures and sector competition, but the diversified order book and 30‑year track record add comfort.
Next milestones:
- Allotment on August 8
- Listing on August 12
The IPO’s strong Day 1 subscription suggests that the Highway Infra IPO is likely to remain in focus throughout its bidding window.
Read Complete Analysis Here: Highway Infrastructure IPO 2025: GMP, Allotment, Strategy & Review
