Highway Infrastructure Limited (HIL) is a diversified Indian infrastructure development and management company, with operations spanning tollway collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development. Headquartered in Indore, Madhya Pradesh, HIL has built a strong track record in the construction and maintenance of roads, highways, bridges, and residential projects.
Its core businesses include:
1️⃣ Tollway Collection Business
HIL is actively involved in operating and managing tollway collection systems across 11 states and one Union Territory.
- Projects are secured through competitive bidding.
- It is among the few Indian toll operators to deploy ANPR (Automatic Number Plate Recognition) technology, notably on the high-traffic Delhi–Meerut Expressway, ensuring faster and more accurate toll processing.
- The company leverages RFID-enabled Electronic Toll Collection (ETC) systems and digital payment solutions, offering seamless toll payment experiences to commuters.
- As of August 31, 2024, HIL has successfully completed 24 tollway collection projects and is actively operating 7 ongoing projects.
2️⃣ EPC Infra Projects
HIL’s EPC segment handles end-to-end project execution, from conceptualization to completion.
- The company has experience across roads, bridges, irrigation structures, tanks, and civil construction.
- As of August 31, 2024, HIL has completed 63 EPC projects, with 20 projects currently under execution.
- Key ongoing projects are located in Indore, Ratlam, and Khandwa (Madhya Pradesh).
3️⃣ Real Estate Development
The smallest segment in HIL’s portfolio, this division focuses on:
- Developing, constructing, and marketing residential and commercial properties.
- Projects include gated communities and multi-unit housing developments, enhancing urban infrastructure in the regions where it operates.
As of August 31, 2024, HIL employs 398 people, supporting its diverse infrastructure, construction, and real estate operations.
Highway Infrastructure IPO – Details
| IPO Opening Date | 05 August 2025 |
| IPO Closing Date | 07 August 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,85,71,428 Shares Worth ₹130.00 Crore Fresh Issue: 1,39,31,428 Shares Worth ₹97.52 Crore Offer For Sale: 46,40,000 Shares Worth ₹32.48 Crore |
| Face Value | ₹5 per equity share |
| IPO Price | ₹65 – ₹70 per share |
| Market Lot | 211 Shares |
| Min Order | 211 Shares [ 1 Lot ] |
| Listing At | BSE, NSE |
| Register | Bigshare Services Pvt Ltd |
| QIB Shares Offered | 30% |
| NII (HNI) Shares Offered | 30% |
| Retail Shares Offered | 40% |
Highway Infrastructure IPO – Date Schedule
| IPO Open Date | 05 August 2025 |
| IPO Close Date | 07 August 2025 |
| Basis of Allotment | 08 August 2025 |
| Initiation of Refund | 11 August 2025 |
| Credit of Shares to Demat Account | 11 August 2025 |
| IPO Listing Date | 12 August 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 07, 2025 |
Highway Infrastructure IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 211 | ₹14,770 |
| Retail (Max) | 13 | 2,743 | ₹1,92,010 |
| S-HNI (Min) | 14 | 2,954 | ₹2,06,780 |
| S-HNI (Max) | 67 | 14,137 | ₹9,89,590 |
| B-HNI (Min) | 68 | 14,348 | ₹10,04,360 |
Competitive Strength
- Focused on tollway collection business.
- Roads, flyovers and Bridge construction.
- Order Book of tollway collection, roads, flyovers and bridge construction projects from various government agencies.
- Strong execution capabilities with industry experience.
- Experienced management team.
Company Promoters
- Arun Kumar Jain
- Anoop Agrawal
- Riddharth Jain
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2022 | ₹357.93 Cr | ₹346.36 Cr | ₹8.52 Cr | ₹56.76 Cr |
| 31 March 2023 | ₹456.83 Cr | ₹437.34 Cr | ₹13.80 Cr | ₹63.64 Cr |
| 31 March 2024 | ₹576.57 Cr | ₹546.64 Cr | ₹21.41 Cr | ₹69.62 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 21.37% |
| ROCE | 24.45% |
| Debt/Equity | 0.69 |
| RoNW | 21.37% |
| PAT Margin | 3.71% |
| Pre IPO | Post IPO | |
| EPS (₹) | – | – |
| P/E (x) | – | – |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Funding Working Capital Requirements of the Company. | ₹63.00 |
| General corporate purposes. |
Highway Infrastructure IPO Peer Comparison
- There are no listed companies in India that have business composition and segment contribution similar to the Company. Accordingly, it is not possible to provide an industry comparison in relation to the Company.
