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Highway Infrastructure IPO open today: GMP up 57%; should you subscribe?
At the upper end, the company seeks to raise ₹130 crore from the public offering. Ahead of the opening of the public offering, Highway Infrastructure successfully raised ₹23.39 crore from anchor investors in a bidding that concluded on Monday, August 4.
As the public offering opens for subscription, here are the key details of the Highway Infrastructure IPO:
Highway Infrastructure IPO structure
Highway Infrastructure IPO is a book-built issue, which comprises a fresh issue of 13.9 million equity shares worth ₹97.52 crore, and an offer for sale (OFS) with promoters Arun Kumar Jain and Anoop Agrawal divesting up to 4.6 million equity shares worth ₹32.48 crore.
Highway Infrastructure has reserved not more than 30 per cent of the net offer for qualified institutional buyers (QIBs), not less than 40 per cent for retail investors, and not less than 30 per cent for non-institutional investors (NIIs).
Highway Infrastructure IPO price band, lot size
The public issue of Highway Infrastructure is available at a price band of ₹65–70 per share, with a lot size of 211 shares. Thus, investors can bid for a minimum of 211 shares of Highway Infrastructure IPO and in multiples thereof.
A retail investor would require a minimum of ₹14,770 to bid for one lot of Highway Infrastructure IPO, and a maximum of 13 lots or 2,743 shares, with an investment amount of ₹1,92,010.
Highway Infrastructure IPO grey market premium (GMP)
The unlisted shares of Highway Infrastructure were commanding a decent premium in the grey market ahead of the opening of the public issue. Sources tracking unofficial market activities revealed that Highway Infrastructure shares were seen trading at around ₹110 per share, reflecting a grey market premium (GMP) of ₹40 or 57.14 per cent over the upper end of the issue price.
Highway Infrastructure IPO allotment date, listing date
The three-day subscription window to bid for the Highway Infrastructure IPO is set to close on Thursday, August 7. Following the closure of the subscription window, the basis of allotment of Highway Infrastructure IPO shares is likely to be finalised on Friday, August 8. The successful allottees will receive the company's shares in their demat account on Monday, August 11.
Shares of Highway Infrastructure are slated to make their D-Street debut by listing at BSE and NSE, tentatively on Tuesday, August 12.
Highway Infrastructure IPO registrar, lead managers
Bigshare Services is the registrar for the Highway Infrastructure IPO, while Pantomath Capital Advisors is the sole book-running lead manager.
Highway Infrastructure IPO objective
Highway Infrastructure will not receive any proceeds from the OFS. 'The promoter selling shareholders will be entitled to the respective portion of the proceeds of the Offer for Sale after deducting its portion of the offer-related expenses,' the company said in its Red Herring Prospectus (RHP).
The company, however, proposes to utilise the net proceeds from the public issue for funding the working capital requirements of the company, as well as for general corporate purposes.
Should you subscribe to Highway Infrastructure IPO?
Anand Rathi Research - Subscribe for long-term
Analysts at Anand Rathi Research have recommended investors to subscribe to the public issue for the long-term perspective, citing that the IPO seems fully priced.
Analysts highlighted that at the upper price band, the company is valued at an FY25 P/E of 22.5x, with a post-issue market capitalisation of ₹502 crore. "It presents a niche opportunity in India's tollway and EPC infrastructure space, supported by consistent growth and a robust order book," wrote the analysts in a research report.
"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, and a 'Subscribe – Long term' recommendation is suggested."
About Highway Infrastructure
Highway Infrastructure Limited is an infrastructure development and management company. Their business includes tollway collection, EPC infrastructure, and real estate. While the company operates across various facets of infrastructure development and management, tollway collection constitutes a significant portion of their business, driving revenues and financial performance, followed by the EPC infra-segment.
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