Highway Infrastructure
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 05 Aug 2025 – 07 Aug 2025
- Listing date
- 12 Aug 2025
- Face value
- ₹5 per share
- Issue price
- ₹70 per share
- Lot size
- 211 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹130 Cr
- Market cap at offer price
- ₹502 Cr
- Promoter holding
- 94.95% → 70.04% pre-issue → post-issue
- ISIN
- INE00RL01028
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Pantomath Capital Advisors Pvt.Ltd.
- Registered office
- 57-FA, Scheme No.94, Pipliyahana Junction, Ring Road, Madhya Pradesh
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 33,42,856 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 211 shares per lot, in multiples, at ₹70
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.88 | 3.12 |
| P/E (×) | 18.04 | 22.44 |
| Price to book (×) | 3.44 | — |
| Market cap | — | ₹502 Cr |
Key performance indicators
- Return on net worth
- 19.03%
- ROCE
- 16.56%
- Debt / equity
- 0.61
- PAT margin
- 4.44%
- EBITDA margin
- 6.32%
- NAV per share
- ₹20.37
- Price to book
- 3.44
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Highway Infrastructure
Highway Infrastructure Limited is an infrastructure development and management company originally established as a partnership firm in 1995 under the name 'M/s Highway Enterprises'. The partnership was converted into a Private Limited Company in 2006 and subsequently converted into a public limited company in 2018. The company is engaged in three primary business segments: tollway collection (representing 77.14% of Fiscal 2025 revenue), EPC Infra business which comprises executing construction development projects including roads, bridges, tanks, irrigation-related construction and civil buildings (21.28% of revenue), and real estate development (1.58% of revenue). As of May 31, 2025, the company's consolidated Order Book stands at ₹6,663.07 million, comprising ₹595.30 million in tollway collection business and ₹6,067.77 million in EPC Infra business. The company derives a significant portion of its tollway collection revenue from contracts awarded by the National Highways Authority of India (NHAI), while the EPC Infra business primarily serves public sector customers including Central and State Governments and local authorities.
Company Analysis
from RHPHighway Infrastructure Limited is an infrastructure development and management company engaged in tollway collection, EPC Infra (engineering, procurement and construction), and real estate development.
Highway Infrastructure Limited is an infrastructure development and management company originally established as a partnership firm in 1995 under the name 'M/s Highway Enterprises'. The partnership was converted into a Private Limited Company in 2006 and subsequently converted into a public limited company in 2018. The company is engaged in three primary business segments: tollway collection (representing 77.14% of Fiscal 2025 revenue), EPC Infra business which comprises executing construction development projects including roads, bridges, tanks, irrigation-related construction and civil buildings (21.28% of revenue), and real estate development (1.58% of revenue). As of May 31, 2025, the company's consolidated Order Book stands at ₹6,663.07 million, comprising ₹595.30 million in tollway collection business and ₹6,067.77 million in EPC Infra business. The company derives a significant portion of its tollway collection revenue from contracts awarded by the National Highways Authority of India (NHAI), while the EPC Infra business primarily serves public sector customers including Central and State Governments and local authorities.
Objects of the Issue
- Funding Working Capital Requirement of the Company ₹650.00 million p.23
- General corporate purposes p.23
- Funding working capital requirements p.69
- General corporate purposes p.69
- Funding Working Capital Requirements of the Company ₹650.00 million p.111
- General Corporate Purposes [●] (not exceeding 25% of Gross Proceeds) p.111
- Working capital requirements for tollway collection and EPC Infra projects p.186
Issue Structure
- Total Issue
- Up to ₹ [●] Million (comprising Fresh Offer of ₹975.20 Million and Offer for Sale of up to ₹ [●] Million)
- Fresh Issue
- Up to [●] Equity Shares of face value ₹ 5/- each aggregating up to ₹ 975.20 Million
- Offer for Sale
- Up to 4,640,000 Equity Shares of face value ₹ 5/- each aggregating up to ₹ [●] Million
- Price Band
- Price band of a minimum price of ₹ [●] per Equity Share (Floor Price) and the maximum price of ₹ [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares of face value ₹ 5/- each and in multiples of [●] Equity Shares
- Face Value
- ₹ 5/- per Equity Share
Business Model
The company earns revenue through three business segments: (1) Tollway collection - primarily awarded by NHAI through tender-based contracts typically for one-year tenures on an H1 (Highest Bidder) basis; (2) EPC Infra - executing construction contracts for government entities and local authorities for infrastructure projects such as roads, bridges, and civil buildings; and (3) Real estate development - developing residential colonies and properties. The tollway collection business represented 77.14% of consolidated revenue from operations in Fiscal 2025, the EPC Infra business 21.28%, and real estate 1.58%.
