Afcons Infrastructure IPO subscribed 10% on Day 1

25 Oct 2024 , 06:33 PM

Afcons Infrastructure Ltd., the Shapoorji Pallonji Group’s premier infrastructure engineering and construction company, debuted on the markets today.

As part of the IPO, its promoter, Goswami Infratech, is offering ₹4,180 crore in shares and is issuing new equity shares valued at ₹1,250 crore.

As of June 30, 2024, the company has a total order book worth ₹317.47 billion and is actively working on 65 projects in 12 countries.

Afcons Infrastructure’s initial public offering (IPO) has performed poorly. Data from the BSE indicates that on the day of its launch, the issue had a 10% subscription rate.

According to the BSE, bids were made for 8,606,560 shares of the 86,619,950 shares that were available in the initial share offer.

The non-institutional investor quota was 11% subscribed, compared to 14% for the retail investor group. Only one percent of qualified institutional buyers (QIBs) have subscribed. A 39% subscription rate has been attained for the employee component.

The organisation has a strong track record of completing many complex, difficult, and one-of-a-kind engineering, procurement, and construction (EPC) projects both domestically and abroad. With a face value of ₹10, the pricing range for the Afcons Infrastructure IPO is ₹440 to ₹463 per equity share. On Friday, October 25, the Afcons Infrastructure IPO subscription period will open, and it will end on Tuesday, October 29.

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