✅Strengths
- Diversified business: toll collection, EPC projects & real estate.
- Tech-driven: ANPR & RFID toll systems.
- Wide presence across 11 states & 1 UT.
- Strong project execution track record.
⚠️Risks
- Heavy reliance on tollway revenue.
- Regulatory & policy changes could impact business.
- Project delays or cost overruns.
- Competition from larger players.
Highway Infrastructure IPO Promoter Holding
| Pre Issue Share Holding | 94.95% |
| Post Issue Share Holding | 70.04% |
Highway Infrastructure IPO Prospectus
- Highway Infrastructure IPO DRHP
- Highway Infrastructure IPO RHP
Company Contact Information
| Highway Infrastructure Ltd. 57-FA, Scheme No. 94, Pipliyahana Junction, Ring Road, Indore, Madhya Pradesh, 452016 Phone: +91 731 4047177 Email: cs@highwayinfrastructure.in Website: http://www.highwayinfrastructure.in/ |
Highway Infrastructure IPO Registrar
| Bigshare Services Pvt Ltd Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Highway Infrastructure IPO Lead Manager(s)
| 1. Pantomath Capital Advisors Pvt Ltd |
Highway Infrastructure IPO FAQs
| What is Highway Infrastructure IPO? Highway Infrastructure IPO is a main-board IPO. The issue is priced at ₹65 to ₹70 per equity share. The IPO is to be listed on BSE & NSE. |
| When will Highway Infrastructure IPO open? The IPO is to open on 05 August 2025 for QIB, NII, and Retail Investors. |
| What is Highway Infrastructure IPO Investors Portion? The investors’ portion for QIB – 30%, NII – 30%, and Retail – 40%. |
| How to Apply the Highway Infrastructure IPO? You can apply Highway Infrastructure IPO via ASBA online via your bank account. You can also apply for ASBA online via UPI through your stock brokers. You can also apply via your stock brokers by filling up the offline form. |
| How to Apply the Highway Infrastructure IPO through Angle One? Log in to Angle One Application with your credentials. Select the IPO. You will see the IPO Name “Highway Infrastructure IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Angle One. |
| How to Apply the Highway Infrastructure IPO through 5 Paisa? Log in to 5 Paisa Application with your credentials. Select the IPO. You will see the IPO Name “Highway Infrastructure IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with 5 Paisa. |
| How to Apply the Highway Infrastructure IPO through Upstox? Log in to Upstox Application with your credentials. Select the IPO. You will see the IPO Name “Highway Infrastructure IPO”. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with Upstox. |
| How to Apply the Highway Infrastructure IPO through IIFL? Log in to IIFL Application with your credentials. Select the IPO. You will see the IPO Name “Highway Infrastructure IPO“. Click on Bid Button. Confirm your Application. Now go to your UPI App on Net Banking or BHIM App to Approve the mandate. Open Demat Account with IIFL. |
| What is Highway Infrastructure IPO Size? Highway Infrastructure IPO size is ₹130.00 Crore. |
| What is the Highway Infrastructure IPO Price Band? Highway Infrastructure IPO Price Band is ₹65 to ₹70. |
| What is Highway Infrastructure IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 211 Shares with ₹14,770 while the maximum bid is 2,743 Shares with ₹1,92,010. |
| What is the Highway Infrastructure IPO Allotment Date? Highway Infrastructure IPO allotment date is 08 August 2025. |
| What is the Highway Infrastructure IPO Listing Date? Highway Infrastructure IPO listing date is 12 August 2025. The IPO is to be listed on BSE and NSE. |
