Review of Highway Infrastructure Limited IPO: Lot Size, Check Issue Date, Price

Highway Infrastructure IPO Price: ₹65 to ₹70 per share
IPO Dates: 5th August 2025 – 7th August 2025

Tollway Collection Business

Highway Infrastructure Limited has significant expertise in tollway operations and management, having completed 27 tollway collection projects and currently operating 4 projects as of May 31, 2025. The company has adopted advanced technologies such as Automatic Number Plate Recognition (ANPR) for toll collection, notably implemented on the Delhi–Meerut Expressway. This ANPR-based system enables automated toll deduction from FASTag accounts based on vehicle entry and exit points, eliminating the need for traditional toll booths.

Highway Infrastructure Limited has also incorporated Electronic Toll Collection (ETC) systems across its toll plazas using RFID tags and digital payment platforms. This results in reduced congestion and improved efficiency at toll plazas. The company’s toll operations span across 11 Indian states and one Union Territory, including major corridors like the Mokha Expressway (connecting Kandla and Mundra ports), GT Road Tollway, and other high-traffic routes.

The toll collection segment benefits from broader policy support such as the government-mandated use of FASTags and the monetization of assets under the Toll Operate Transfer (TOT) model by NHAI. As of May 2025, a total of 110 million FASTags were issued, with a toll collection of ₹71 billion recorded, marking the highest quarterly performance to date.

In addition to operational efficiency, Highway Infrastructure Limited emphasizes customer experience by offering multiple toll payment options (cash, card, mobile payments, prepaid cards) and customer care services. Security measures and system transparency, aligned with NHAI’s protocols, further strengthen Highway Infrastructure Limited’s position in the toll management space.

EPC Infra Projects

Highway Infrastructure Limited has steadily developed its EPC Infra segment over the years, delivering a wide range of infrastructure projects from conceptualization to execution. As of May 31, 2025, the company had completed 66 EPC projects, with completion certificates pending for 4, and 24 projects currently under execution. These ongoing projects are located in Indore, Bhopal, Dhar, Ratlam, and Khandwa, all in Madhya Pradesh.

The company’s EPC portfolio includes roads, bridges, irrigation systems, tanks, and civil buildings. Highway Infrastructure Limited caters to both public and private sector clients, having worked on government schemes like the Pradhan Mantri Awas Yojana (PMAY), Pradhan Mantri Gram Sadak Yojana (PMGSY), and the Jal Jeevan Mission. In the private sector, the company has completed infrastructure projects for clients such as Shubham City Homes, Shubham Builders, and Adroit Associates Pvt. Ltd.

Highway Infrastructure Limited uses both fund-based and non-fund-based banking facilities to support its EPC operations. While fund-based facilities help manage day-to-day working capital, non-fund-based instruments like bank guarantees are essential for securing large contracts.

Real Estate Development

The real estate segment is the smallest component of Highway Infrastructure Limited’s business portfolio. It involves the development, construction, and sale of commercial and residential properties, including gated communities. Although this segment currently contributes less to overall revenues, it reflects the company’s capacity to diversify and execute projects across verticals.

Competitive Strengths

• Technological Leadership: One of the few companies in India to implement Automatic Number Plate Recognition (ANPR) technology for toll collection, improving efficiency and reducing reliance on manual toll booths.
• Advanced Digital Infrastructure: Has adopted Electronic Toll Collection (ETC) systems integrated with RFID tags and various digital payment platforms, aligning with India’s push toward digital infrastructure.
• Extensive Operational Experience: A well-established presence in the tollway and EPC sectors with multiple completed and ongoing projects across 11 states and 1 Union Territory.
• In-House Project Capabilities: Possesses end-to-end in-house resources for project planning, execution, and management, enhancing quality control and efficiency.
• Nationwide Project Footprint: A strong presence in executing marquee expressway projects, including those that connect major ports and high-traffic routes.
• Government Project Participation: Active involvement in flagship government infrastructure programs like PMAY, PMGSY, and Jal Jeevan Mission, reinforcing public sector credibility.
• Customer-Centric Approach: Offers multiple toll payment options (cash, cards, mobile, prepaid), along with dedicated customer care support at toll plazas.
• Operational Transparency and Security: Complies with NHAI systems and implements security protocols to ensure data protection, transparency, and fraud prevention.

Bidding Starts In

Highway Infrastructure IPO Specifics:

Highway Infrastructure IPO Timetable (Important Dates)

Highway Infrastructure IPO Lot Size

Bidders have the opportunity to bid for a minimum of 211 shares, with the option to increase in multiples. The table below outlines the minimum and maximum investment thresholds for both retail investors and High Net Worth Individuals (HNIs), specifying the corresponding number of shares and amounts involved.

Highway Infrastructure IPO Reservation

Highway Infrastructure Limited IPO Financial Information

Key Performance Indicator – Highway Infrastructure IPO

Objects of the Issue:

Highway Infrastructure Limited proposes to utilize the net proceeds from its Initial Public Offering (IPO) for the following purposes:

• Funding Working Capital Requirements: An amount of ₹65.00 crore will be allocated to meet the company’s working capital needs, ensuring smooth operational and business activities.
• General Corporate Purposes: The remaining funds will be used for general corporate activities, which may include administrative expenses, brand development, and other strategic initiatives to support the company’s growth.

Prospectus Links:

Prospectus: Official documents that provide detailed information about the IPO and the company.