Afcons Infrastructure IPO Subscription Details on Day 3

29 Oct 2024 , 05:14 PM

Afcons Infrastructure Ltd., part of the Shapoorji Pallonji Group, launched its IPO on October 25, aiming to raise ₹5,430 Crore through a combination of fresh shares and an offer for sale (OFS). The price band for the IPO is set between ₹440 to ₹463 per share, with a minimum bid requirement of 32 shares.

As of October 29, the IPO subscription rate stood at 2.63 times, with the retail segment subscribing at 0.94 times, non-institutional investors at 5.05 times, and Qualified Institutional Buyers (QIB) at 3.79 times.

The IPO consists of fresh shares worth up to ₹1,250 Crore, while the promoter, Goswami Infratech Pvt Ltd, is offering shares valued at ₹4,180 Crore in the OFS. Proceeds from the fresh issue will be utilized for various purposes: ₹80 Crore for acquiring construction equipment, ₹320 Crore for working capital needs, and ₹600 Crore for debt repayment.

Afcons Infrastructure boasts a robust project portfolio, having successfully completed 79 projects across 17 countries in sectors such as Marine, Surface Transport, Urban Infrastructure, Hydro, and Oil & Gas. Share allotment is scheduled for October 30, with the expected listing on the BSE and NSE set for November 4.