Highway Infrastructure IPO Day 2: Check Subscription, GMP And Other Details

The initial public offering of Highway Infrastructure Ltd. opened for subscription on Aug. 5. The IPO has been subscribed 72.92 times as of 5:00 p.m. on Wednesday on Day two.

The company operates in infrastructure development and management, with key areas including toll collection, EPC (Engineering, Procurement and Construction) projects and real estate development.

The Highway Infrastructure IPO is a book-built issue worth Rs 130 crore. It comprises a fresh issue of 1.39 crore shares, aggregating to Rs 97.52 crore, and an offer-for-sale (OFS) component of 46 lakh shares, amounting to Rs 32.48 crore.

The ⁠Highway Infrastructure IPO is tentatively scheduled to be listed on the BSE and NSE on Tuesday, Aug. 12.

Pantomath Capital Advisors Pvt. Ltd. is the book-running lead manager for the Highway Infrastructure IPO. Bigshare Services Pvt. Ltd. has been appointed as the registrar for the issue.

Highway Infrastructure Ltd. aims to utilise the proceeds from the IPO for specific business needs. A portion of the funds will be allocated towards meeting the company’s working capital requirements. The remaining amount will be used for general corporate purposes.

• Issue opens: August 5.

• Issue closes: August 7.

• Issue price: Rs 65-70.

• Fresh issue: 1.39 crore shares

• Offer for sale: 46 lakh shares

• Issue size: Rs 130 crore

• Lot size: Minimum 63 shares.

The issue has been subscribed 72.92 times as of 5:00 p.m.

• Qualified institutional buyers: 7.10 times

• Non-institutional buyers: 97.70 times

• Retail investors: 73.55 times.

The grey market premium for the IPO stood at Rs 40, as of 8:58 p.m. on August 5, according to InvestorGain. That implies listing at a premium of 57.14% at around Rs 110.

GMP or grey market price is not an official indicator and is based on market speculation.