New Delhi: Highway Infrastructure is geared up to list its shares on August 12, 2025 on both the BSE and NSE. In the run-up to its debut, the IPO’s grey market premium (GMP) indicates a bullish sentiment centred around high subscription response. 

Highway Infrastructure Ltd.  had attracted an extraordinary subscription of over 300 times during its IPO between August 5 and 7, and completed its share allotment process on August 8, 2025. Investors who applied can now check their allotment status through the registrar Bigshare Services Pvt. Ltd., the BSE, or the NSE portals by entering their application details and PAN. Refunds and share credits to Demat accounts were scheduled for August 11, ahead of the company’s market debut on August 12.

The IPO’s grey market premium (GMP) had earlier surged to ₹36–₹40 per share, hinting at a potential 51% gain over the ₹70 issue price. However, ahead of listing, it has eased to about ₹24, suggesting a likely entry at around ₹94.

Despite the near-term volatility in GMP, market observers are positive about the company’s long-term prospects. As on August 8, Highway Infra shares were trading at a GMP of ₹36, indicating a potential 51% listing gain, as per Investorgain. Bajaj Broking secured the IPO’s valuation at a P/E of 22.44 (FY25 annualised) and 23.41 (FY24), recommending a long-term subscribe. 

Bhavik Joshi, Business Head, INVasset PMS said, ‘Highway Infrastructure Ltd.’s IPO arrives at a time when India’s infrastructure push is being actively translated into on-ground execution, particularly in roads, tollways, and urban development.’

Brokerage house Anand Rathi has recommended a “subscribe” rating for long-term investors, highlighting Highway Infrastructure’s competitive advantage in ANPR-based toll collection systems and its diversified revenue streams from toll operations and EPC projects.

The company’s order book of ₹666 crore, largely in EPC contracts, provides visibility for medium-term revenue growth. Based on FY24 and FY25 earnings, the IPO was priced at a P/E of about 23x, which analysts view as reasonable given its sector positioning. However, experts advise that investors keep an eye on the scale-up of toll operations and maintain realistic expectations for listing gains amid fluctuating grey market trends.

The ₹130-crore Highway Infrastructure IPO is being launched through the book-building route, comprising a fresh issue worth ₹97.52 crore and an offer for sale (OFS) of ₹32.48 crore. The price band has been fixed at ₹65–₹70 per share. Pantomath Capital Advisors Pvt Ltd is acting as the book-running lead manager, with Bigshare Services Pvt Ltd serving as the issue’s registrar.

With the listing scheduled for tomorrow, August 12, 2025, investors are keen to see if Highway Infrastructure can turn its stellar subscription response into an equally impressive debut in the stock market.