Highway Infrastructure IPO – Review, Allotment, Subscription, GMP & DRHP
Last Updated Date: Aug 31, 2023Highway Infrastructure Limited basically engaged in projects of roads, highway, by passes, express ways, bridges, flyovers, construction of residential flats etc. The registered office is located in Indore, Madhya Pradesh. Highway Infrastructure IPO comprises of 34,76,000 Equity shares, face value of Rs.10 each.
Let’s have a detailed review of the company and analytics of the Highway Infrastructure IPO release date, IPO offer price, subscription, Highway Infrastructure IPO allotment, grey market price and other details like the company’s background, its financial positions, its promoters and other related things.
Highway Infrastructure IPO Review & Ratings
| IPO Ratings & Review | |
| Criteria | Ratings |
| Industry Sentiments | 8.5/10 |
| Industry Ranking | 7.8/10 |
| Company Background | 7.9/10 |
| Company Reputation | 7.9/10 |
| Competitive Edge | 7.7/10 |
| Financial Statements | 7.8/10 |
| Popularity Index | 8.4/10 |
| Promoters Reputation | 7.7/10 |
| Retail Appetite | 7.9/10 |
| Top Brokers Review | 7.9/10 |
| Overall Ratings | 8.1/10 |
| Star Ratings | ★★★★☆ |
Summary of Highway Infrastructure Limited IPO
Highway Infrastructure Limited basically engaged in projects of roads, highway, by passes, express ways, bridges, flyovers, construction of residential flats etc. The registered office is located in Indore, Madhya Pradesh. The Issue comprises of a Public Issue of 34,76,000 Equity Shares of Face Value of Rs. 10/- each for Cash at a Price of Rs. 68 Per Equity Share. Net Pubic issue constitutes of 94.94% of the Issue Size whereas Market reservation constitutes 5.06%. The Issue and the Net Issue will constitute 26.52 % and 25.18% respectively of the Post Issue paid up Equity Share Capital of the Company.
From FY 2015-16 to FY 2017-2018, as per the Restated Financial Statements,
- In Fiscals 2016 and 2017 and 2018 their revenue from operation, as per the Restated Financial Information were Rs. 6102.62 lakhs, Rs. 8014.14 lakhs and Rs. 9,462.81 lakhs, respectively
- In Fiscals 2016 and 2017 and 2018 their profit after tax, as per the Restated Financial Information was Rs. 430.49 lakhs, Rs. 413.38 lakhs and Rs. 489.64 lakhs, respectively.
- They have been able to increase their total revenue from Fiscal 2016 to Fiscal 2018 at a CAGR of 24.52% and their profit after tax at a CAGR of 6.65% over the same period.
The Promoter of this company is Mr. Anoop Agrawal and Mr. Arun Kumar Jain. The lead manager to the issue is Monarch Networth Capital Limited and the Registrar to this issue is Bigshare Services Private Limited .
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Highway Infrastructure IPO Date
The opening and the closing date of Highway Infrastructure Limited IPO is not known yet.
Highway Infrastructure IPO Subscription
| Day / Date | QIB | NII | RII | Total Subscription |
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| Shares Offered or Net Issue |
The shares subscribed by the public will be updated herein on a daily basis, once the IPO is open for subscription.
Highway Infrastructure IPO Allotment Status
Here, you can find the Allotment Status of this IPO.
Highway Infrastructure IPO Price Band
The face value of each share is Rs 10, but the price band of the IPO is not yet disclosed.
Highway Infrastructure IPO Equity Share Offering
Public Issue Of 34,76,000 Equity Shares of Face Value of Rs.10/- each of Highway Infrastructure Limited for Cash at a Price of Rs. 68/- Per Equity Share aggregating to Rs. 2363.68 Lakhs
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Highway Infrastructure Limited – Company Overview
Highway Infrastructure Limited, a partnership firm, that was converted into a Private Limited Company in the name and style of Highway Infrastructure Private Limited under the provision of the companies Act, 1956. A fresh Certificate of Incorporation consequent upon conversion of Company to public limited Company and consequent change of name to Highway Infrastructure Limited was issued on May 04, 2018 by the Registrar of Companies, Gwalior,MP.
The Company is basically engaged in projects of roads, highway, by passes, express ways, bridges, flyovers, construction of residential flats etc. This company‘s name has become famous with the quality construction business in Indore, Bhopal, Dhar, Hoshangabad and other nearby places. The Company also specializes in maintenance and operation of Roads & Highway and also other activities related to infrastructure projects. The company has evolved over the years and with the help of technical staff has now become a key player in highway projects.
