Highway Infrastructure made a grand entry into the stock market today, August 12, with hefty listing gains. The company’s shares opened at Rs 115 on the NSE and Rs 117 on the BSE , a jump of over 64% and 67% respectively from the issue price of Rs 70.
Within minutes of listing, the stock hit its upper circuit at Rs 120.75.
Here’s a look at the key highlights of the issue
Highway Infrastructure IPO: From IPO opening to listing
The listing followed a strong response to Highway Infrastructure’s Rs 130 crore IPO, which ran from August 5 to 7.
The offering drew bids for 4.82 billion shares, 300 times more than the available lot. Qualified Institutional Buyers (QIBs) alone oversubscribed their portion by over 420 times, while non-institutional investors went even further at 447 times. Retail investors, too, subscribed nearly 156 times.
Highway Infrastructure IPO: A windfall for investors
For those managed secure allotments, the debut turned into a payday. One IPO lot consisted of 211 shares, and at listing prices, investors saw a profit of nearly Rs 24,265 per lot.
Despite a sharp drop in the grey market premium (GMP) before listing from Rs 40 to around Rs 24-25 per share, the actual debut far outpaced.
Highway Infrastructure IPO: Where the funds will go
Of the total IPO size, Rs 97.5 crore came from fresh equity, while Rs 32.5 crore was an offer for sale by promoters Arun Kumar Jain and Anoop Agrawal.
The fresh capital will be channelled towards meeting working capital needs and supporting general corporate purposes. Notably, the company had already secured Rs 23.4 crore from anchor investors including HDFC Bank, Abans Finance, and VPK Global Ventures Fund ahead of the public issue.
Highway Infrastructure IPO: About the company
Established in 1995, Highway Infrastructure specialises in tollway operations, EPC (Engineering, Procurement and Construction) projects, and real estate development. The company has executed 66 EPC projects across 11 states and a Union Territory, with 24 more underway. It also operates four toll projects, including advanced ANPR-enabled tolling on the Delhi-Meerut Expressway.