Highway Infrastructure IPO Sees 73x Subscription by Close of Day 2; Driven by Retail and NII Segments

Indore, August 6, 2025 — Highway Infrastructure Ltd’s ₹97.52 crore IPO saw a massive response by Day 2. By 5:00 PM, the issue was subscribed to 73.08 times overall. Retail investors and NIIs drove the demand with heavy bidding across the board. Investors placed bids for over 117.24 crore shares, far exceeding the total shares on offer. Demand stayed strong at all price levels, including the cap price of ₹70.

Cumulative Subscription Status (as of August 6, 5:00 PM)

As of 5:00 PM on August 6, the IPO saw a total subscription of 72.92 times.

Qualified Institutional Buyers (QIBs) put in bids for over 1.62 crore shares. This is against an offer size of 22.92 lakh shares. Thereby, it subscribes 7.1 times.

Non-Institutional Investors (NIIs) displayed overwhelming interest. The category is getting subscribed to 97.7 times. Within this, bids above ₹10 lakh saw a subscription of 87.34 times. Bids between ₹2 lakh and ₹10 lakh were subscribed at 118.41 times.

The Retail Individual Investors (RIIs) category was subscribed 73.55 times. It received nearly 57.79 crore bids for around 78.57 lakh shares on offer.

In total, the IPO drew bids for over 116.98 crore shares against an offer of 1.6 crore shares. This underscores robust investor confidence.

Retail demand was particularly dominant, with over 48.3 crore shares bid at the cut-off price, highlighting widespread participation from small investors.

Price-Wise Bidding Snapshot

At the upper price band of ₹70, the IPO received 117.02 crore cumulative share bids. The bid volume at ₹69 was slightly higher. This is around 117.06 crore shares bid.

At ₹68, investors placed cumulative bids for 117.12 crore shares. Between ₹65 and ₹68, the IPO consistently saw over 117 crore bids at each price point.

The highest bid volume was recorded at the lowest price of ₹65, with 117.24 crore shares bid and the cut-off price option attracted 48.33 crore bids

Despite steep oversubscription, interest remained intact even at the highest price point.

IPO Snapshot

• The IPO was open for subscription from August 5 to August 7, 2025.
• Shares were offered in a price band of ₹65 to ₹70 each.
• Investors could apply in lots of 211 shares, with a minimum investment of ₹14,770 for retail participants.
• This was a book-built issue type.
• The cut-off time to approve UPI mandates was 5:00 PM IST on August 7.
• Post allotment, the company’s shares are set to list on both the NSE and BSE.

With the final day of bidding ahead, all eyes will now be on QIB participation as the institutional window stays open until tomorrow.

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