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Highway Infrastructure IPO is a bookbuilt issue of ₹130.00 crore. It combines a fresh issue of 1.39 crore shares aggregating to ₹97.52 crore and an offer for sale of 0.46 crore shares aggregating to ₹32.48 crore.
The IPO opens for subscription on August 5, 2025, and closes on August 7, 2025. The allotment is expected to be finalized on Friday, August 8, 2025. The price band for the IPO is set at ₹65 to ₹70 per share, and the minimum lot size for an application is 211 shares.
Company Summary
Highway Infrastructure Limited (HIL), incorporated in 1995, is an Indian infrastructure development and management company engaged in tollway collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development. The company specializes in the construction and maintenance of roads, highways, bridges, and residential projects.
As of August 31, 2024, HIL employs 398 individuals across its business segments.
Company Segments
- Tollway Collection Business:
- HIL operates and manages tollway collection systems for highway projects, which are awarded through competitive bidding.
- The company is among the few toll operators using ANPR (Automatic Number Plate Recognition) technology for tollway collection on the Delhi-Meerut Expressway.
- Toll collection operations extend across 11 states and one Union Territory.
- The company employs an updated Electronic Toll Collection (ETC) system using RFID tags and digital payment platforms for seamless toll payments.
- As of August 31, 2024, HIL has completed 24 tollway collection projects and is currently operating 07 tollway collection projects.
- EPC Infra Projects:
- HIL has in-house resources to manage projects from conceptualization to completion.
- The company has experience in various infrastructure projects, including roads, bridges, tanks, irrigation-related construction, and civil buildings.
- As of August 31, 2024, HIL has completed 63 EPC Infra projects, with 20 projects currently under execution.
- Ongoing projects are being executed in Indore, Ratlam, and Khandwa in Madhya Pradesh, India.
- Real Estate:
- The real estate segment involves owning, developing, constructing, and selling commercial and residential properties.
- The company has developed gated communities and housing projects over time.
- Real estate is the smallest business segment of HIL.
Company Strengths
- Nearly 30 years of industry experience in toll operations and EPC projects across multiple Indian states.
- Pioneered the use of ANPR technology for toll collection on major expressways.
- Diversified project portfolio across multiple Indian states, enhancing market reach.
- Demonstrated financial performance with substantial revenue and profitability.
- Experienced promoters with extensive industry knowledge and established relationships.
Company Financials
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 231.56 | 202.63 | 156.59 |
| Revenue | 504.48 | 576.58 | 456.83 |
| Profit After Tax | 22.4 | 21.41 | 13.8 |
| EBITDA | 31.32 | 38.44 | 27.69 |
| Net Worth | 117.72 | 100.19 | 74.81 |
| Reserves and Surplus | 83.9 | 83.49 | 64.44 |
| Total Borrowing | 71.82 | 69.62 | 63.36 |
| Amount in ₹ Crore | |||
Objectives of the IPO
- Funding Working Capital Requirements of the Company.
- General Corporate Purposes.
Promoters of the Company
Arun Kumar Jain, Anoop Agrawal, and Riddharth Jain are the company promoters.
IPO Details
| IPO Date | August 5, 2025 to August 7, 2025 |
| Listing Date | August 12, 2025 |
| Face Value | ₹5 per share |
| Price Band | ₹65 to ₹70 per share |
| Lot size | 211 shares |
| 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 ₹23.48 Cr) |
| Issue type | Bookbuilding IPO |
| Listing at | NSE, BSE |
| Share Holding Pre Issue | 5,77,89,204 shares |
| Share Holding Post Issue | 7,17,20,632 shares |
Lot Allocation
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 211 | ₹14,770.00 |
| Retail (Max) | 13 | 2,743 | ₹1,92,010.00 |
| S-HNI (Min) | 14 | 2,954 | ₹2,06,780.00 |
| S-HNI (Max) | 67 | 14,137 | ₹9,89,590.00 |
| B-HNI (Min) | 68 | 14,348 | ₹10,04,360.00 |
Allotment Schedule
| Basis of Allotment | Fri, 8 Aug, 2025 |
| Initiation of Refunds | Mon, 11 Aug, 2025 |
| Credit of Shares to Demat | Mon, 11 Aug, 2025 |
| Tentative Listing Date | Tue, 12 Aug, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 7, 2025 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 30% of the Net Offer |
| Retail Shares Offered | Not less than 40% of the Net Offer |
| NII Shares Offered | Not less than 30% of the Net Offer |
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