Business Segments
SWOT Analysis
- • Significant revenue contribution from tollway collection business(p.38)
- • Diversified business portfolio across multiple segments(p.22)
- • Significant order book value(p.22)
- • Multi-state operational presence and completed projects across pan-India(p.39)
- • Established operational track record with no project delays or cost overruns in past three fiscals(p.51)
- • No performance bank guarantee invocations across three fiscal years(p.51)
- • No disputes or litigation with sub-contractors in last three fiscals(p.53)
- • No security deposit invocations in toll and EPC projects across three fiscal years(p.54)
- • No material labour unrest or unionization(p.70)
- • Established operational experience across multiple states with advanced toll technology(p.189)
- • Diversified business portfolio across tollway collection, EPC infrastructure, and real estate(p.186)
- • Strong order book position providing revenue visibility(p.189)
- • Experienced management team with domain expertise(p.189)
- • Owns equipment and machinery for EPC projects enabling cost control(p.208)
- • Pre-qualified bidder for NHAI toll collection contracts(p.191)
- • One of few toll operators with ANPR technology capability on major expressways(p.401)
- • Significant order book across diversified project portfolio(p.401)
- • Modern Electronic Toll Collection systems enhancing operational efficiency(p.401)
- • Extensive geographic presence across 11 states and one Union Territory(p.401)
- • Established track record with 27 completed tollway collection projects and 66 completed EPC Infra projects(p.402)
- • In-house resources for project delivery from conceptualization to completion(p.402)
- • Dependence on NHAI and government customers for majority revenue(p.38)
- • Geographic concentration of ongoing business in specific states(p.39)
- • Short-term contract tenure with NHAI(p.40)
- • History of negative cash flows(p.50)
- • High working capital requirements and capital-intensive business(p.40)
- • Conflicts of interest with related parties and group companies(p.41)
- • Reliance on promoter-owned registered office(p.50)
- • Significant contingent liabilities not provided for(p.52)
- • High fund-based borrowing levels with debt restrictions on operations(p.55)
- • History of delays in regulatory filings and statutory compliance(p.61)
- • Directors lack prior experience in listed company management(p.58)
- • Pending litigation against company and promoters(p.60)
- • Delays in EPF, ESIC and professional tax payments(p.54)
- • Negative operating cash flows in Fiscal 2022(p.51)
- • Dependence on third parties including promoters for business continuity(p.71)
- • High employee churning due to project-based employment model(p.210)
- • Significant revenue concentration in tollway collection business(p.188)
- • Dependence on government tender awards for project procurement(p.211)
- • Small scale of real estate business segment(p.188)
- • Loans to related parties without security or repayment terms(p.304)
- • Unsecured loans from related parties (directors, body corporates)(p.329)
- • Pending tax disputes(p.307)
- • Significant concentration of promoter shareholding(p.325)
- • High dependence on toll-based revenue from single customer (NHAI)(p.403)
- • Significant exposure to public sector customer concentration(p.403)
- • Geographic concentration of business in limited states(p.403)
- • Regional perception as regional construction company limiting national competitiveness(p.403)
- • Dependence on relatively few promoter-related unsecured borrowings(p.434)
- • Related party transaction risks and potential conflicts of interest with group companies operating in same business(p.456)
- • Expansion into newer geographies and pan-India presence(p.40)
- • Growth in toll traffic driven by infrastructure development(p.22)
- • Expansion of EPC infrastructure projects portfolio(p.22)
- • Geographic clustering strategy in key markets(p.40)
- • Growth in infrastructure and road sector development(p.70)
- • Expansion of toll collection business with 134 pre-qualified bidders indicating growing market(p.65)
- • Shift to FASTag technology reducing manual toll collection(p.64)
- • Large pipeline of government infrastructure projects under National Infrastructure Pipeline(p.191)
- • Growth in toll collection driven by FASTag adoption and asset monetization(p.187)
