As the final whistle blows on the Highway Infrastructure IPO, Dalal Street seems to be buzzing with anticipation. The Rs 130 crore issue has stirred investor interest. But with GMP simmering, the big question is can this frenzy last till listing?
Highway Infrastructure IPO: Subscription number so far
By midday today (Day 3), the IPO had been subscribed 157.46 times. The retail portion was booked 119 times. The non-institutional investors lapped up the shares at 265 times the available quota.
In contrast, the QIB category was subscribed over 16 times.
Highway Infrastructure IPO: Why is the IPO GMP rallying?
Highway Infrastructure may not be a household name yet, but it sits on a strong foundation. The company is involved in toll collection, EPC (engineering, procurement, and construction) contracts, and real estate development.
Its numbers add some weight too. Looking at the financial performance, in FY25, the profit of the company stood at Rs 22.4 crore and revenue of Rs 504.48 crore.
The company has priced the IPO between Rs 65-Rs 70 per share, and the minimum investment lot is 211 shares.
But what is really getting the street talking is the grey market premium (GMP). Unofficial market activity suggests the IPO is commanding a GMP of Rs 40, which means the shares are trading at Rs 110 in the unlisted space, a 57% premium over the upper price band.
Highway Infrastructure IPO: Anchor investors
Ahead of the IPO, Highway Infrastructure secured Rs 23.4 crore from four anchor investors, including names like HDFC Bank, VPK Global Ventures Fund, and Sunrise Investment Opportunities Fund.
Highway Infrastructure IPO: Key players and dates to remember
Pantomath Capital Advisors is managing the issue, while Bigshare Services is acting as the registrar. The listing is expected on August 12.
With the IPO closing today, share allotment is expected on August 8, followed by listing a few days later.