The Company is promoted by Mr. Anoop Agrawal and Mr. Arun Kumar Jain and is the guiding force behind the growth and strategic decisions of the Company.
Competitive Strengths of Highway Infrastructure Limited:
- Experienced promoters and Management Expertise
- An Integrated In-House Project Team With Strong Execution Capabilities
- Strong Track Record Of Completed Infrastructure
- Client Centric Approach
- Quality Assurance And Standards
Business strategies of Highway Infrastructure Limited:
- Continue Focusing On Roads And Highways Projects While Selectively Expanding the Geographic Footprint.
- Attract, Train And Retain Qualified Personnel
- Continue Focusing On Enhancing Execution Efficiency
- Capitalize On The Growth Opportunities In The Indian Infrastructure Industry
- Develop relationship with the clients and optimize their client mix
- Continue to focus on quality and timely project delivery
- Capturing the high growth opportunities in the Infrastructure segment
Highway Infrastructure Limited – Financial Statements
A quick look into the past financial performance of the company to understand its performance of business and evaluate the growth prospectus:
Financial Summary:
| Amount (in INR & Lakhs) | |||||
| 31-Mar-18 | 31-Mar-17 | 31-Mar-16 | 31-Mar-15 | 31-Mar-14 | |
| Total Assets | 9,161.48 | 10314.32 | 6846.89 | 5811.08 | 6976.78 |
| Total Revenue | 9541.20 | 8098.56 | 6361.62 | 8949.39 | 6017.16 |
| Total Expense | 8806.72 | 7470.85 | 5788.21 | 8530.29 | 5530.71 |
| Profit After Tax | 489.65 | 413.38 | 430.50 | 332.42 | 347.79 |
Earnings per Equity Share (in Lakhs)
| 31-Mar-18 | 31-Mar-17 | 31-Mar-16 | 31-Mar-15 | 31-Mar-14 | |
| Basic & Diluted (pre-bonus) | 5.08 | 47.21 | 49.17 | 37.96 | 39.72 |
| Basic & Diluted (post-bonus) | 5.08 | 4.29 | 4.47 | 3.45 | 3.61 |
From the above statements, one could find that the Highway Infrastructure Limited may perform well.
Highway Infrastructure IPO – Promoters
The Promoter of this company are:
- Mr. Anoop Agrawal
- Mr. Arun Kumar Jain
List of Related Parties (Key Managerial Personnel)
- Mr. Arun Kumar Jain
- Mr. Anoop Agrawal
- Mr. Anil Kumar Patil
- Mrs. Aarti Thakur Parihar
Interest in promotion of the Company
Company is currently promoted by the Promoters in order to carry on its present business. Promoters are interested in the Company to the extent of their shareholding and directorship of the Individual Promoter in the Company and the dividend declared, if any, by the Company. The Promoters are interested in the transactions entered into the Company and the Promoter Group.
Property Interest
The promoters along with the promoter group will continue to hold collectively some percentage of the equity share capital of the company. As a result of the same, they will be able to exercise significant influence over the control of the outcome of the matter that requires approval of the majority shareholders vote.
Interest in Intellectual Rights of the Company
Promoters has not shown any interest in acquiring the intellectual rights of the company.
Highway Infrastructure IPO Offer Details or Issue Details
| Particulars | No. Of Equity Shares |
| Equity Shares Offered | 34,76,000 Equity Shares of Face Value of Rs. 10/- each for Cash at a Price of Rs. 68 Per Equity Share (Including a Share Premium of Rs. 58 per Equity Share) aggregating to Rs. 2363.68 lakhs |
| Of which: | |
| Reserved for Market Makers | 1,76,000 Equity Shares of Rs.10/- each for cash at a price of Rs. 68 per share aggregating Rs. 119.68 lakhs |
| Net Issue to the Public | 33,00,000 Equity Shares of Rs.10/- each for cash at a price of Rs. 68 per share aggregating Rs. 2244.00 lakhs |
| Of which: | |
| Retail Investors Portion | 16,50,000 Equity Shares of Rs.10/- each for cash at a price of Rs. 68 per share ( including a premium of Rs. 58 per Equity Share) will be available for allocation for allotment to Retail Individual Investors of up to Rs.1122.00 Lakhs |
| Non-Retail Investors Portion | 16,50,000 Equity Shares of Rs.10/- each for cash at a price of Rs. 68 per share ( including a premium of Rs. 58 per Equity Share) will be available for allocation for allotment to Other Investors of above Rs.1122.00 Lakhs |
| Equity Shares outstanding prior to the Issue | 96,31,534 Equity Shares of face value of Rs.10 each |
| Equity Shares outstanding after the Issue | 1,31,07,534 Equity Shares of face value of Rs.10 each |
Highway Infrastructure IPO Issue Object
These are the IPO Issue Objects of the company
- Funding the Working Capital requirements of the Company
- Issue Expenses
- General Corporate Purposes
Highway Infrastructure IPO – Basis of the Offer Price
The issue price is determined by the company in consultation with the Lead manager on the basis of the following qualitative and quantitative factors.
