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Highway Infrastructure IPO
299.26xsubscribed

Highway Infrastructure IPO

listed
₹13,715Min. investment

Highway Infrastructure Limited IPO Details

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

Highway Infrastructure 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

As on 05-Aug-25, 5:30 PM

Highway Infrastructure IPO Timeline

  1. Pre-apply
    1 Aug 2025
  2. Bid start
    5 Aug 2025
  3. Bid end
    7 Aug 2025
  4. Allotment
    8 Aug 2025
  5. Release of funds
    11 Aug 2025
  6. Demat transfer
    11 Aug 2025
  7. Listing
    12 Aug 2025

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.

Highway Infrastructure Limited IPO Analysis

IPO REVIEW

Highway Infrastructure IPO | Analysis Video

Should you apply?

Watch our analysts break down the Highway Infrastructure Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

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

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.

Objectives of Highway Infrastructure Limited IPO

Working Capital Requirements
66.65%
The company will utilise ₹65 crore for funding the working capital requirements of the company.
General corporate purposes
33.40%
Part of the IPO proceeds will be used for general corporate purposes.

Highway Infrastructure IPO Contact Details

Company NameHighway Infrastructure Limited

How to apply for Highway Infrastructure IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Highway Infrastructure Limited IPO FAQs

Investors can apply for the Highway Infrastructure IPO through their Demat account via the stock exchange or through their broker.
The issue size of the Highway Infrastructure IPO is 130 Cr.
Pre-applying for an IPO allows you to submit your application before the official subscription period begins.
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.
Highway Infrastructure IPO will be open between 2025-08-05 and 2025-08-07.
Highway Infrastructure IPO allotment date is 2025-08-11. For Highway Infrastructure IPO allotment status check, you can visit the website of the registrar of the IPO.
For Highway Infrastructure IPO, the IPO registrar is Bigshare Services Private Limited. You can check Highway Infrastructure IPO allotment status on the website of the registrar.
The shares are proposed to be listed on the BSE and NSE.
The Highway Infrastructure IPO shares will typically be credited to your demat account one working day before the IPO's listing date, provided your application is successfully allotted.
The Highway Infrastructure IPO lot size is 211 and minimum order quantity is 211.
Highway Infrastructure IPO has set the price band for its IPO at 70 per equity share with a face value of 5.