Highway Infrastructure IPO
Highway Infrastructure Limited (HILINFRA) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 12 August 2025.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +93.8% (likely range +19% to +188%), day's high +109.6%, chance of a gain 92%. Actual: +64.3% at the open, +72.5% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 22,92,914 | 96,43,33,511 | 421x | |
| NII (HNI) total | 58,92,914 | 2,63,60,08,863 | 447x | |
| Big NII (above ₹10 lakh) | 39,28,610 | 1,79,74,21,646 | 458x | |
| Small NII (₹2-10 lakh) | 19,64,304 | 83,85,87,217 | 427x | |
| Retail | 78,57,218 | 1,22,24,21,326 | 156x | |
| Total | 1,60,43,046 | 4,82,27,63,700 | 301x |
Bids on NSE and BSE together, as published by NSE, as of 07 Aug 2025, 07:00 PM. Shares offered exclude the anchor portion. 21% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Highway Infrastructure's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Indo Farm EquipmentJan 2025 | 242x | 504x | 105x | 230x | ₹260 Cr | +19.1% | +33.5% |
| Denta Water and Infra SolutionsJan 2025 | 237x | 507x | 90.6x | 222x | ₹220 Cr | +10.5% | +16.1% |
| Mamata MachineryDec 2024 | 236x | 274x | 138x | 195x | ₹179 Cr | +146.9% | +159.3% |
| KRN Heat Exchanger and RefrigerationSep 2024 | 253x | 432x | 98.3x | 214x | ₹344 Cr | +118.2% | +133.4% |
| Gala Precision EngineeringSep 2024 | 233x | 415x | 91.9x | 201x | ₹168 Cr | +36.3% | +43.1% |
| Vibhor Steel TubesFeb 2024 | 179x | 721x | 188x | 299x | ₹77.3 Cr | +181.5% | +195.5% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Pantomath Capital Advisors | 19 | +20.0% | 79% |
Offer documents (NSE)
Frequently asked
What is the Highway Infrastructure IPO price band and lot size? ₹65.0–70.0 per share, with a lot of 211 shares, so the smallest retail bid is ₹14,770.
How many times has it been subscribed? 301x overall: QIB 421x, NII 447x, retail 156x.
How did it list? It opened at ₹115, +64.3% against the issue price of ₹70.0, and closed its first day +72.5%.
