Highway Infrastructure IPO

About the company

Highway Infrastructure Limited is a leading infrastructure development and management company operating across India. The company operates through three core business segments: tollway collection, EPC (Engineering, Procurement, and Construction) infra projects, and real estate development. The company has established itself as a key player in the tollway collection sector, utilising advanced technologies such as Automatic Number Plate Recognition (ANPR), which leverage Radio Frequency Identification (RFID) tags and digital payment platforms. Additionally, the company integrates Electronic Toll Collection (ETC) systems across its toll plazas, which offer seamless digital payment options, thereby enhancing operational efficiency. Its stronghold is government-backed projects, particularly those awarded by the National Highways Authority of India (NHAI) and state agencies, lending substantial revenue stability and public sector credibility. Highway Infrastructure Limited's primary revenue is derived from its tollway collection business, involving the identification and bidding of potential toll projects. It collects toll charges set annually by NHAI and also provides the operational system, while staffing and management remain under the company’s control. The company operates across 11 states and 1 union territory, including key routes like the Delhi–Meerut Expressway, Mokha Expressway, and the GT Road in Haryana and Punjab. These routes cater to high-traffic, strategically vital corridors. As of May 31, 2025, HIL's consolidated order book stands at ₹666.31 crore, with ₹59.53 crore from tollway collection and ₹606.78 crore from EPC Infra projects. The EPC Infra segment involves executing a range of construction projects, including roads, bridges, irrigation works, tanks, and civil buildings. The company serves both public and private sectors, with public projects awarded through competitive tendering. As of May 31, 2025, the company has completed 66 EPC Infra projects, with completion certificates pending for four, and 24 projects are currently underway. Presently, it is executing projects in various locations across Madhya Pradesh, including Indore, Bhopal, Dhar, Ratlam, and Khandwa. The company has completed various projects under key government initiatives such as the Pradhan Mantri Awas Yojana (PMAY), Pradhan Mantri Gram Sadak Yojana (PMGSY), and the Jal Jeevan Mission. The company’s real estate segment focuses on the development of residential, commercial, and integrated projects. It has undertaken two key projects so far: Karuna Sagar, a residential development featuring 822 flats located in Indore, and New York City, a gated colony comprising apartments and residential units situated in Indore. The company is working on new developments, including Beverly Plaza, Highway Greens and New York City Phase-4 in Indore. India's tolling infrastructure has expanded significantly, growing by 74.7% since FY19 to approximately 51,677 km by March 2025, with NHAI projects aiming to enhance connectivity and expressway networks. These investments are expected to be recouped over 15–20 years through toll collections, driving future revenue growth. NHAI monetised TOT bundles 11–14, generating ₹15,968 crore in FY24 and ₹42,334 crore cumulatively. Since the mandatory implementation of FASTag in February 2021, digital toll payments via the NETC platform have surged, with 110 million FASTags issued by May 2025 and FY25 collections reaching ₹6,800 crore, rising to ₹7,100 crore by May FY25. HIL is among the few toll operators to implement ANPR technology and has widely adopted ETC systems, with manual toll collection now contributing just 6.59% of total revenue. Now, Highway Infrastructure Ltd is launching its initial public offering (IPO), which consists of a fresh issue worth up to ₹97.52 crore and an offer for sale worth up to ₹32.48 crore. The total issue size of the IPO is ₹130 crore. Its shares will be listed on the NSE and BSE.

Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   05 Aug 2025

   Bidding starts for all investor categories

2. IPO Closes

   Completed
   07 Aug 2025

   Last day to place your bid

3. Basis of Allotment

   Completed
   08 Aug 2025

   Share allotment finalised

4. Refund Initiation

   Completed
   11 Aug 2025

   Refunds credited for non-allottees

5. Credit to Demat

   Completed
   11 Aug 2025

   Allotted shares credited to demat account

6. Listing on Exchange

   Completed
   12 Aug 2025

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.