In a landmark development on Dalal Street, Highway Infrastructure has officially become the most subscribed IPO of 2025, setting a new benchmark in investor participation across all categories.
The INR 130 crore public issue, which opened for subscription from August 5 to 7, witnessed an overall subscription of a staggering 300.38 times. Among investor segments, Qualified Institutional Buyers (QIBs) subscribed 420.57x, Non-Institutional Investors (NIIs) led with 447.19x, and Retail Individual Investors (RIIs) came in at a robust 155.20x.
Adding to the buzz, the IPO commanded a significant grey market premium (GMP) of INR 38 on the closing day, representing a 54.3% jump over the upper price band of INR 70.
What’s Driving the Frenzy?
Highway Infrastructure is an Indore-based infrastructure development and management company with a strong presence in toll collection, EPC (Engineering, Procurement, and Construction) projects, and real estate. As of 31 August 2024, the company had completed 24 tollway projects and was operating 7 ongoing ones. Its EPC arm has delivered 63 projects, with 20 more under execution across Madhya Pradesh.
The company’s tech-forward approach, including the use of ANPR (Automatic Number Plate Recognition) on the Delhi-Meerut Expressway, has made it a standout player in toll management. Its diversified portfolio and steady government project involvement—like PMAY, PMGSY, and Jal Jeevan Mission—added to its credibility.
Strong Financials, Reasonable Valuations
From a financial standpoint, the company reported FY25 revenue of INR 495.72 crore and net income of INR 22.4 crore, with improving margins year-over-year. Post-issue, the company’s EPS stands at INR 3.13 and P/E ratio ranges between 20.8 to 22.4, making it relatively attractively priced compared to peers like IRB Infrastructure (P/E ~44).
Additionally, a pre-IPO anchor book allocation worth INR 23.4 crore to institutions like HDFC Bank signaled confidence from marquee investors early on.
Final Word
With overwhelming demand across all investor classes, a robust order book, strong fundamentals, and visible growth levers, Highway Infrastructure’s IPO not only broke subscription records in 2025 but also cemented its status as a standout market debutant. The stock is scheduled to list on 12 August 2025, on both NSE and BSE, and the Street is now eagerly awaiting its listing performance.
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