Highway Infrastructure IPO
Highway Infrastructure IPO Price Range is ₹65 - ₹70, with a minimum investment of ₹14,770 for 211 shares per lot.
Subscription Rate
300.614x
as on 07 Aug 2025, 08:57PM IST
Minimum Investment
₹14,770
/ 211 shares
IPO Status
Price Band
₹65 - ₹70
Bidding Dates
Aug 5, 2025 - Aug 7, 2025
Issue Size
₹130.00 Cr
Lot Size
211 shares
Min Investment
₹14,770
Listing Exchange
NSE
IPO Doc
Highway Infrastructure IPO Application Timeline
IPO Subscription Status
as on 07 Aug 2025, 08:57PM IST
IPO subscribed over
🚀 300.614x
This IPO has been subscribed by 155.579x in the retail category and 420.571x in the QIB category.
Subscription Rate
| Total Subscription | 300.614x |
| Retail Individual Investors | 155.579x |
| Qualified Institutional Buyers | 420.571x |
| Non Institutional Investors | 447.318x |
Objectives of IPO
- To enable promoters, Arun Kumar Jain and Anoop Agrawal, to sell up to 4,640,000 Equity Shares worth up to ₹32.48 crore. The important thing to know is that Highway Infrastructure Limited will not receive any money from these sales; the funds will go directly to the selling shareholders.
- The company plans to raise up to ₹97.52 crore from a "Fresh Offer" of shares. A large part of this, up to ₹65 crore, is set aside for the company's daily working capital needs, specifically ₹40 crore for road construction and ₹25 crore for toll collection. The rest will be used for general company purposes.
- By listing its shares on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE), Highway Infrastructure Limited aims to increase its visibility and brand recognition among customers. This also helps create an open market in India where people can easily trade the company's shares.
Financial Performance of Highway Infrastructure
Strengths and Risks
Strengths
The company operates across three main sectors: tollway collection, EPC infrastructure, and real estate, which helps spread its revenue streams. In FY25, toll collection contributed 77.14%, EPC Infra 21.28%, and real estate 1.58% of its total revenue.
It holds a significant order book of ₹666.3 crore as of May 31, 2025. This includes ₹59.53 crore from tollway collection and ₹606.77 crore from EPC Infra business, providing future revenue visibility.
The company has a strong track record, having successfully completed 27 tollway collection projects and currently operating 4. It also manages business operations in 7 different states as of FY25.
The company has shown steady financial improvement, with its profit increasing at an annual rate of 27.40% from ₹13.8 crore in FY23 to ₹22.4 crore in FY25.
The company’s debt-to-equity ratio is 0.61, meaning it uses ₹61 of debt for every ₹100 of its own funds. This is lower than IRB Infrastructure Developers (1.04) and H.G. Infra Engineering (1.39), showing it relies less on borrowed money than those larger firms. However, it does use more debt than Udayshivakumar Infra, whose ratio is 0.36.
The company uses Automatic Number Plate Recognition (ANPR) technology for toll collection, which improves efficiency and user experience. This adoption of Electronic Toll Collection (ETC) systems helps streamline operations and reduce traffic congestion.
The company benefits from an experienced management team, including promoters with nearly 30 years of industry experience. Their extensive market knowledge and strong execution capabilities are vital for current projects and future growth.
Risks
Highway Infrastructure relies heavily on government projects, especially from the National Highways Authority of India (NHAI), for its tollway collection and EPC businesses. In FY25, ₹453.98 crore (nearly 90%) of its revenue came from public sector customers.
Its business requires a lot of capital, and insufficient cash flow could hinder debt payments and working capital needs. In FY25, its total outstanding fund-based borrowings were ₹71.81 crore.
As of FY25, the company had ₹79.6 crore in contingent liabilities, potential financial obligations that the company hasn’t set aside cash to cover yet. If these liabilities turn into actual expenses, they could hurt the company’s finances.
In FY25, the company had a negative operating cash flow of ₹4.95 crore, which means it spent more cash on running its day-to-day business than it earned. This happened mainly due to higher inventory and unpaid customer bills. If this continues, it could create challenges in meeting regular expenses and debt payments.
The company itself will not receive any money from the sale of shares by its promoters in the IPO, meaning that portion of the offer does not bring new funds into the company for its operations.
The industry is highly competitive, with 134 pre-qualified bidders for NHAI tollway projects. This fragmented market leads to aggressive pricing, which can squeeze HIL's profit margins and challenge its market share.
