Highway Infrastructure IPO

299.26x

subscribed

Highway Infrastructure IPO

listed
₹13,715Min. investment
  1. Pre-apply
    1 Aug
  2. Bid start
    5 Aug
  3. Bid end
    7 Aug
  4. Allotment
    8 Aug
  5. Release of funds
    11 Aug
  6. Demat transfer
    11 Aug
  7. Listing
    12 Aug

About Highway Infrastructure Limited

Price range₹65.00 – ₹70.00
IPO type
Regular
Lot size211 shares
Issue size₹130Cr
Red Herring Prospectus
Read

Highway Infrastructure Limited IPO Overview

Highway Infrastructure Limited IPO date

Highway Infrastructure Limited IPO will open for subscription on Aug 5, 2025, and the closing date for the IPO is Aug 7, 2025. After this, investors are expected to be updated about the allotment status on Aug 8, 2025.

Investors who have been allotted shares can expect them to be credited to their demat account on Aug 11, 2025. The shares will be listed on the NSE and the BSE on Tue, Aug 12, 2025.

Highway Infrastructure Limited IPO price band

The IPO includes a fresh issue of shares and an offer for sale. The IPO price band has been set between ₹65 to ₹70 per share. Interested investors can choose a price within this band to apply for the IPO. The IPO is a book-building issue, comprising a fresh issue of ₹97.52 crore and an offer for sale worth up to ₹32.48 crore.

The Highway Infrastructure Limited IPO listing price will be determined on Aug 12, 2025. The listing price is the price at which a company’s shares debut on the stock exchanges.

Highway Infrastructure Limited IPO lot size

Highway Infrastructure Ltd. IPO details have been declared. The minimum lot size for an application is 211 shares, and the investor would have to apply for a minimum of 1 lot. Meanwhile, the IPO issue size is approximately ₹130 crore.

Checklist

Quality analysis
Revenue growth
Company valuation
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The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Objectives

Working Capital Requirements
66.65%
General corporate purposes
33.40%

Strength and Weakness

Strong revenue base from high-value projects

The company draws over 98% of its operating revenue from tollway collection and EPC projects, largely contracted by reputable government bodies such as NHAI and various state agencies. In FY25, tollway collection and EPC Infra together contributed ₹48790 crore. This strong anchor with government contracts offers long-term stability and reduced risk of counterparty default.

Financial growth and robust orderbook

As of May 31, 2025, Highway Infrastructure Limited boasts a consolidated order book of ₹666.31 crore, supporting consistent revenue visibility. Operational revenue grew from ₹455.13 crore in FY23 to ₹495.72 crore in FY25 (CAGR 2.89%). This financial trajectory highlights strong project execution and future growth potential.

Extensive experience and technological leadership

With nearly 30 years of tollway and EPC project experience across 11 major Indian states, Highway Infrastructure Limited has established itself as a national leader. The company is among the few to operate ANPR-based toll collection on routes like the Delhi-Meerut Expressway and leverages advanced RFID and digital systems for efficient toll operations. These innovations have boosted revenue assurance and reduced errors, strengthening operational efficiency across high-traffic corridors.

Technological advancement operations

Increasing digital penetration reduces revenue leakage. Manual toll collection constitutes only 6.59% of total tollway revenue; major collection is captured through electronic FASTag and online means. This not only enhances audit trails but also reduces pilferage and significantly improves collection efficiency.

About Highway Infrastructure Limited

Highway Infrastructure Limited is a leading infrastructure development and management company operating across India. The company operates through three core business segments: tollway collection, EPC (Engineering, Procurement, and Construction) infra projects, and real estate development.
The company has established itself as a key player in the tollway collection sector, utilising advanced technologies such as Automatic Number Plate Recognition (ANPR), which leverage Radio Frequency Identification (RFID) tags and digital payment platforms. Additionally, the company integrates Electronic Toll Collection (ETC) systems across its toll plazas, which offer seamless digital payment options, thereby enhancing operational efficiency.
Its stronghold is government-backed projects, particularly those awarded by the National Highways Authority of India (NHAI) and state agencies, lending substantial revenue stability and public sector credibility.
Highway Infrastructure Limited's primary revenue is derived from its tollway collection business, involving the identification and bidding of potential toll projects. It collects toll charges set annually by NHAI and also provides the operational system, while staffing and management remain under the company’s control. The company operates across 11 states and 1 union territory, including key routes like the Delhi–Meerut Expressway, Mokha Expressway, and the GT Road in Haryana and Punjab. These routes cater to high-traffic, strategically vital corridors.
As of May 31, 2025, HIL's consolidated order book stands at ₹666.31 crore, with ₹59.53 crore from tollway collection and ₹606.78 crore from EPC Infra projects. The EPC Infra segment involves executing a range of construction projects, including roads, bridges, irrigation works, tanks, and civil buildings. The company serves both public and private sectors, with public projects awarded through competitive tendering.
As of May 31, 2025, the company has completed 66 EPC Infra projects, with completion certificates pending for four, and 24 projects are currently underway. Presently, it is executing projects in various locations across Madhya Pradesh, including Indore, Bhopal, Dhar, Ratlam, and Khandwa. The company has completed various projects under key government initiatives such as the Pradhan Mantri Awas Yojana (PMAY), Pradhan Mantri Gram Sadak Yojana (PMGSY), and the Jal Jeevan Mission.
The company’s real estate segment focuses on the development of residential, commercial, and integrated projects. It has undertaken two key projects so far: Karuna Sagar, a residential development featuring 822 flats located in Indore, and New York City, a gated colony comprising apartments and residential units situated in Indore. The company is working on new developments, including Beverly Plaza, Highway Greens and New York City Phase-4 in Indore.
India's tolling infrastructure has expanded significantly, growing by 74.7% since FY19 to approximately 51,677 km by March 2025, with NHAI projects aiming to enhance connectivity and expressway networks. These investments are expected to be recouped over 15–20 years through toll collections, driving future revenue growth.
NHAI monetised TOT bundles 11–14, generating ₹15,968 crore in FY24 and ₹42,334 crore cumulatively. Since the mandatory implementation of FASTag in February 2021, digital toll payments via the NETC platform have surged, with 110 million FASTags issued by May 2025 and FY25 collections reaching ₹6,800 crore, rising to ₹7,100 crore by May FY25. HIL is among the few toll operators to implement ANPR technology and has widely adopted ETC systems, with manual toll collection now contributing just 6.59% of total revenue.
Now, Highway Infrastructure Ltd is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹97.52 crore and an offer for sale worth up to ₹32.48 crore. The total issue size of the IPO is ₹130 crore. Its shares will be listed on the NSE and BSE.

IPO Analysis

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Highway Infrastructure IPO
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IPO Subscription Status

Date
QIB
NII
Retail
Total
05-Aug-25
4.92 times (X)
33.31 times (X)
29.01 times (X)
27.15 times (X)
06-Aug-25
7.81X
44.5X
114.85X
73.71X
07-Aug-25
423.87X
188.91X
345.66X
299.26X

Frequently asked questions

How to invest in the IPO?

Investors can apply for the IPO through their Demat account via the stock exchange or through their broker.

What is the issue size of Highway Infrastructure IPO ?

The issue size of the Highway Infrastructure IPO is 130 Cr.

What is 'pre-apply' for Highway Infrastructure IPO ?

Pre-applying for an IPO allows you to submit your application before the official subscription period begins.

Which exchanges will Highway Infrastructure IPO shares list on?

The IPO shares will typically list on major stock exchanges such as the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), as specified in the IPO prospectus.