The initial public offering of Highway Infrastructure Ltd. got fully subscribed within hours of opening for bidding on Tuesday and ended the day with 27.04 times subscription.
The IPO received bids for 43.38 crore (43,38,13,890) shares against 1.60 crore (1,60,43,046) shares on offer, translating into 27.04 times subscription, according to data available with the NSE.
Non-institutional investors category was booked 33.45 times while the Retail Individual Investors' quota was subscribed 28.69 times. The Qualified Institutional Buyers' portion received 4.92 times subscription.
Highway Infrastructure Ltd on Monday raised Rs 23.40 crore from anchor investors, including HDFC Bank and Abans Finance Pvt Ltd.
The Rs 130-crore IPO will conclude on Thursday. The price band has been fixed at Rs 65-70 per share.
The IPO is a mix of fresh issue of 1.39 crore shares aggregating to Rs 97.52 crore and an offer for sale of 46.4 lakh shares amounting to Rs 32.48 crore.
Incorporated in 1995, Highway Infrastructure Ltd. (HIL), is engaged in tollway collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development.
The Indore-based company specialises in the construction and maintenance of roads, highways, bridges, and residential projects.
The company's total income stood at Rs 504.48 crore, and its profit after tax was Rs 22.40 crore.
The company's shares will be listed on the BSE and NSE.
Pantomath Capital Advisors is the sole book-running lead manager, while Bigshare Services is the registrar for the IPO.
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