Highway Infrastructure Limited is launching an IPO with a total offering of 1,85,71,428 equity shares, each with a face value of ₹5. This includes a fresh issue of 1,39,31,428 shares and an offer for sale of 46,40,000 shares. The company plans to use the funds raised to meet its working capital requirements and for general corporate purposes.
Highway Infrastructure Ltd IPO – Important Dates
| Highway Infrastructure Ltd IPO Date | August 5, 2025 to August 7, 2025 |
| Highway Infrastructure Ltd IPO Listing Date | August 12, 2025 |
| Highway Infrastructure Ltd IPO Price | ₹65 to ₹70 per share |
| Highway Infrastructure Ltd IPO Lot Size | 211 Shares |
| Highway Infrastructure Ltd IPO Total Issue Size | 1,85,71,428 shares |
| Highway Infrastructure Ltd IPO Basis of Allotment | August 8, 2025 |
| Highway Infrastructure Ltd IPO Initiation of Refunds | August 11, 2025 |
| Highway Infrastructure Ltd IPO Credit of Shares to Demat | August 11, 2025 |
| Highway Infrastructure Ltd IPO Issue Type | Bookbuilding IPO |
| Highway Infrastructure Ltd IPO Listing At | BSE, NSE |
Highway Infrastructure Ltd IPO – Company Profile
Highway Infrastructure Limited (HIL), incorporated in 1995, is an Indian infrastructure company engaged in tollway collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development. Its core operations include the construction and maintenance of roads, highways, bridges, and residential projects, with tollway collection being the primary contributor to revenue.
As of August 31, 2024, HIL has completed 24 tollway collection projects and currently operates 7, spanning 11 states and one Union Territory. It is among the few companies using ANPR technology for toll collection, notably on the Delhi-Meerut Expressway. In the EPC segment, HIL has executed 63 projects and is working on 20 more, including government-backed initiatives like PMAY, PMGSY, and Jal Jeevan Mission.
The company also has a modest real estate segment dedicated to the development and sale of residential and commercial properties. As of August 31, 2024, HIL employed 398 personnel and held a consolidated order book valued at ₹596.38 crore, comprising ₹314.96 crore from tollway collection and ₹281.42 crore from EPC projects.
Highway Infrastructure Ltd IPO Fundamental Analysis
Highway Infrastructure Limited’s financial analysis reveals a stable performance. Revenue has decreased, but there is an increase in profitability. There is an increase in EPS and and a decrease in RoNW along with asset growth and rising equity, indicating potential operational efficiency.
- Revenue Trend: The revenue has decreased from ₹5,734.54 millions in March 2024 to ₹4,957.15 millions in March 2025.
- Equity and Liabilities: Equities have shown a consistent increase over the periods, reflecting potential growth and expansion. However, the debt-equity ratio has decreased, indicating a decline in reliance on debt financing.
- Profitability: The profit after tax (PAT) has increased from ₹214.14 millions in March 2024 to ₹223.98 millions in March 2025.
- Earnings per Share (EPS): The basic EPS has slightly increased from ₹3.28 in March 2024 to ₹3.40 in March 2025, reflecting higher earnings per share for investors.
- Return on Net Worth (RoNW): The RoNW has increased from 3.28% to 3.40%, indicating an increase in the company’s ability to generate returns on shareholder equity.
- Financial Position: Total assets have increased, suggesting potential business growth. Also, the current ratio has increased, indicating strengthening liquidity in meeting short-term obligations.
Highway Infrastructure Ltd IPO Financial Analysis
| Particular | As of 31 March 2023 | As of 31 March 2024 | As of 31 March 2025 |
| Revenue From Operations (₹ in million) | 4,551.33 | 5,734.54 | 4,957.15 |
| Total Income (₹ in million) | 4,568.33 | 5,765.76 | 5,044.78 |
| EBITDA (₹in million) | 276.87 | 384.42 | 313.22 |
| EBITDA Margin (%) | 6.08 | 6.70 | 6.32 |
| Restated profit for the year (₹ in million) | 138.00 | 214.14 | 223.98 |
| Earnings per Share (EPS) | 2.03 | 3.28 | 3.40 |
| Return on Net Worth (%) | 18.45 | 21.37 | 19.03 |
| Return on Capital Employed (%) | 19.47 | 24.45 | 16.56 |
| Debt-Equity Ratio | 0.85 | 0.69 | 0.61 |
| Current Ratio | 1.83 | 1.70 | 1.91 |
Highway Infrastructure Ltd IPO Peer Comparison
Highway Infrastructure Limited shows a stable growth. IRB Infrastructure Developers Limited excels in revenue and has the highest PE and RONW when compared to its peers. H.G. Infra Engineering Limited has the highest EPS and NAV, whereas Udayshivakumar Infra Limited shows a negative EPS and slow growth among its peers.
