Highway Infrastructure IPO Allotment LIVE: GMP signals strong listing; how to check allotment status?

According to market observers, the Highway Infra shares are commanding a GMP of over 51 percent in the unregulated market. Investorgain quoted a GMP of Rs 36 for the shares of the company, translating to a potential listing premium of 51.43 percent. However, the final price may differ on the listing day.

Highway Infra shares will be listed on the exchanges on August 12.

The unlisted shares of Highway Infrastructure were trading with a 51% GMP over IPO price at Rs 106 apiece, according to data on Investorgain. According to IPO Watch, the unlisted shares were trading with 53% GMP over IPO price.

If we attribute FY25 annualized earnings then the asking price is at a P/E of 22.44. Based on FY24 earnings, the P/E stands at 23.41, said Bajaj Broking, while advising investors to subscribe to the issue for the long term.

"Highway Infrastructure Ltd.’s IPO arrives at a time when India’s infrastructure push is being actively translated into on-ground execution, particularly in roads, tollways, and urban development," said Bhavik Joshi, Business Head, INVasset PMS. "The company’s topline contraction in FY25, despite an uptick in net profits, warrants a closer look. The surge in profitability may partly reflect one-off efficiencies or contract timing, which should be normalized before projecting forward valuations. With a current order book of ₹666 crore — 90% of which stems from EPC — the company’s earnings visibility appears medium-term, especially if toll revenues remain sub-scale. At the upper price band, the IPO demands a P/E multiple of over 22x FY25 earnings — placing it between larger, established infra players and mid-sized EPC peers. While this is not unreasonable, it leaves limited margin of safety for near-term investors," he added.

"From a macro perspective, India’s infra spend remains a durable theme, particularly in transport and housing. Investors with a multi-year horizon may find merit in HIL’s digitized toll operations and regional EPC execution. Yet pricing discipline and project scalability will be critical for consistent value creation. A measured, allocation-based approach is advisable," he further said

A day before the IPO opened for public bidding, Highway Infrastructure raised Rs 23.4 crore from four institutional investors via anchor book on August 4. The company in its filing to exchanges on Monday said it has finalised allocation of 33.4 lakh shares to anchor investors at Rs 70 per share.

VPK Global Ventures Fund has invested Rs 8.4 crore against nearly 12 lakh shares in Highway Infrastructure, while HDFC Bank, Abans Finance, and Sunrise Investment Opportunities Fund bought 7.14 lakh shares worth Rs 5 crore each.

Anand Rathi had advised investors to subscribe to the public issue for the long term. “The use of ANPR (Automatic Number Plate Recognition) technology in toll systems provides a competitive advantage, while the combination of toll and EPC businesses offers diversified revenue streams. Considering these factors, the IPO seems fully priced,” it said.

The Madhya Pradesh-based company launched its IPO to raise Rs 97.52 crore through a fresh issue of shares and Rs 32.48 crore through offer-for-sale of 46.4 lakh shares by the existing promoters. The IPO was open for public bidding from August 5 to August 7 at a price band of Rs 65-70 per share.

Investors could bid for a minimum of 211 shares, requiring an investment of Rs 14,770, and in multiples thereafter. The allotments will likely be finalised by August 8, and the shares will likely debut on BSE and NSE on August 12.

Highway Infrastructure IPO garnered strong investor interest as the share sale concluded on August 7 in the primary market. The initial public offer (IPO) of Highway Infrastructure received bids for over 482 crore shares against 1.60 crore shares on offer, translating into 300.61 times subscription, as per the NSE data.

The non-institutional investors category was booked 447.32 times while the retail individual investors' quota was subscribed 155.58 times. The qualified institutional buyers' portion received 420.57 times subscription. Earlier, it raised Rs 23.40 crore from anchor investors, including HDFC Bank and Abans Finance Pvt Ltd.

The shares of National Securities Depository (NSDL) gained nearly 19 percent on August 8, extending massive gains for the third consecutive session since market debut. The shares of the company are now more than 68 percent higher than the IPO price. The shares have now gained nearly 52 percent in the three sessions since their market debut. The market capitalization of the company surged significantly in the first three days to cross Rs 26,000-mark.

The shares of NSDL had made a decent stock market debut on August 6, listing at Rs 880 apiece on BSE. This marked a premium of 10 percent over its IPO price at Rs 880 apiece. The listing premium was lower than grey market estimates.

• Step 1: Open the website of Bombay Stock Exchange (BSE).
• Step 2: Click on 'Investors' option.
• Step 3: On the 'Investor Services' dropdown, click on 'Status of Issue Application'.
• Step 4: Click on 'Application Status Check'.
• Step 5: Select Equity in the issue type.
• Step 6: Fill in the required details including the 'Issue Name'.
• Step 7: Enter PAN number and click on Search to view the status

• Step 1: Open the website of NSE by clicking on this direct link (https://www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp).
• Step 2: Select the company 'Highway Infra' by selecting Equity & SME IPO bid details
• Step 3: Investors can check the allotment status by filling in details like their IPO Application number or PAN details after selecting company symbol.
• Step 4: Press the Submit button
• Step 5: The allotment status will be shown in the window.

The unlisted shares of Highway Infrastructure were trading with a 51% GMP over IPO price at Rs 106 apiece, according to data on Investorgain. According to IPO Watch, the unlisted shares were trading with 53% GMP over IPO price.

• Step 1: Open the direct link to the registrar. (https://ipo1.bigshareonline.com/IPO_Status.html).
• Step 2: Select the company from the dropdown menu.
• Step 3: Investors can check the allotment status by filling in details like PAN, Application number or DP client ID.
• Step 4: Press the Search button
• Step 5: The allotment status will be shown in the window.

The investors who subscribed to the issue can check their Highway Infra IPO allotment status on the official website of the registrar, Bigshare Services Private Limited, using their application number or PAN details. The status can also be accessed on the BSE and NSE websites.

Highway Infrastructure IPO allotment is likely to be finalized today, August 8 on the official website of the registrar of the issue. The Rs 130-crore initial share sale got subscribed a whopping 300 times between August 5 - August 7 at a price band of Rs 65 - 70 per share.