Established in 1995 as Highway Enterprises and restructured as Highway Infrastructure in 2018, the company is an Indore-based infrastructure development firm specialising in toll operations and engineering, procurement, and construction (EPC) services. With nearly three decades of experience, it has executed projects across multiple Indian states, including Madhya Pradesh, Gujarat, Andhra Pradesh, and Delhi. Notably, the company is among the few toll operators in India utilizing Automatic Number Plate Recognition (ANPR) technology on the Delhi-Meerut Expressway. As of the fiscal year ending March 2024, Highway Infrastructure reported an annualized revenue of ₹576.57 crore and a net profit of ₹21.41 crore, reflecting its operational efficiency and market presence.
IPO schedule
Issue open date
2025-08-05
Issue close date
2025-08-07
UPI mandate deadline
2025-08-07 (5 PM)
Allotment finalization
2025-08-08
Refund initiation
2025-08-11
Share credit
2025-08-11
Listing date
2025-08-12
Mandate end date
2025-08-22
Lock-in end date for anchor investors (50%)
2025-09-07
Lock-in end date for anchor investors (remaining)
2025-11-06
Financials
Financial Year Ended
March 2023
March 2024
March 2025
Total Assets
156.59
202.63
231.56
Revenue
456.83
576.57
504.48
Profit After Tax
13.80
21.41
22.40
Issue size
Funds Raised in the IPO
Amount
Overall
₹130 crores
Fresh issue
₹97.52 crores
Offer for sale
₹32.48 crores
Utilisation of proceeds
Purpose
INR crores (%)
Working capital requirements
65 (66.6%)
General corporate purposes
Strengths
Nearly 30 years of industry experience in toll operations and EPC projects.
Pioneered the use of ANPR technology for toll collection on major expressways.
Diversified project portfolio across multiple Indian states, enhancing market reach.
Demonstrated financial performance with substantial revenue and profitability.
Experienced promoters with extensive industry knowledge and established relationships
Risks
Modest scale of operations compared to larger industry peers.
High working capital requirements may impact liquidity.
Susceptibility to risks inherent in tender-based business models.
Moderate contribution from the EPC segment could affect revenue diversification.
Exposure to regulatory changes and policy shifts in the infrastructure sector.