| Company | Total Revenue (₹ in million) | Face Value per Equity Share (₹) | P/E Ratio | EPS (₹) | RONW (%) | NAV perequityShare (₹) |
| Highway Infrastructure Limited | 4,957.15 | 5 | – | 3.4 | 19.03 | 20.37 |
| Udayshivakumar Infra Limited | 2,891.27 | 10 | – | -1.18 | -4.28 | 30.43 |
| IRB Infrastructure Developers Limited | 76,134.67 | 1 | 44.38 | 1.12 | 32.69 | 32.83 |
| H.G. Infra Engineering Limited | 50,561.82 | 10 | 14 | 75.04 | 17.13 | 452.62 |
Highway Infrastructure Ltd IPO Objective
The main objective of Highway Infrastructure Ltd is to utilise the Net Proceeds from the Issue to meet its working capital requirements and for general corporate purposes.
- To meet the working capital requirements of the Company: The Company relies on internal accruals, bank financing, and unsecured loans to meet its working capital needs, including cash margins for bank guarantees essential in infrastructure and toll projects. It proposes to utilize ₹650.00 lakhs from the Net Proceeds for these requirements in Fiscal 2026.
- General Corporate Purposes: The Company proposes to deploy the balance proceeds towards general corporate purposes as approved by its management from time to time, subject to such utilisation not exceeding 25% of the gross proceeds from the Fresh Offer in compliance with the SEBI ICDR Regulations.
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Highway Infrastructure Ltd IPO Risks And Challenges
Highway Infrastructure Limited’s risk includes dependence on tollway collection, capital-intensive business, uncertainty in working capital use, and potential conflicts of interest among its Promoters and KMP.
- A major portion of the company’s revenue is derived from tollway collection contracts, primarily awarded by NHAI. Loss or non-renewal of these contracts could significantly impact financial performance.
- Insufficient cash flow to meet debt obligations or fund working capital needs could negatively impact operations and profitability.
- Working capital involves frequent fund movements, making it difficult to monitor and control, which may result in inefficient use of proceeds.
- Promoters and certain Key Managerial Personnel have interests in entities with similar business lines, potentially leading to conflicts of interest that may affect company performance.
Highway Infrastructure Ltd IPO – Industry & Market Potential
India’s infrastructure and toll collection sector is growing steadily, supported by initiatives like Atmanirbhar Bharat and the PLI scheme. Despite a dip in GFCF to 29.9% of GDP in FY25, strong public investment and a ₹11.21 lakh crore capital outlay for FY26 signal continued growth. Manufacturing output rose 3.4% in April 2025, led by pharmaceuticals and auto sectors.
India’s toll collection has advanced with widespread FASTag adoption—110 million issued and ₹71 billion collected as of May 2025, reflecting 11.9% YoY growth. Managed by NHAI under a structured framework, the sector has also seen increased asset monetization through the TOT model, raising over ₹42,000 crore till FY24.
India’s road network, the world’s second largest at 6.3 million km, has expanded national highways by 60% since 2014. With construction averaging 34 km/day in FY25 and rising four-lane coverage, infrastructure upgrades are accelerating. Policy support, tech-driven toll systems, and asset monetization continue to drive growth in the toll and infrastructure sector.
Highway Infrastructure Ltd IPO – Type of Offer
Highway Infrastructure Limited plans to issue 1,85,71,428 equity shares of face value ₹5/- each, which includes fresh issue of 1,39,31,428 equity shares of face value ₹5/- each and an offer for sale of 46,40,000 equity shares of face value ₹5/- each to meet its working capital requirements and for general corporate purposes.
- Fresh Issue: The company will issue 1,39,31,428 new shares of face value ₹5/- each new share to raise capital. The company intends to utilise the proceeds from the fresh issue to meet its working capital requirements and for general corporate purposes.
- Offer for sale: Highway Infrastructure Limited is offering to sell 46,40,000 existing shares of face value ₹5/-. The following are the details of the existing shareholders who are also the promoters selling the shares:
| Name of the promoter selling shareholder |
| Mr. Arun Kumar Jain (50%) |
| Mr. Anoop Agrawal (50%) |
Highway Infrastructure Ltd IPO Offer Size
The offer size of Highway Infrastructure Limited IPO is 1,85,71,428 equity shares, each with a face value of ₹5. This includes a fresh issue of 1,39,31,428 shares and an offer for sale of 46,40,000 shares. The company intends to utilize the proceeds to support working capital needs and general corporate purposes.
Highway Infrastructure Ltd IPO Allotment Structure
Highway Infrastructure Ltdallocation will be as follows: 30% for Qualified Institutional Buyers (QIB), 30% for Non-Institutional Investors (NII), and 40% for Retail Individual Investors (RII) according to SEBI regulations.
