The IPO of Highway Infrastructure Limited, which is open from July 5, 2025, to August 7, 2025, has drawn enormous response from the investors. This Indian infrastructure company seeks to raise ₹130 crores at a price of ₹65 to ₹70 per equity share. Out of the total issue size, ₹97.52 crores will be raised through fresh issue while ₹32.48 crores will be through Offer for Sale (OFS). The issue will be listed both at BSE and NSE and the tentative listing date has been fixed for August 12, 2025.
Investors can bid for a minimum of one lot, which consists of 211 shares. Bigshare Services Pvt Ltd is serving as the registrar, while Pantomath Capital Advisors is the lead manager of the public issue. The allotment of shares will, likely, be completed by August 8, 2025.
Grey Market Premium Strong Listing Indications
The IPO has been very interestingly traded in the grey market, where shares are trading at a premium of ₹38 over the issue price today. This GMP indicates that a listing price of about ₹108 per share is possible, pointing to a strong expected listing gain. By the second day of bidding, the IPO was subscribed overall by a phenomenal 72.92 times. The retail portion was subscribed 73.55 times, the NII portion saw 97.70 times subscription, and the QIB category was subscribed 7.10 times. The infrastructure company has declared a price band of ₹65 to ₹70 per equity share for the public issue.
This strong response thus shows both retail and institutional interest in the prospects of the company’s fundamentals and order book strength. The broader momentum in the infrastructure sector in India complements this strong investment interest.
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Analysts Proffer Mixed Perspectives on Valuation
Analysts have a relatively positive outlook on the broad base of the IPO. For instance, Shivani Nyati, Head of Wealth in Swastika Investmart, says it is worth subscribing for listing gains and long-term exposure, as the company has a solid EPC project order book of around ₹6,663 million and is available at decent valuation of 18.06x FY25 earnings.
On the contrary, Gaurav Goel of Fynocrat Technologies said that while the company had demonstrated very good execution capabilities and improved profitability, the 6-7% EBITDA margins were not attractive in comparison to valuations at around 30x earnings. He said that the long-term investors might get a better valuation in large and more established infrastructure companies.
Overall, the IPO of Highway Infrastructure constitutes a good proposition for quick finance, especially in terms of making a profit from listing gains, whereas long-term investors need to analyze whether they are likely to get a good valuation compared to peers in the industry. The most likely date for the share listing is 12 August 2025.
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