Highway Infra has numper listing

Highway Infrastructure had a bumper listing despite the lacklustre market’ as against the IPO price of Rs.70, it got listed on the BSE at Rs.117, going up to Rs.122.84, where it is currently trading.

The IPO had met with great response which is reflected in the listing price; HNIs took the lions share at 447.32x, followed by QIBs at 420.57x and Retail was also very good at 155.8x. Overall the issue was subscribed 300.61x.

Highway Infrastructure Limited has 4 tollway collection road projects and engineering procurement and construction (EPC) projects in Madhya Pradesh, Gujarat, Uttar Pradesh, Rajasthan and Maharashtra. 77% of Rs. 500 cr annual revenue is generated from toll collection projects and 21% from EPC-infra projects.

Our conclusion in the IPO Analysis - Highway Infrastructure IPO is not recommended for its average fundamentals, tiny scale of operations and unattractive pricing. It won’t be surprising to see a play beyond fundamentals on the counter, post listing.