IPO Details
Bidding Dates
05 Aug 25 - 07 Aug 25
Lot Size
211
Price Range ₹
65 - 70
Exchange Status
BSE
Total Equity
₹ 0.00Cr
IPO Doc
IPO Timeline
Listing
--
Offer start
05 Aug 2025
Offer end
07 Aug 2025
Allotment
08 Aug 2025
Refund initiation
11 Aug 2025
Demat transfer
11 Aug 2025
Listing
--
Offer start
05 Aug 2025
Offer end
07 Aug 2025
Allotment
08 Aug 2025
Refund initiation
11 Aug 2025
Demat transfer
11 Aug 2025
About Company
Incorporated in 1995, Highway Infrastructure Limited (HIL) is a diversified infrastructure development company in India. The firm operates across three business segments: Tollway Collection, EPC Infra Projects, and Real Estate Development. The core focus lies in constructing and managing roads, highways, and bridges, with additional ventures in residential and commercial real estate. Operates toll systems across 11 Indian states and 1 Union Territory. Implements ANPR technology on the Delhi-Meerut Expressway and RFID-based ETC systems. Completed 24 tollway projects, with 7 currently in operation as of August 2024. In-house EPC execution from design to delivery. Completed 63 infrastructure projects, with 20 currently underway in key locations like Indore, Ratlam, and Khandwa. Focused on gated community development and small-scale residential projects. Smallest revenue contributor among the segments.
Year Founded
10-02-2006
Promotor Details
Promoter Holdings Details
| Particular | Pre-IPO | Post-IPO |
|---|---|---|
| Percentage | 94.95 | 0 |
| Share Capital | 54871344 | 0 |
Project Details
- Issue Expenses - 10cr
- Working capital Requirements - 173cr
- Funding Working Capital Requirements of our Company - 630cr
- General Corporate Purpose - 53.37cr
Objectives
- a. Funding Working Capital Requirements of the Company.b. General Corporate Purposes.
Highlights
- Long operational history in toll collection with proven tech adoption (ANPR, RFID), and pan-India footprint.
- Revenue sources from toll, EPC, and real estate reduce dependency on a single income stream.
- Completion of 63 EPC projects reflects technical and operational execution strength.
- A Debt/Equity of 0.61 shows balanced financial gearing with enough room for future borrowing if required.
- 5% PAT increase YoY in FY25 highlights cost efficiency and operating discipline.
Challenges
- 13% decline in revenue could indicate slower project execution or weaker order inflow, raising short-term concerns.
- EBITDA margin at 6.32% and PAT margin at 4.44% are below industry average for infrastructure players.
- EPC and toll revenues are largely reliant on government tenders, which are subject to delays and policy changes.
- Real estate is a minor segment, contributing less to profitability and diversification than expected.
- Post-IPO P/E at 22.41x seems slightly expensive for a mid-sized infra player with slim margins and limited visibility on real estate growth.
