Highway Infrastructure shares jump over 75% to Rs 122.84 in market debut trade

New Delhi: Shares of Highway Infrastructure Ltd on Tuesday ended with a premium of over 75 per cent against the issue price of Rs 70.

The stock started trading at Rs 117, up 67.14 per cent from the issue price on the BSE. It later ended 75.48 per cent higher at Rs 122.84 -- the upper circuit limit.

On the NSE, the stock listed at Rs 115, a jump of 64.28 per cent. Shares of the firm ended with a gain of 72.5 per cent at Rs 120.75 -- the upper circuit limit.

The company's market valuation stood at Rs 881.02 crore.

The initial public offer (IPO) of Highway Infrastructure Ltd garnered a whopping 300.61 times subscription on the closing day of the share sale on Thursday last week.

The Rs 130-crore IPO had a price band of Rs 65-70 per share.

The IPO was 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.

The Indore-based company specialises in the construction and maintenance of roads, highways, bridges, and residential projects.