- • Expansion opportunity into associated business verticals like way side amenities and HAM projects(p.191)
- • Significant growth in EPC infrastructure market with projected CAGR(p.173)
- • Rising residential and commercial real estate demand driven by urbanization(p.167)
- • Government focus on rural road connectivity and affordable housing(p.177)
- • Growing infrastructure development and expansion of national highway network(p.404)
- • Increasing adoption of modern toll collection technology (ANPR, RFID, digital payments)(p.401)
- • Expansion potential into new geographic markets beyond current concentration(p.404)
- • Acceleration of real estate development projects across multiple locations(p.402)
- • Growing infrastructure investment in tier-2 and tier-3 cities within core operating states(p.403)
- • Loss of NHAI contracts and customer dependency risk(p.39)
- • Government policy and budgetary changes affecting EPC business(p.39)
- • Delayed payment and non-payment by government customers(p.39)
- • Regional slowdown in construction activities(p.39)
- • Changes in laws, policies and regulations affecting operations(p.39)
- • Payment delays from customers affecting cash flow(p.47)
- • Land acquisition and title defects in EPC projects(p.47)
- • Monsoon-driven seasonality impacts toll collection revenues(p.52)
- • Traffic forecasting inaccuracy affects toll project profitability(p.51)
- • Project cost and time overruns from material and labour price inflation(p.63)
- • Political agitations against toll collection disrupting operations(p.66)
- • Heavy reliance on manual toll collection creating revenue leakage risk(p.64)
- • Government-dependent business subject to policy and allocation changes(p.67)
- • Intense competition from 134 pre-qualified toll bidders(p.67)
- • Land acquisition delays and approval bottlenecks(p.70)
- • Regulatory and compliance uncertainties in road infrastructure sector(p.68)
- • Revenue susceptibility to user willingness to pay toll(p.174)
- • Intense competition in toll operations and EPC tender bidding(p.211)
- • Delays in land acquisition impacting project viability(p.174)
- • Cash flow mismatch in infrastructure projects due to misalignment of loan tenure(p.174)
- • Banking sector caution limiting financing availability for road projects(p.174)
- • Regulatory changes and policy uncertainty affecting infrastructure investments(p.170)
- • Exposure to tax authority disputes(p.306)
- • Contingent liabilities from pending tax litigation(p.351)
- • Bank guarantee obligations(p.351)
- • Seasonal monsoon impacts on toll collection revenues and EPC project execution(p.403)
- • Volatility in raw material prices, fuel costs, and labor expenses(p.403)
- • Government payment delays and policy changes affecting contract awards(p.403)
- • Intense competition in regulated bidding process with 134 pre-qualified entities(p.404)
- • Risk of contract termination by government clients(p.403)
- • Heavy regulatory compliance requirements and license renewal dependencies(p.404)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Arun Kumar Jain | Promoter/Promoter Selling Shareholder | 34.53% | — |
| Anoop Agrawal | Promoter/Promoter Selling Shareholder | 37.25% | — |
| Riddharth Jain | Promoter | 9.21% | — |
| Arun Kumar Jain | Promoter | 34.53% | — |
| Anoop Agrawal | Promoter | 37.25% | — |
| Riddharth Jain | Promoter | 9.21% | — |
| Arun Kumar Jain | Promoter | 34.53% | — |
| Anoop Agrawal | Promoter | 37.25% | — |
| Riddharth Jain | Promoter | 9.21% | — |
| Jyoti Jain | Promoter Group | 5.00% | — |
| Neetu Agrawal | Promoter Group | 4.89% | — |
| Alok Agarwal | Promoter Group | 3.81% | — |
| Arun Jain HUF | Promoter Group | 0.26% | — |
| Arun Kumar Jain | Promoter | — | — |
| Anoop Agrawal | Promoter | — | — |
| Arun Kumar Jain | Promoter | 80.99% | — |
| Anoop Agrawal | Promoter | 80.99% | — |
| Riddharth Jain | Promoter | 80.99% | — |
| Shri Anoop Agrawal | Promoter | 37.25% | — |
| Shri Arun Kumar Jain | Promoter | 34.53% | — |
| Shri Riddharth Jain | Promoter | 9.21% | — |
| Arun Kumar Jain | Promoter/Managing Director | — | — |
| Anoop Agrawal | Promoter/Whole Time Director & Chief Financial Officer | — | — |
| Arun Kumar Jain | Promoter Selling Shareholder | — | — |
| Anoop Agrawal | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.