Madhya Pradesh-based toll collection and EPC infrastructure company, Highway Infrastructure, has submitted preliminary papers to SEBI for an initial public offering (IPO). The IPO consists of a fresh equity issuance worth ₹105 crore and an offer-for-sale (OFS) of 31 lakh shares by promoters.
Promoters Arun Kumar Jain and Anoop Agrawal will each sell 15.5 lakh shares in the OFS. Currently, they hold 34.53% and 37.25% stakes in the company, respectively. Highway Infrastructure specializes in tollway collection, EPC infra, and real estate, with a consolidated order book of ₹596.4 crore as of August 2024.
The company plans to allocate ₹63 crore from the fresh issue for working capital needs, while the rest will go towards general corporate purposes. Proceeds from the OFS will be directed to the selling shareholders.
Highway Infrastructure’s financial performance has been strong, with net profit increasing 55.2% to ₹21.4 crore in FY24, and revenue rising 26% to ₹573.5 crore. EBITDA grew by 38.8% to ₹38.4 crore with a margin improvement of 62 basis points. Pantomath Capital Advisors is the sole merchant banker for the IPO.
