Highway Infrastructure IPO Opens: GMP, Subscription Status, and Expert Reviews

Highway Infrastructure Limited’s initial public offering (IPO) opened today, August 5, 2025, and will remain available for subscription until August 7, 2025. The company has set a price band of ₹65–₹70 per share and targets to raise ₹130 crore, comprising a fresh issue of ₹97.52 crore and an offer for sale (OFS) worth ₹32.48 crore. The stock is proposed for listing on both BSE and NSE.

Grey Market Premium 📈

The IPO has started on a positive note in the grey market, where Highway Infrastructure shares are commanding a premium of ₹41, according to market observers. This suggests strong investor interest, even before official listing.

Subscription Status So Far

By 10:06 AM on Day 1, the IPO was subscribed 0.49 times overall. The retail quota saw bids for 0.51 times, while the Non-Institutional Investor (NII) portion was subscribed 0.67 times. Market experts suggest that subscription levels could rise significantly over the next two days.

Key IPO Details 📝

♦ GMP Today: ₹41

♦ Price Band: ₹65 – ₹70 per equity share

♦ Issue Size: ₹130 crore (₹97.52 crore fresh issue, ₹32.48 crore OFS)

♦ Lot Size: 211 shares per lot

♦ Registrar: Bigshare Services Pvt Ltd

♦ Lead Manager: Pantomath Capital Advisors

♦ Allotment Date: August 8, 2025

♦ Likely Listing Date: August 12, 2025

Expert Opinions: Apply or Skip? 🤔

Market analysts remain divided on the IPO’s long-term appeal.

🔹 Bullish Views

Shivani Nyati, Head of Wealth at Swastika Investmart, has assigned a “Subscribe” rating, citing the company’s robust order book of ₹6,663 crore, primarily from EPC (Engineering, Procurement, and Construction) projects. She notes that with a post-issue market cap of ₹5,020 million and valuation at 18.06x FY25 earnings, the IPO is “fully priced but offers both listing gains and long-term potential for investors eyeing India’s growing infrastructure sector.”

🔹 Cautious Take

Gaurav Goel, Founder and Director at Fynocrat Technologies, highlights positives such as PAT rising to ₹22.4 crore in FY25, improved return ratios, and a reduced debt-equity ratio of 0.61. However, he warns that EBITDA margins at 6–7% lag behind larger peers, and valuations at ~30x FY25 earnings appear “demanding for a company of this scale.”

Goel adds: “The IPO could reward investors with near-term listing gains given sector momentum, but long-term buyers may find better value among established peers with stronger profitability.”

Bottom Line ⚖️

The Highway Infrastructure IPO has kicked off with a strong grey market premium and healthy early subscriptions. While analysts see short-term listing gains as likely, long-term investors are advised to weigh sector momentum against the company’s modest profitability before applying.