The IPO of Highway Infrastructure Limited (HIL), a company involved in toll collection and EPC infrastructure, has opened for subscription starting today.
Retail investors can place their bids until August 7, 2025. The IPO is worth ₹130 crore and is currently trading at a 57% premium in the grey market.
The price band has been set at ₹65–₹70 per share, and the stock is expected to be listed on the NSE SME platform on August 12.
The IPO includes the issuance of 1.39 crore fresh shares worth ₹97.52 crore and an offer-for-sale (OFS) of 0.46 crore shares worth ₹32.48 crore.
Retail investors must bid in lots of 211 shares, which requires a minimum investment of ₹14,770.
Reservation of Shares
The IPO shares are divided as follows:
30% reserved for Qualified Institutional Buyers (QIB)
30% reserved for Non-Institutional Investors (NII)
40% reserved for Retail Investors
Company’s Business and Financials
HIL primarily focuses on toll collection and infrastructure (EPC) projects, with some involvement in the real estate sector.
As of May 2025, its consolidated order book stood at ₹666.3 crore, with over 90% coming from toll and EPC segments.
The company has:
Completed 27 toll projects
Currently working on 4 more, including ANPR-enabled tolling on the Delhi-Meerut Expressway
Completed 66 EPC projects over the years, with some ongoing
Operations spread across 11 states and 1 union territory
In FY 2025, the company reported:
Revenue: ₹495.7 crore
Net Profit: ₹22.4 crore (growth of 4.6%)
EBITDA Margin: 6.3%
PAT Margin: 4.5%
Use of IPO Funds and Expert Opinion
From the IPO proceeds, the company plans to use:
₹65 crore for working capital needs
The rest for general corporate purposes
Pantomath Capital is the sole book-running lead manager, and Bigshare Services is the registrar for the IPO.
Should You Invest?
Brokerage firm Anand Rathi has rated the IPO as ‘Subscribe for Long Term’.
The recommendation is based on the company’s stable financials, use of modern tolling technologies like Fastag and ANPR,
and continued government support for infrastructure development.
