Highway Infrastructure and Jaro Education File Draft Red Herring Prospectus with SEBI for IPOs, Boosting Tollway Collection and Education Sectors

Highway Infrastructure Ltd (HIL), based in Indore, has filed its draft red herring prospectus (DRHP) with SEBI to raise funds through an Initial Public Offering (IPO). The IPO will include a fresh issue of equity shares worth up to ₹105 crore and an offer for sale (OFS) of up to 31,00,000 shares.

HIL is involved in tollway collection, infrastructure development, and real estate. While the company works on various infrastructure projects, tollway collection is a major part of its business model, helping to generate steady revenue and ensure long-term financial growth.

The company’s tollway collection system focuses on technology integration and revenue management to improve toll operations. HIL is one of the few operators that uses Automatic Number Plate Recognition (ANPR) technology on the Delhi-Meerut Expressway. It also uses Electronic Toll Collection (ETC) systems, which use RFID tags and digital payments to allow for smooth, contactless toll payments. This helps reduce congestion, speeds up transactions, and lowers errors, improving overall tollway management.

As of the date of the DRHP, HIL has completed 24 tollway collection projects, 63 EPC infrastructure projects, and 2 real estate projects. Its revenue increased from ₹355 crore in fiscal year 2022 to ₹573 crore in 2024, and its profit after tax rose from ₹8.5 crore to ₹21.4 crore during the same period. Pantomath Capital Advisors is the lead manager for HIL’s IPO.

Jaro Institute of Technology Management & Research

Jaro Institute of Technology Management & Research, based in Mumbai, has also submitted its DRHP with SEBI for an IPO. The IPO, with a face value of ₹10 per share, includes a fresh issue of up to ₹170 crore and an OFS worth ₹400 crore by its promoter, Sanjay Namdeo Salunkhe.

Jaro Education plans to use the money raised for marketing, brand promotion, debt repayment, and general corporate purposes. The company has 22 offices and learning centers in major cities for offline learning, along with 15 high-tech studios in various IIM campuses. It partners with 34 institutions, including IITs, IIMs, and global institutions like the Swiss School of Management and the Rotman School of Management, University of Toronto.

Nuvama Wealth Management, Motilal Oswal Investment Advisors, and Systematix Corporate Services are the lead managers for Jaro Education’s IPO.