Highway Infrastructure IPO - Listing Performance & Details

Highway Infrastructure Limited was incorporated in 1995 and is headquartered in Indore, Madhya Pradesh. It works in the infrastructure sector, engaged in tollway collection, engineering, procurement and construction (EPC) projects, and real estate development.

The company operates and manages tollway collection systems for highway projects awarded through competitive bidding, a segment that contributed about 77.14% of revenue in FY25, including the use of ANPR (automatic number plate recognition) technology for toll collection on the Delhi-Meerut Expressway. Its EPC segment undertakes roads, bridges, tanks, irrigation structures and civil buildings, with 66 completed projects and 24 ongoing projects across Madhya Pradesh as of its DRHP filing, while its smaller real estate segment develops gated communities and housing projects. As of August 2024, the company had completed 24 tollway collection projects and was operating seven, with an order book of about Rs 666.3 crore as of May 2025 and 398 employees. The promoters are Arun Kumar Jain (Chairman), Anoop Agrawal and Riddharth Jain.

Revenue declined by about 13% while profit after tax rose by about 5% between FY24 and FY25, with toll collection contributing Rs 272.65 crore (83.42%) of FY24 revenue, EPC contributing Rs 79.42 crore (16.08%), and real estate contributing Rs 2.95 crore (0.50%), as per the RHP. The IPO was a mainboard book-built issue of Rs 130 crore on the NSE and BSE, comprising a fresh issue of Rs 97.52 crore (1,39,31,428 shares) and an offer for sale of Rs 32.48 crore (46,40,000 shares), priced at Rs 65-70 per share, and it listed in mid-August 2025. Net proceeds from the fresh issue were proposed to be used for working capital requirements and general corporate purposes.