This article provides a detailed look at the Highway Infrastructure IPO’s subscription status after the close of Day 3, including the unique records set, the latest Grey Market Premium (GMP) trends, and how these factors influence your allotment chances.
Highway Infrastructure IPO: Key Dates & Details
The Highway Infrastructure IPO opened for subscription on August 5th, with August 6th marking the second day for applications and August 7th as the final day. From the strong subscription figures seen on the very first day, expectations were high that this IPO would achieve record-breaking subscription numbers. Indeed, the momentum continued on Day 2 and remained strong on the final day, leading to several new records.
The company’s shares have a face value of ₹5. If you applied at the cut-off price of ₹70 and are lucky enough to receive an allotment, you would be allocated a minimum of 211 equity shares. The total issue size for the IPO was ₹130 crore. This relatively small issue size is a significant factor contributing to the highly oversubscribed figures observed. Of the total issue size, approximately ₹98 crore constitutes a fresh issue that will go to the company, while roughly ₹33-34 crore is an Offer For Sale (OFS), with proceeds going to promoters and existing shareholders.
For those who applied on August 5th, 6th, or 7th, allotment information is expected soon. The refund process for non-allotted applications is scheduled for August 11th, which is also the date for shares to be credited to Demat accounts. The company’s shares are slated for listing on both BSE and NSE on August 12th.
Record-Breaking Subscription Figures
The Highway Infrastructure IPO has shown exceptional subscription figures across all categories, setting several new records for a Main Board IPO. This significant oversubscription is largely due to the relatively small issue size and the structured allocation across different investor categories.
Category-Wise Subscription Details
Anchor Investors A total of 3,342,856 equity shares were offered to anchor investors, valued at ₹23 crore. These shares have already been fully allocated.
Qualified Institutional Buyers (QIB) The QIB category witnessed an overwhelming response, subscribing approximately 433 times (specifically 432.73 times). Against the 2,285,714 equity shares offered, bids were received for 96,43,35,111 equity shares, amounting to approximately ₹6,750 crore. This makes it the most subscribed Main Board IPO in the QIB category to date. The primary reason for such high oversubscription in QIB was that after the anchor allocation, only about 10% of the total issue size was reserved for QIBs, a much smaller portion than the initial 30% mentioned for QIBs.
Non-Institutional Investors (HNI) The HNI category, including both Big HNI and Small HNI, saw an overall subscription of approximately 473 times (specifically 472.73 times). For the 5,571,400 equity shares allocated, bids for 26,37,63,190 equity shares were received, totaling approximately ₹18,436 crore. The high subscription in the HNI category can be attributed to the lower portions reserved for HNI (initially mentioned as 30%) and QIBs, a trend not typically seen in Main Board IPOs before recent rule changes which previously saw SME IPOs oversubscribed by over 1000 times in HNI and Retail categories.
Big HNI Category (B-HNI) Within the HNI segment, the Big HNI category was subscribed approximately 484 times. Against 3,742,856 equity shares, bids for 17,97,42,164 equity shares were placed, amounting to ₹12,581 crore. For applicants in this category, the chance of receiving an allotment is approximately 1 in 97 applications. This represents the highest allotment probability among the HNI categories.
Small HNI Category (S-HNI) The Small HNI category was subscribed approximately 450 times. For the 1,857,143 equity shares offered, bids for 8,36,34,154 equity shares were received, totaling approximately ₹5,884 crore. The allotment chances in the Small HNI category stand at roughly 1 in 440 applications.
Retail Individual Investors The Retail category witnessed a subscription of approximately 163 times (specifically 163.27 times). Against 7,428,572 equity shares reserved for retail investors (initially mentioned as 40%), bids for 1,21,10,25,427 equity shares were received, amounting to ₹8,477 crore. Based on the figures, the chance of receiving an allotment for a retail application is approximately 1 in 135, though some discrepancies in calculation were noted.
Overall Subscription & Application Numbers
The IPO’s overall subscription exceeded all expectations, subscribing approximately 316 times (specifically 315.80 times) against an initial expectation of over 200 times. For the 1,52,00,000 equity shares offered, bids for a staggering 48,00,00,000 equity shares were received, totaling ₹33,663 crore. This small issue size IPO attracted approximately 46 lakh applications, showcasing remarkable investor interest across all categories.
Grey Market Premium (GMP) & Listing Gain Projections
Despite the record-breaking subscription numbers, the Grey Market Premium (GMP) for Highway Infrastructure IPO is showing relatively lukewarm momentum. The current GMP stands at ₹36. Based on the cut-off price of ₹70 and the current GMP, the estimated listing price is ₹106. This translates to an estimated listing gain of approximately 51% per lot, which is roughly ₹7,600 per lot.
What’s Next?
We encourage you to comment on which category (Big HNI, Small HNI, or Retail) you applied in, as this feedback will be valuable for future listing day strategy discussions. Further updates regarding the Grey Market Premium and allotment status will be provided through subsequent videos. Stay connected for timely updates.
