IPO WATCH

Highway infrastructure total subscription

JSW Cement's IPO is opening on August 7, 2025, and will close on August 11, 2025. Here are the key details:

*IPO Details*

- *Issue Size*: ₹3,600 crores
- *Price Band*: ₹139 to ₹147 per share
- *Face Value*: ₹10 per equity share
- *Lot Size*: 102 shares
- *Minimum Investment*: ₹14,994 (for 1 lot at ₹147)

*IPO Schedule*

- *Anchor Investor Bidding*: August 6, 2025
- *IPO Opens*: August 7, 2025
- *IPO Closes*: August 11, 2025
- *Allotment Finalization*: August 12, 2025
- *Refunds/Unblocking*: August 13, 2025
- *Listing Date*: August 14, 2025

*Use of Proceeds*

- Part financing the cost of establishing a new integrated cement unit at Nagaur, Rajasthan (₹800 crores)
- Prepayment or repayment of outstanding borrowings (₹520 crores)
- General corporate purposes

*Investor Quota*

- QIB (Qualified Institutional Buyers): 50%
- NII (Non-Institutional Investors): 15%
- Retail: 35%

JSW Cement is a leading cement manufacturing company in India, with an installed grinding capacity of 20.60 MMTPA. The company is part of the JSW Group, led by industrialist Sajjan Jindal ¹ ².

*Highway Infrastructure IPO Details*

- *IPO Dates*: August 5-7, 2025
- *Price Band*: ₹65 to ₹70 per share
- *Lot Size*: 211 shares (minimum investment: ₹13,715 to ₹14,770)
- *Issue Size*: ₹130 crores (fresh issue: ₹97.52 crores, offer for sale: ₹32.48 crores)
- *Listing Date*: August 12, 2025 (tentative) on BSE and NSE

*IPO Objectives*

The company aims to utilize the funds raised for:
- *Working Capital Requirements*: ₹65 crores
- *General Corporate Purposes*: balance amount

*Company Overview*

Highway Infrastructure Limited is a well-established player in the infrastructure sector, with 30+ years of experience in tolls and construction. They have completed 63 EPC projects and are working on 20 more ¹ ² ³.

*Financial Performance*

- *Revenue*: ₹504.48 crores (FY2025), ₹576.58 crores (FY2024)
- *Profit After Tax*: ₹22.40 crores (FY2025), ₹21.41 crores (FY2024)
- *EPS*: ₹3.40 (FY2025), ₹3.28 (FY2024)

*Valuation*

The IPO's valuation seems moderate to slightly expensive compared to industry peers, with a P/E ratio of 18.06x (pre-IPO) and 22.41x (post-IPO) ³ ².