Highway Infrastructure IPO 2025: Dates, Price, Financials, Objectives & Details

The Highway Infrastructure Ltd. IPO is a book-built initial public offering of ₹130.00 crore, comprising a fresh issue of 1.39 crore equity shares and an offer for sale of 0.46 crore shares, with a face value of ₹5 each, to be listed on the BSE and NSE.

The IPO opens for subscription on August 5, 2025, and closes on August 7, 2025.

The issue price band is ₹65 – ₹70 per share with a market lot of 211 shares.

• Retail Investors: Minimum 1 lot (211 shares) costing ₹14,770; Maximum 13 lots (2,743 shares) costing ₹1,92,010 (at upper price band).
• S-HNI Investors: Minimum 14 lots (2,954 shares) costing ₹2,06,780; Maximum 67 lots (14,137 shares) costing ₹9,89,590.
• B-HNI Investors: Minimum 68 lots (14,348 shares) costing ₹10,04,360.

Key tentative dates include:

• Basis of Allotment: August 8, 2025
• Refunds Initiation: August 11, 2025
• Credit of Shares to Demat: August 11, 2025
• Listing Date: August 12, 2025

You can apply through:

• Your bank’s net banking platform (ASBA facility)
• Brokerage accounts (online or offline)
• Registered investment platforms
• Designated branches of syndicate banks

Details will be available in the IPO prospectus or through the registrar, Bigshare Services Pvt Ltd.

Highway Infrastructure Ltd., incorporated in 1995, focuses on infrastructure development, including tollway collection, EPC projects, and real estate. Key aspects include:

• Toll Collection: Operates on Delhi-Meerut Expressway with ANPR and ETC RFID technology; 24 completed and 7 ongoing projects across 11 states/UTs (as of August 31, 2024)
• EPC Projects: 63 completed and 20 ongoing projects in roads, bridges, irrigation, and civil works, primarily in Indore, Ratlam, and Khandwa, Madhya Pradesh
• Real Estate: Develops commercial and residential projects, including gated communities and housing (smallest segment)
• Focus: Pan-India presence with technology-driven toll systems and strong EPC execution

Key risks include:

• Market Risk: Dependence on government contracts and toll revenue
• Regulatory Risk: Compliance with infrastructure and environmental regulations
• Operational Risk: Delays or cost overruns in EPC projects
• Economic Risk: Sensitivity to economic cycles and infrastructure spending
• Debt Risk: Debt-to-equity ratio of 0.61

Investors should review the risk factors in the IPO prospectus.

The net proceeds will be used for:

• Funding working capital requirements (₹65.00 crore)
• General corporate purposes

As of March 31, 2025:

• Total Income: ₹504.48 crore
• Profit After Tax: ₹22.40 crore
• EBITDA: ₹31.32 crore
• Net Worth: ₹117.72 crore
• Total Borrowings: ₹71.82 crore
• Debt/Equity Ratio: 0.61

Refer to the financials section for historical data.

Key stakeholders and registrar:

• Promoters: Arun Kumar Jain, Anoop Agrawal, Riddharth Jain (Pre-IPO holding: 94.95%)
• Registrar: Bigshare Services Pvt Ltd