Highway Infrastructure IPO Subscribed

New Delhi, Aug 5 (PTI) The initial public offer of Highway Infrastructure Ltd got fully subscribed within hours of opening for bidding on Tuesday.

The three-day initial share sale received bids for 11,97,90,186 shares against 1,60,43,046 shares on offer, translating into 7.47 times subscription, according to data available with the NSE till 11:45 hours.

Retail Individual Investors (RIIs) part fetched 9.63 times subscription while the quota for non-institutional investors got subscribed 7.14 times. The Qualified Institutional Buyers (QIBs) portion received 90 per cent subscription.

Highway Infrastructure Ltd on Monday said it had raised Rs 23.40 crore from the anchor investors, including HDFC Bank and Abans Finance Pvt Ltd.

The Rs 130-crore Initial Public Offering (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.

Proceeds from the fresh issue to the tune of Rs 65 crore will be utilised to fund the working capital requirements of the company and the balance for general corporate purposes.

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 profit after tax of 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.