Highway Infrastructure IPO: Final Day Subscription At 300.61 Times So Far, GMP Unchanged
Highway Infrastructure is tentatively scheduled to be listed on the BSE and NSE on Tuesday, Aug. 12.
The initial public offering of Highway Infrastructure Ltd. has been subscribed over 300 times on its third and final day on Thursday, led by strong demand from non-institutional investors.
The company operates in infrastructure development and management, with key areas including toll collection, 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 component of 46 lakh shares, amounting to Rs 32.48 crore.
The date of allotment of IPO shares will be Aug. 8. Highway Infrastructure is tentatively scheduled to be listed on the BSE and NSE next Tuesday.
Highway Infrastructure 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.
IPO Details
Issue opens: Aug. 5.
Issue closes: Aug. 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.
Subscription Status: Day 3
The issue has been subscribed 300.61 times as of 6:18 p.m.
Qualified institutional buyers: 420.57 times
Non-institutional buyers: 447.32 times
Retail investors: 155.58 times.
IPO GMP
The grey market premium for the IPO declined at Rs 36, according to InvestorGain. That implies listing at a premium of 51.43% at around Rs 106.
GMP or grey market price is not an official indicator and is based on market speculation.
