Highway Infrastructure IPO: The initial public offering (IPO) of Highway Infrastructure closed for subscription on Thursday, August 11, with a stellar demand from all categories of investors.
The issue had managed to sail through on the first day of the bidding process itself on August 5 amid a strong grey market premium (GMP).
Highway Infrastructure IPO Subscription Status
Highway Infrastructure IPO was booked 300.61 times at the end of the three-day bidding process, with the retail quota booked 155.58 times and the NII portion subscribed 447.32 times. Meanwhile, the QIB segment was booked 420.57 times. Overall, the IPO received bids for 4,82,27,45,343 shares as against 1,60,43,046 shares on offer.
Now, with the closure of the issue, investor focus will now shift to the Highway Infrastructure IPO allotment, which is expected tomorrow, August 8.
Highway Infrastructure IPO GMP
Highway Infrastructure IPO GMP today is ₹40. This means that shares of Highway Infrastructure are trading ₹40 higher than the issue price of ₹70. At the prevailing GMP and the issue price, Highway Infrastructure IPO listing price could be ₹110, a premium of 57%.
However, investors must note that GMP is quite volatile and subject to change. Therefore, investors should consider company fundamentals when deciding to apply for the issue.
About Highway Infrastructure IPO
Highway Infrastructure IPO consisted of a mix of fresh share sale of ₹97.5 crore and an offer for sale of ₹32.5 crore. The company is looking to raise a total of ₹130 crore.
The issue was priced in the range of ₹65-70 per share. Investors could apply for the Highway Infrastructure IPO for 211 shares in one lot and multiples thereof.
The company plans to use the funds raised from the share sale for funding working capital needs and other general corporate purposes.
Pantomath Capital Advisors Private Limited us the book-running lead manager while Bigshare Services Private Limited is the registrar to the issue.
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