IPO
Indore-based Highway Infrastructure’s Rs.130-Cr IPO oversubscribed 301x
The initial public offering (IPO) of Indore-based infrastructure development and management company Highway Infrastructure Ltd (HIL) was subscribed 300 times. The initial share sale, with bids for 4,82,27,63,700 shares as compared to 1,60,43,046 shares on offer.The non-institutional investors' part fetched 447.32 times subscription, while the category meant for qualified institutional buyers got subscribed 420.57 times. The retail investors' quota attracted 155.58 times subscription.HIL’s IPO, with a price band of INR 65-70 per share, was a book-building issue of INR 130 crore. It was a fresh issuance of INR 97.52 crore as well as an offer for sale of INR 32.48 crore.Under the OFS, promoters Arun Kumar Jain and Anoop Agrawal will be offloading their stake.The company plans to use INR 65 crore of the issue towards working capital requirements.Founded in 1995, HIL is engaged in tollway collection, EPC Infra and real estate business. The company claims to have completed 27 projects.
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