Qualitative factors are:
- Experienced promoters and Management Expertise
- An Integrated In-House Project Team With Strong Execution Capabilities
- Strong Track Record Of Completed Infrastructure
The relevant quantitative factors are:
| Basic & Diluted EPS | RONW (%) | NAV (Rs.) | |
| 31-Mar-16 | 49.17 | 16.90 | 290.95 |
| 31-Mar-17 | 47.21 | 14.09 | 335.15 |
| 31-Mar-18 | 5.08 | 14.30 | 35.55 |
- Industry P/E Ratio:
| Particulars | P/E ratio |
| Average | 35.78 |
| Highest | 67.07 |
| Lowest | 4.51 |
- Competitive Peers:
| Particulars | Face Value (in Rs.) | EPS (In Rs.) | P/E Ratio | RONW (%) | NAV (In Rs.) |
| Highway Infrastructure Limited |
1.00 | 5.08 | 13.39 | 14.30 | 35.55 |
| Sadbhav Infrastructure Project |
1.00 | 1.92 | 67.05 | 4.83 | 39.80 |
Highway Infrastructure IPO Lead Managers
| Lead Managers |
| MONARCH NETWORTH CAPITAL LIMITED, Address – Monarch House, Opp., Ishwar Bhuvan, Commerce Six Road, Navrangpura, Ahmedabad – 380014. Tel. No. – 079 – 6600 0500/ 700 Website: https://www.mnclgroup.com Email: anshit.acharya@mnclgroup.com Investor Grievance Email: mbd@mnclgroup.com Contact Person: Mr. Anshit Acharya /Mr. Jigar Chandarana SEBI Regn. No. MB/ INM000011013 |
Highway Infrastructure IPO Registrar to offer
| Registrar to the Offer |
| BIGSHARE SERVICES PRIVATE LIMITED, Address – E-2/3, Ansa Industrial Estate, Sakivihar Road, Saki Naka, Andheri (E), Mumbai- 400072. India. Tel. No. – +91-022- 6263 8200 Website: www.bigshareonline.com Email: ipo@bigshareonline.com Investor Grievance Email: investor@bigshareonline.com Contact Person: Mr. Prem Kumar SEBI Regn. No. INR000000221 |
Other Details:
- Statutory Auditor – M/s. Sarda Kasat & Co. Chartered Accountants
- Peer Review Auditor – M/S. S.D. Mota & Associates
- Bankers to the Company – AXIS BANK LIMITED and YES BANK LIMITED
Highway Infrastructure IPO Review by Top 10 Stock Brokers
| Top Stock Brokers Review | Company Reputation | Competitive Edge | Financial Statement | Popularity Index | Promoters Reputation |
| Angel Broking | 7.5/10 | 7.4/10 | 8.5/10 | 8.1/10 | 7.1/10 |
| Sharekhan | 7.2/10 | 7.1/10 | 8.6/10 | 8.1/10 | 7.2/10 |
| Kotak Securities | 7.3/10 | 7.5/10 | 8.4/10 | 8.1/10 | 7.3/10 |
| ICICI Direct | 7.3/10 | 7.3/10 | 8.7/10 | 8.1/10 | 7.1/10 |
| IIFL | 7.5/10 | 7.2/10 | 8.8/10 | 8.0/10 | 7.1/10 |
| Edelweiss | 7.5/10 | 7.4/10 | 8.4/10 | 8.3/10 | 7.2/10 |
| Zerodha | 7.4/10 | 7.1/10 | 8.5/10 | 8.1/10 | 7.0/10 |
| 5Paisa | 7.1/10 | 7.1/10 | 8.4/10 | 8.1/10 | 7.1/10 |
| Karvy | 7.4/10 | 7.3/10 | 8.2/10 | 8.1/10 | 7.1/10 |
| Motilal Oswal | 7.1/10 | 7.1/10 | 8.6/10 | 8.3/10 | 7.2/10 |
Highway Infrastructure IPO Grey Market Premium
The Highway Infrastructure IPO Grey Market Premium price is Rs X, the Kostak rate is Rs X and the Subject to Sauda is X.
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