Operating in a highly regulated sector, the company faces risks from policy changes and the need for timely license renewals. Past delays in statutory payments occurred, and future non-compliance could lead to regulatory actions or penalties.
How to Apply for Highway Infrastructure IPO on INDmoney
- Download the INDmoney app and complete your KYC.
- Go to INDstocks → IPO, or just search “IPO”.
- Tap on Highway Infrastructure IPO from the list of live IPOs.
- View key details like price band, lot size, and dates.
- Tap Apply Now and choose your number of lots.
- Use INDpay UPI for instant mandate tracking.
- Your funds will be blocked until the share allotment is finalized.
Listed Competitors of Highway Infrastructure
Company | Revenue from Operations | EBITDA Margin | Profit | ROCE | P/E Ratio |
Highway Infrastructure | ₹496 Cr | 6.3% | ₹22 Cr | 16.6% | 20.6 |
₹289 Cr | 1.0% | -₹7 Cr | -3.4% | N/A | |
₹7,613 Cr | 45.6% | ₹6,481 Cr | 6.6% | 44.38 | |
₹5,056 Cr | 21.0% | ₹505 Cr | 13.4% | 14 |
Highway Infrastructure Shareholding Pattern
| Promoters | 80.99% | |
| Name | Role | Stakeholding |
| Anoop Agrawal | Promoter | 37.25% |
| Arun Kumar Jain | Promoter | 34.53% |
| Riddharth Jain | Promoter | 9.21% |
| Promoter Group | 13.96% | |
| Name | Role | Stakeholding |
| Jyoti Jain | Promoter Group | 5% |
| Neetu Agrawal | Promoter Group | 4.89% |
| Alok Agarwal | Promoter Group | 3.81% |
| Arun Jain HUF | Promoter Group | 0.26% |
| Others | 42.3% |
About Highway Infrastructure
The company mostly serves government bodies, especially the National Highways Authority of India (NHAI) for its toll collection work and public sector customers for its construction projects. It also works with private companies. It has completed 27 tollway collection projects and is currently running 4. In fiscal year 2025, it operated in 7 different states. As of May 31, 2025, the company had a total order book worth ₹666.3 crore, with ₹59.53 crore from toll collection and ₹606.77 crore from construction work. In FY25, toll collection brought in 77.14% of its revenue, while EPC Infra accounted for 21.28%.
The company sees itself as an important player in infrastructure development and management. It has a strong team with experience in its main areas of business and uses technology like Automatic Number Plate Recognition (ANPR) for toll collection. For the future, the company plans to keep growing its toll collection and construction businesses and work to make its financial performance even better.
Frequently Asked Questions of Highway Infrastructure IPO
What is the size of the Highway Infrastructure IPO?
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When will my Highway Infrastructure IPO order be placed?
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What is 'pre-apply' for Highway Infrastructure IPO?
Who are the promoters of Highway Infrastructure?
The promoters of Highway Infrastructure are Arun Kumar Jain, Anoop Agrawal, and Riddharth Jain. As of the RHP date, these three promoters, along with their promoter group (including Jyoti Jain, Neetu Agrawal, Alok Agarwal, and Arun Jain HUF), collectively hold 94.95% shares in the company.
Who are the competitors of Highway Infrastructure?
Highway Infrastructure’s listed industry peers are Udayshivakumar Infra Limited, IRB Infrastructure Developers Limited, and H.G. Infra Engineering Limited. However, the company's management acknowledges that these peers may not be fully comparable due to differences in their size, revenue composition, the nature and size of their projects, etc.
How does Highway Infrastructure make money?
Highway Infrastructure is an infrastructure development and management company that primarily earns revenue from tollway collection, EPC Infra (Engineering, Procurement, and Construction Infrastructure), and real estate businesses.
In FY25, tollway collection (manages and operates toll collection systems on highways, where it collects fees from vehicles) was the largest revenue stream, contributing 77.14% of its consolidated revenue from operations. The EPC Infra business accounted for 21.28%. This segment involves executing construction development projects such as roads, bridges, tanks, irrigation-related construction, and civil buildings for various customers. The real estate development business contributed 1.58%. Under this segment, it develops, constructs, and sells commercial and residential properties, including gated communities and housing projects. Additionally, the company also generates income from business auxiliary activities like leasing spare equipment and selling surplus material.