Highways Infrastructure IPO oversubscribed 7.5 times on Day 1
Highways Infrastructure Ltd's IPO got oversubscribed 7.47 times on its opening day, with nearly 12 crore bids for just 1.6 crore shares.
Retail investors were especially enthusiastic, applying for almost 10 times the shares set aside for them.
Company builds and maintains roads, highways, bridges
Based in Indore since 1995, Highways Infrastructure builds and maintains roads, highways, bridges, and residential projects. They're also into toll collection and real estate development.
The company posted ₹504 crore in revenue and a profit of ₹22 crore.
Issue includes fresh and offer for sale shares
The IPO includes a fresh issue of ₹97.5 crore and an offer for sale worth ₹32.5 crore, priced at ₹65-70 per share.
Shares are set to list on BSE and NSE.
Most of the funds will go toward working capital needs (₹65 crore), with anchor investors like HDFC Bank already backing the issue.