Highway Infrastructure IPO: Final Day Subscription At 1000% So Far, GMP Unchanged

The initial public offering of Highway Infrastructure Ltd. has been subscribed to over 1000% on its third and final day, led by strong demand from non-institutional investors.

The company operates in infrastructure development and management, with key areas including toll collection, EPC (Engineering, Procurement and Construction) projects and real estate development.

The Highway Infrastructure IPO is a book-built issue worth Rs 130 crore. It comprises a fresh issue of 1.39 crore shares, aggregating to Rs 97.52 crore, and an offer-for-sale (OFS) component of 46 lakh shares, amounting to Rs 32.48 crore.

The date of allotment of IPO shares will be Friday, Aug. 8. Highway Infrastructure is tentatively scheduled to be listed on the BSE and NSE on Tuesday, Aug. 12.

Highway Infrastructure aims to utilise the proceeds from the IPO for specific business needs. A portion of the funds will be allocated towards meeting the company’s working capital requirements. The remaining amount will be used for general corporate purposes.

• Issue opens: August 5.

• Issue closes: August 7.

• Issue price: Rs 65-70.

• Fresh issue: 1.39 crore shares

• Offer for sale: 46 lakh shares

• Issue size: Rs 130 crore

• Lot size: Minimum 63 shares.

The issue has been subscribed 102.75 times as of 11:00 a.m.

• Qualified institutional buyers: 8.3 times

• Non-institutional buyers: 153.59 times

• Retail investors: 92.18 times.

The grey market premium for the IPO was unchanged at Rs 40, according to InvestorGain. That implies listing at a premium of 57% at around Rs 110.

GMP or grey market price is not an official indicator and is based on market speculation.