Highway Infra Projects Ltd's IPO witnessed 73x subscription on Day 2 of the offering.
The issue attracted significant interest from retail, institutional, and non-institutional investors.
The strong demand signals positive market sentiment and confidence in the company’s growth prospects.
The IPO of Highway Infrastructure Ltd fetched 73 times subscription on the day two of bidding on Wednesday.
The initial public offer (IPO) received bids for 1,16,98,86,124 shares against 1,60,43,046 shares on offer, translating into 72.92 times subscription, as per the NSE data.
The non-institutional investors category was booked 97.70 times while the retail individual investors' quota was subscribed 73.55 times. The qualified institutional buyers' portion received 7.10 times subscription.
Highway Infrastructure Ltd on Monday raised ₹23.40 crore from anchor investors, including HDFC Bank and Abans Finance Pvt Ltd.
The ₹130-crore IPO will conclude on Thursday. The price band has been fixed at ₹65-70 per share.
The IPO is a mix of fresh issue of 1.39 crore shares aggregating to ₹97.52 crore and an offer for sale of 46.4 lakh shares amounting to ₹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 ₹504.48 crore, and its profit after tax was ₹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
