Highway Infrastructure IPO – Detailed Overview

Company Background:

Incorporated in 1995, Highway Infrastructure Limited (HIL) is an Indore-based infrastructure development and management company. It is primarily engaged in tollway collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development. The company specializes in the construction and maintenance of roads, highways, bridges, and residential projects. Business Segments: A) Tollway Collection

HIL manages toll operations across 11 states and 1 Union Territory. It uses ANPR and RFID-based ETC systems for efficient toll collection. As of August 31, 2024, it has completed 24 projects and operates 7.

B) EPC Infra Projects

The company executes infrastructure projects including roads, bridges, and civil works. It has completed 63 EPC projects, with 20 ongoing in Madhya Pradesh.

C) Real Estate

HIL develops and sells residential and commercial properties, including gated communities. This is the smallest segment by revenue.

Objects of the Issue:

1. Working Capital Requirements: ₹65 crore (66.6% of the issue)

2. General Corporate Purposes
   

Strengths:

• Nearly 30 years of industry experience in toll operations and EPC projects

• Among the first to implement ANPR technology for toll collection on Indian expressways

• Geographically diversified project portfolio across several states

• Solid financial performance with consistent revenue and profitability

• Promoters with deep industry knowledge and strong business relationships

  
  

Risks:

• Relatively modest scale of operations compared to larger competitors

• High working capital intensity could affect short-term liquidity

• Business heavily dependent on government tenders, which brings volatility

• Moderate revenue contribution from EPC projects could limit diversification

• Vulnerability to policy changes and regulatory developments in the infrastructure sector

Highway Infrastructure IPO: Key Details

• IPO Dates: 5 to 7 Aug 2025

• Price Band: ₹65 to ₹70 per share

• Lot Size: 211 Shares

• Total Issue Size: 130.00 Cr

• Retail Quota: 40%

• Grey Market Premium (GMP): ~45% (indicative)

Allotment Link

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