● Qualified Institutional Buyers (QIB): As per SEBI regulations, 30% of the shares offered through the IPO will be reserved for Qualified Institutional Buyers. These include entities such as banks, mutual funds, and insurance companies.
● Non-Institutional Investors (NII): 30% of the shares will be reserved for Non-Institutional Investors. These typically include corporate bodies or individuals investing more than Rs. 2 lakhs.
● Retail Individual Investors (RII): The remaining 40% of the shares will be allotted to Retail Individual Investors. These individual investors apply for shares with a total value of less than Rs. 2 lakhs.
How to apply for the Highway Infrastructure Ltd IPO?
To apply for the Highway Infrastructure Limited IPO through Alice Blue, follow these steps:
Open a Demat and Trading Account: If you don’t have one already, you must open a Demat and trading account with Alice Blue.
- Check for IPO Details: Once your account is active, you can check for the Highway Infrastructure Limited IPO details in the IPO section of the Alice Blue platform.
- Place the Bid: Enter the number of shares you wish to buy and place your bid within the IPO’s price band.
- Submit the Application: Confirm all your details and submit your application.
You can apply for the Highway Infrastructure Limited IPO at Alice Blue in just a few clicks!
Check Allotment Status: After the allotment process, you can check the allotment status to see if you have received any shares.
Please note that the allotment of shares is not guaranteed and will depend on the demand for the IPO.
How do you check Highway Infrastructure Ltd IPO Allotment Status?
Checking the allotment status of an IPO in Alice Blue is usually straightforward. Please follow these general steps:
- Log in to your Alice Blue Account: You can do this through the Alice Blue website or the trading app.
- Navigate to the Portfolio or IPO Section: This might differ based on the layout of Alice Blue’s platform, but generally, you can find the status of your IPO application under the ‘Portfolio’ or ‘IPO’ section.
- Find the IPO Allotment Status: Look for a sub-section called ‘IPO Allotment Status’ or something similar. This is where you can see the status of the IPOs you have applied for.
- Select the Highway Infrastructure IPO: If you have applied for multiple IPOs, there might be a dropdown menu or a list where you can select the IPO you are interested in. Select the Highway Infrastructure Limited IPO.
- Check the Status: The status of your application should be displayed here. If the shares have been allocated to you, it would be mentioned here.
If you face any issues, we request you to reach out to our customer support team at Alice Blue for detailed assistance.
Apart from Alice Blue, there are other ways to check the allotment status of the Highway Infrastructure Limited IPO:
● Registrar’s Website: Visit the website of Bigshare Services Private Limited, the registrar of the Highway Infrastructure Limited IPO. On the homepage, look for the ‘IPO Allotment Status’ option. You must enter your PAN, application, or Demat account number to check your allotment status. Click on the ‘Submit’ button to view your IPO allotment status.
● BSE NSE: You can also check the allotment status on the official websites of the Bombay Stock Exchange (BSE) National Stock Exchange (NSE). You would need your application number and PAN to check the status.
Please note that the allotment status will only be available after completing the allotment process, a few days after the IPO window closes.
Highway Infrastructure Ltd IPO Offer Registrar
The registrar for the Highway Infrastructure Limited IPO is Bigshare Services Private Limited. They are responsible for ensuring the IPO allotment and refund processes are carried out smoothly.
Contact information for the registrar:
BIGSHARE SERVICES PRIVATE LIMITED
S6-2, 6th Pinnacle Business Park, Mahakali Caves
Road, next to Ahura Centre, Andheri East, Mumbai–
400093, Maharashtra, India.
Tel.: 022-62638200
Email: [email protected]
Website: www.bigshareonline.com
Highway Infrastructure Ltd IPO – FAQs
The allotment date of the Highway Infrastructure IPO is August 8, 2025.
The price band of the Highway Infrastructure IPO is ₹65 to ₹70 per share.
The offer size of Highway Infrastructure Limited IPO is 1,85,71,428 equity shares, each with a face value of ₹5. This includes a fresh issue of 1,39,31,428 shares and an offer for sale of 46,40,000 shares. The company intends to utilize the proceeds to support working capital needs and general corporate purposes.
The listing date of the Highway Infrastructure IPO is August 12, 2025.
The Highway Infrastructure IPO is getting listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE)..
The open and close dates of the Highway Infrastructure Limited IPO are August 5, 2025, and August 7, 2025, respectively.
To apply for the Highway Infrastructure Limited IPO through Alice Blue, open a Demat and trading account, check IPO details, place your bid within the price band, submit the application, and check allotment status. Allotment depends on demand, and shares are not guaranteed.
The book runner for the Highway Infrastructure IPO is Pantomath Capital Advisors Private Limited.
Disclaimer: The above article is written for educational purposes and the companies’ data mentioned in the article may change with respect to time. The securities quoted are exemplary and are not recommendatory.
