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Afcons Infrastructure IPO Sees 74% Subscription on Final Day

IPO Price

October 29, 2024

New Delhi, India

Afcons Infrastructure IPO

Afcons Infrastructure, a Shapoorji Pallonji Group company, launched its initial public offering (IPO) on October 25, 2024, with the subscription closing on October 29. The IPO has a price range of ₹440 to ₹463 per share, and the lot size is set at 32 shares.

  • IPO Size: ₹5,430 crore
    • Fresh Issue: ₹1,250 crore
    • Offer for Sale (OFS): Up to ₹4,180 crore by promoter Goswami Infratech Pvt Ltd
  • Anchor Investment: Raised ₹1,621 crore from anchor investors on October 24

Subscription Highlights

  • Total Subscription: 74%
  • Category-Wise Subscriptions:
    • Non-Institutional Investors (NIIs): Fully subscribed at 72%
    • Retail Investors (RIIs): 0.36 times subscribed
    • Qualified Institutional Buyers (QIBs): 8% subscription
    • Employees: Oversubscribed at 1.01 times, with a discount of ₹44 per share

Purpose of IPO Proceeds

Funds from the fresh issuance will be allocated towards:

  • Capital Expenditure: ₹80 crore for construction equipment
  • Working Capital: ₹320 crore for long-term needs
  • Debt Repayment: ₹600 crore to clear a portion of outstanding borrowings
  • General Corporate Purposes

Business Segments

Afcons operates across five infrastructure verticals:

  • Marine and Industrial: Ports, harbors, LNG tanks
  • Surface Transport: Highways, railways, mining infrastructure
  • Urban Infrastructure: Metro projects, bridges
  • Hydro and Underground: Dams, tunnels
  • Oil and Gas: Offshore and onshore projects

Lead Managers and Registrar

The IPO is managed by:

  • Lead Managers: ICICI Securities, DAM Capital Advisors, Jefferies India, Nomura Financial Advisory, Nuvama Wealth, SBI Capital Markets
  • Registrar: Link Intime India

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