Highway Infrastructure Day 1: Issue subscribed over 27x; NIIs take lead; check category-wise status

Till 5 PM, the initial share sale received bids for 43,381,389 shares as compared to 16,043,046 shares on offer, as per exchange data.

The category for non-institutional investors (NIIs) fetched the highest booking with 33.45 times subscription, while the quota for retail individual investors (RIIs) received 28.69 times subscription. The portion for Qualified Institutional Buyers (QIBs) witnessed 4.92 times of booking.

The price band for the initial public offering has been set at ₹65 to ₹70 per share. The application size is one lot, or 211 shares.

The initial share sale is a mix of fresh issuance of 1.39 crore shares valued at ₹97.52 crore and an offer for sale (OFS) of ₹32.48 crore.

The money generated will be utilised for funding working capital needs and serve general corporate purposes.

The ₹130 crore IPO is expected to be listed on the stock exchanges on August 12.

Pantomath Capital Advisors is the sole book-running lead manager of the issue, while Bigshare Services is the registrar. The company's shares will be listed on the NSE and the BSE on August 12.

Ahead of its IPO, the tollway operator firm had raised ₹23.4 crore from four institutional investors via anchor book on August 4. The company had allocated 33.4 lakh shares to anchor investors at ₹70 per share.

VPK Global Ventures Fund has invested ₹8.4 crore against nearly 12 lakh shares in Highway Infrastructure, while HDFC Bank, Abans Finance, and Sunrise Investment Opportunities Fund bought 7.14 lakh shares of ₹5 crore each.

For the year ended on March 31, 2025, Highway Infrastructure reported a net profit of ₹22.40 crore. Its revenue stood at ₹504.48 crore. The company had clocked a net profit of ₹21.41 crore and a revenue of ₹576.58 crore for FY24. At the current valuation, the company commands a total market capitalisation of ₹502.04 crore.