Data shown is for informational purposes only and does not constitute investment advice. TopFund is not SEBI-registered. Consult a SEBI-registered advisor before investing.
Highway Infrastructure IPO
Price Band
₹65.0–70.0
Issue Size
₹130.0 Cr
Lot Size
211 shares
Min Investment
₹14,770
GMP
+₹24.0 (34.29%)
Issue Price
₹70.0
Subject to Sauda
₹3800
Paid only if allotted
Highway Infrastructure IPO AI Summary
- Highway Infrastructure IPO is listed on BSE, NSE in the Road Assets–Toll, Annuity, Hybrid-Annuity sector.
- Price band: ₹65.0–₹70.0 per share, lot size 211 shares (min. investment ₹14,770).
- Subscription window: 05 Aug–07 Aug 2025, listing on 12 Aug 2025.
- Current GMP is +₹24.0 (34.29%), an estimated listing price of ₹94 — unofficial and can change daily.
Highway Infrastructure Limited is poised for growth in the infrastructure sector with a diverse portfolio in toll collection, EPC projects, and real estate. Its recent financial performance shows a rise in profitability, although total income has seen a decline in the latest period. The IPO offers an opportunity for investors, with a significant GMP suggesting potential listing gains.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Highway Infrastructure IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 07 Aug 2025 — not a current signal.
2 of 2 reviewers say Neutral
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Highway Infrastructure IPO Grey Market Premium (GMP) Today
GMP
+₹24.0
GMP %
+34.29%
Est. Listing
₹94.0
Updated: 25 Jul 2026 14:13
About the Company
Highway Infrastructure Limited (HIL), incorporated in 1995, is an Indian infrastructure development and management company engaged in tollway collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development. The company specializes in the construction and maintenance of roads, highways, bridges, and residential projects. Business Segments: Tollway Collection Business: HIL operates and manages tollway collection systems for highway projects, which are awarded through competitive bidding. The company is among the few toll operators using ANPR (Automatic Number Plate Recognition) technology for tollway collection on the Delhi-Meerut Expressway. Toll collection operations extend across 11 states and one Union Territory. The company employs an updated Electronic Toll Collection (ETC) system using RFID tags and digital payment platforms for seamless toll payments. As of August 31, 2024, HIL has completed 24 tollway collection projects and is currently operating 07 tollway collection projects. EPC Infra Projects: HIL has in-house resources to manage projects from conceptualization to completion. The company has experience in various infrastructure projects, including roads, bridges, tanks, irrigation-related construction, and civil buildings. As of August 31, 2024, HIL has completed 63 EPC Infra projects, with 20 projects currently under execution. Ongoing projects are being executed in Indore, Ratlam, and Khandwa in Madhya Pradesh, India. Real Estate: The real estate segment involves owning, developing, constructing, and selling commercial and residential properties. The company has developed gated communities and housing projects over time. Real estate is the smallest business segment of HIL. Workforce: As of August 31, 2024, HIL employs 398 individuals across its business segments.
Company Financials (₹ Cr)
As of 2025-03-31
| Period Ended | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|
| Assets | 231.56 | 202.63 | 156.59 |
| Total Income | 504.48 | 576.58 | 456.83 |
| Profit After Tax | 22.40 | 21.41 | 13.80 |
| EBITDA | 31.32 | 38.44 | 27.69 |
| NET Worth | 117.72 | 100.19 | 74.81 |
| Reserves and Surplus | 83.90 | 83.49 | 64.44 |
| Total Borrowing | 71.82 | 69.62 | 63.36 |
Key Ratios
EPS
₹3.88
NAV
₹20.37
ROE
19.03%
ROCE
16.56%
RoNW
19.03%
P/B Value
3.44
P/E Ratio
18.06
Market Cap
₹502.04 Cr
PAT Margin
4.44%
Debt/Equity
0.61
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| H.G. Infra Engineering | 452.62 | 17.13% | 14 | 75.04 | 75.04 |
| IRB Infrastructure Developers | 32.83 | 32.69% | 44.38 | 1.12 | 1.12 |
| Udayshivakumar Infra | 30.43 | -4.28% | — | -1.18 | -1.18 |
| Highway Infrastructure This IPO | 20.37 | 19.03% | — | 3.4 | 3.4 |
Promoters
Arun Kumar Jain, Anoop Agrawal and Riddharth Jain
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding working capital requirements of the Company 65.00 2 General Corporate Purposes 32.52 3 Issue Expenses 16.65 Total 114.17
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹456.83 Cr in the year ending 31 Mar 2023, rising to ₹576.58 Cr by 31 Mar 2024, but then decreased to ₹504.48 Cr by 31 Mar 2025. This decline in the most recent period is noteworthy as it is not directly comparable to the previous full fiscal year.
Profit Trend
Profit After Tax was ₹13.80 Cr for the year ending 31 Mar 2023, increasing to ₹21.41 Cr by 31 Mar 2024, and further rising to ₹22.40 Cr by 31 Mar 2025. This shows a consistent growth in profitability over the periods analyzed.
Valuation
At the issue price of ₹70.0, Highway Infrastructure's implied P/E ratio is approximately 18.06 times its earnings, compared to peers trading at P/E ratios ranging from 14 to 44.38.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected premium at which an IPO might list on the stock exchange compared to its issue price. A positive GMP suggests that the stock is anticipated to list at a higher price than the issue price, reflecting demand from investors.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential, industry position, and financial health.
Who May Want to Wait
Investors who prefer stable, established companies with predictable earnings may want to avoid investing in IPOs like this, which can carry higher risks and uncertainties.
Listing Gains — The Risk
Listing-day gains can be unpredictable, as they depend on market conditions and investor sentiment. While a positive GMP may suggest potential gains, there is no guarantee that the stock will perform well after listing.
This evaluation is generated from Highway Infrastructure's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Highway Infrastructure IPO GMP today?
Highway Infrastructure IPO GMP today is +₹24.0 (34.29%), indicating an estimated listing price of ₹94. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Highway Infrastructure IPO?
The price band of Highway Infrastructure IPO is ₹65.0–₹70.0 per share.
When does Highway Infrastructure IPO open and close?
Highway Infrastructure IPO opens on 05 August 2025 and closes on 07 August 2025.
When does Highway Infrastructure IPO list on the stock exchange?
Highway Infrastructure IPO listed on 12 August 2025 at ₹94.0.
What is the lot size for Highway Infrastructure IPO?
The lot size for Highway Infrastructure IPO is 211 shares, requiring a minimum investment of ₹14,770.
What is the lot size for this IPO?
The lot size for the Highway Infrastructure IPO is 211 shares.
What is the minimum investment required?
The minimum investment required is ₹14,770.0.
What is the price band for the IPO?
The price band for the IPO is ₹65.0 to ₹70.0.
When is the listing date?
The listing date for the IPO is on 12 August 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium at which the stock might list compared to its issue price.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
05 Aug 2025
Close
07 Aug 2025
Allotment
08 Aug 2025
Listing
12 Aug 2025
Similar IPOs in Road Assets–Toll, Annuity, Hybrid-Annuity
Plan Your IPO Investment
Related Articles
Community Sentiment
What are other investors planning for Highway Infrastructure?
No votes yet — be the first to share your view.
Sign in to voteDiscussion
User-generated content — not investment advice, and not verified or endorsed by TopFund.
No comments yet — start the discussion.