Highway Infrastructure IPO Subscribed 27× on Day 1; NIIs Lead with 33×, QIBs 5×

Indore, August 5, 2025 – The ₹97.52 crore fresh issue (part of a ₹130 crore public offer) of Highway Infrastructure Ltd saw an overwhelming response on its debut day. By 5:00 PM, subscriptions reached 27.04×, with the retail, NII, and QIB segments pulling robust demand.

Day 1 Subscription Snapshot 

Strong interest poured in from both retail investors and high-net-worth individuals on Day 1 of Highway Infrastructure Ltd’s IPO.

The Non-Institutional Investor (NII) segment led the charge, subscribing 33.45 times, with ₹10 lakh+ applications seeing a 39.51× oversubscription and ₹2–10 lakh bids clocking in at 30.43×.

Retail Individual Investors (RIIs) also responded enthusiastically, subscribing 28.69 times their allotted quota. Meanwhile,

Qualified Institutional Buyers (QIBs) subscribed 4.92 times their reserved portion. In total, Highway Infrastructure IPO drew bids for approximately 43.38 million shares against the 1.60 million shares on offer—translating to a robust 27× overall subscription on Day 1.

Price-Wise Demand Breakdown

Investor confidence remained strong across price levels, with substantial bid volumes even at the upper cap price of ₹70. Nearly 43.31 million shares were applied at the cap, while around 18.97 million shares were bid at the cut-off price alone. This steady demand across the pricing spectrum underscores the high conviction and bullish sentiment among market participants toward the offering.

Anchor Allocation & Pre‑IPO Sentiment

The anchor book raised ₹23.4 crore via allocation of 33.42 lakh shares at ₹70. Key anchor investors included:

• VPK Global Ventures Fund – Scheme 1
• HDFC Bank Ltd
• Sunrise Investment Opportunities Fund
• ABANS Finance Pvt Ltd

Grey market activity is also robust: a premium of ₹40-₹41 per share (57% gain over ₹70 issue price) implies expectations of a strong listing.

IPO Timeline & Issue Structure

• Issue Open: August 5-7, 2025
• Price Band: ₹65-₹70 per share
• Lot Size: 211 shares (≈ ₹14,700 at top band)
• Allotment: Expected August 8
• Refund/Share Credit: Around August 11
• Listing: Tentatively scheduled for August 12, 2025 on BSE & NSE SME platforms.

The issue comprises a fresh issue of ₹97.52 crore and an offer-for-sale of ₹32.48 crore.

Outlook & Investor Takeaways

With full subscription achieved within 40 minutes and sustained interest across categories—especially NIIs and retail—the debut marks a bullish sentiment toward infrastructure plays. The high grey market premium further underscores anticipated listing gains. However, valuation appears steep at ~18–22× FY25 earnings. For long-term investors, margin compression and scale limitations warrant deliberation.

Key Schedule

• IPO Dates: August 5-7, 2025
• Allotment: August 8
• Refunds/Credit: Around August 11
• Listing: Expected August 12, 2025

Company Overview

Headquartered in Indore, Highway Infrastructure Limited offers tollway collection and EPC infrastructure services, with a modest real estate presence. As of May 2025, the company had an order book valued at ₹666 crore, backed by toll projects leveraging ANPR-based ETC systems and ongoing EPC contracts across 11 states.

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