The initial public offer of Highway Infrastructure Ltd garnered a whopping 300.61 times subscription on the closing day of the share sale on Thursday.
The Rs 130-crore IPO received bids for 4,82,27,45,343 shares against 1,60,43,046 shares on offer, as per NSE data.
Non-institutional investors part attracted 447.32 times subscription while the quota meant for Qualified Institutional Buyers (QIBs) got subscribed a huge 420.57 times. Retail Individual Investors (RIIs) portion fetched 155.58 times subscription.
Highway Infrastructure Ltd on Monday raised Rs 23.40 crore from anchor investors, including HDFC Bank and Abans Finance Pvt Ltd.
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The price band for the offer has been fixed at Rs 65-70 per share.
The initial public offer (IPO) is a mix of fresh issue of 1.39 crore shares aggregating to Rs 97.52 crore and an offer for sale of 46.4 lakh shares amounting to Rs 32.48 crore.
Incorporated in 1995, Highway Infrastructure Ltd (HIL) is engaged in tollway collection, EPC (Engineering, Procurement, and Construction) projects, and real estate development.