Highway Infrastructure IPO gets oversubscribed 4 times within the first hour of opening. GMP hits 57%. Should investors apply or wait? Expert advice and full IPO details.
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Overview: A Blazing Kickoff to Highway Infrastructure IPO
In a clear sign of strong investor enthusiasm, Highway Infrastructure Limited’s IPO witnessed a powerful debut, getting subscribed nearly four times within the very first hour of opening on August 5, 2025. The company, which operates in tollway collection, infrastructure development, and real estate sectors, is aiming to raise ₹130 crore through this public issue.
The bidding window, which opened on Monday, August 5, will remain active until Wednesday, August 7, giving investors a short but promising opportunity to grab a stake in this emerging infrastructure player.
Subscription Details: Retail Investors Lead the Charge
By 10:50 AM on Day 1, data from the National Stock Exchange (NSE) revealed that the IPO had already attracted bids for more than 5.94 crore equity shares, compared to the total offer size of 1.6 crore shares.
Here’s a breakdown of the subscription activity:
| Category | Subscription Status |
|---|---|
| Retail Individual Investors (RII) | 5.2x Subscribed |
| Non-Institutional Investors (NII) | 3.1x Subscribed |
| Qualified Institutional Buyers (QIB) | 2% Subscribed |
Clearly, retail investors have shown strong faith in the company’s growth prospects, with their reserved portion being filled more than five times within an hour. Meanwhile, NIIs also showed active participation, while QIBs are expected to pick up pace in the coming days.
Company Profile: Who is Highway Infrastructure?
Highway Infrastructure Limited, located in Madhya Pradesh, is a company focused on infrastructure development and management across various sectors, including:
- Tollway Operations
- Engineering, Procurement, and Construction (EPC)
- Real Estate Development
With a diversified business model, the company is well-positioned to benefit from India’s rapidly expanding infrastructure needs. One key differentiator is its use of Automatic Number Plate Recognition (ANPR) technology in toll systems — a tech-driven move that enhances transparency and efficiency.
IPO Details: Investment Size, Allotment Date, Listing Day
Let’s take a closer look at the important numbers and dates related to the IPO:
| Particulars | Details |
|---|---|
| Total Issue Size | ₹130 Crore |
| Fresh Issue | ₹97.52 Crore |
| Offer-for-Sale (OFS) | ₹32.48 Crore |
| Price Band | ₹65 – ₹70 per share |
| Lot Size | 211 Shares |
| Minimum Investment | ₹14,770 |
| IPO Open Date | August 5, 2025 |
| IPO Close Date | August 7, 2025 |
| Allotment Finalisation | August 8, 2025 (Expected) |
| Listing on NSE/BSE | August 12, 2025 (Tentative) |
Grey Market Buzz: GMP Hints at a Strong Listing
Ahead of its official market listing, Highway Infrastructure’s unlisted shares were commanding strong premiums in the grey market.
- According to Investorgain, the GMP (Grey Market Premium) was around ₹40 per share, pushing the unofficial share price to approximately ₹110.
- This indicates a 57% premium over the upper limit IPO price of ₹70.
- IPO Watch reported an even higher GMP of ₹41, translating to a 59% markup.
This level of grey market activity is often seen as a positive sentiment indicator, suggesting that investors are optimistic about listing gains.
Anchor Investment: Big Names Bet on Highway Infra
Before opening to the general public, Highway Infrastructure secured ₹23.4 crore from anchor investors on August 4. The anchor book allotment included:
- VPK Global Ventures Fund: ₹8.4 crore for 12 lakh shares
- HDFC Bank, Abans Finance, and Sunrise Investment Opportunities Fund: ₹5 crore each for 7.14 lakh shares
This backing from reputed institutional investors further validates market confidence in the company’s fundamentals.
Financials and Business Strategy
Highway Infrastructure’s hybrid business model — combining toll operations with EPC services — gives it an edge in terms of revenue streams. The company plans to use the IPO proceeds as follows:
| Usage | Amount (Approx.) |
|---|---|
| Working Capital Requirements | ₹65 Crore |
| General Corporate Purposes | Remaining amount |
With India’s focus on infrastructure growth — especially highways, smart cities, and logistics — the company is well-placed to ride the next phase of development.
Expert Take: Should You Apply?
According to brokerage house Anand Rathi, the IPO is worth considering for long-term investors. Their analysis notes:
“The use of ANPR technology provides operational efficiency and a competitive edge. The mix of toll and EPC businesses creates a balanced revenue model. While valuations appear fully priced, the long-term outlook is promising.”
This means that although the stock may not be undervalued, its future prospects and strong business fundamentals may justify an investment — especially if you’re looking beyond just listing gains.
Final Verdict: Apply or Skip?
Here’s a quick pros and cons table to help you decide:
| Pros | Cons |
|---|---|
| Strong early subscription | Fully priced IPO |
| High GMP indicating strong listing | Lower QIB subscription on Day 1 |
| Diversified business model | Competitive infrastructure sector |
| Institutional investor confidence | Market volatility risks |
For retail investors seeking short-term listing profits, the current GMP indicates a possible gain. However, if you’re a long-term investor, the company’s fundamentals — including its technological edge and diversified operations — make it a compelling option.
Frequently Asked Questions (FAQs)
Q1: What is the minimum investment required for the Highway Infrastructure IPO?
A1: The minimum investment is ₹14,770 for a lot of 211 shares.
Q2: When will the shares be listed?
A2: Tentative listing date is August 12, 2025, on both BSE and NSE.
Q3: What is the GMP for Highway Infrastructure IPO today?
A3: The GMP is hovering between ₹40–₹41, suggesting a 57–59% premium over the issue price.
Q4: Is this IPO good for long-term investment?
A4: Analysts like Anand Rathi recommend subscribing for the long term due to the company’s use of technology, balanced revenue sources, and industry potential.
Q5: How much has the IPO been subscribed so far?
A5: Within the first hour on Day 1, the IPO was subscribed nearly 4 times — led by retail investors
The Highway Infrastructure IPO has clearly made a blockbuster entry, with early numbers showing strong investor demand. With a solid business model, tech-driven operations, and robust grey market signals, this IPO has grabbed the spotlight.
Still, investors should weigh their risk appetite, assess market conditions, and decide whether they are in it for short-term gains or long-term value creation.