Afcons Infrastructure sets ₹5,430 Crore IPO Price Band at ₹440-463

21 Oct 2024 , 01:10 PM

Afcons Infrastructure Ltd has set the price band for its IPO at ₹440-463 per share, scheduled to open on October 25 and close on October 29. Anchor bidding for the IPO will begin on October 24, a day before the public issue opens.

The IPO consists of a fresh equity issuance worth ₹1,250 Crore and an offer-for-sale of shares amounting to ₹4,180 Crore by promoter Goswami Infratech.

Promoters Goswami Infratech, Shapoorji Pallonji & Company, Floreat Investments, Hermes Commerce, and Renaissance Commerce collectively hold 99% of the company’s shares, with only 1% held by public shareholders.

Of the net proceeds, ₹80 Crore will be used for construction equipment purchases, ₹320 Crore for long-term working capital, and ₹600 Crore for debt repayment. The remaining funds will be allocated for general corporate purposes.

Since FY13, Afcons has completed 79 projects worth ₹56,305 Crore in 17 countries and currently has 65 active projects valued at ₹31,747 Crore across 12 countries as of June 2024.

For FY24, Afcons reported a net profit of ₹449.7 Crore, a 9.5% increase year-on-year, with revenue from operations rising 5% to ₹13,267.5 Crore. The IPO shares will be listed on BSE and NSE from November 4, with shares credited to demat accounts by October 31.