Afcons Infrastructure IPO Subscription Details on Day 2

28 Oct 2024 , 05:33 PM

Afcons Infrastructure Ltd, part of the Shapoorji Pallonji group, opened its IPO on October 25, aiming to raise ₹5,430 Crore through a mix of fresh shares and an offer for sale (OFS).

The IPO includes fresh shares worth up to ₹1,250 Crore, while the OFS by the promoter, Goswami Infratech Pvt Ltd, is valued at ₹4,180 Crore.

As of October 28, at the time of writing at 5:27 pm, the IPO subscription rate was 0.36 times, the retail portion saw a subscription of 0.36 times, while non-institutional investors subscribed 0.72 times, and Qualified Institutional Buyers (QIB) subscribed 0.08 times.

The IPO’s price band is set between ₹440 to ₹463 per share, with a minimum bid requirement of 32 shares.

Proceeds from the fresh issue will be allocated as follows: ₹80 Crore for construction equipment, ₹320 Crore for working capital, and ₹600 Crore for repaying borrowings.

Afcons Infrastructure has a strong project portfolio with 79 projects completed across 17 countries in sectors including Marine, Surface Transport, Urban Infrastructure, Hydro, and Oil & Gas. Share allotment is scheduled for October 30, with listings on BSE and NSE planned for November 4.