Afcons Infrastructure mobilises ₹1,621 crore from anchor book

25 Oct 2024 , 08:37 AM

Afcons Infrastructure Limited (AIL) has successfully raised ₹1,621 crore from anchor investors ahead of its IPO. The issue opens for subscription on Friday, October 25, and will remain available until Tuesday, October 29, 2024. The company is a part of the Shapoorji Pallonji Group. It is a leading player in infrastructure engineering and construction.

Based in Mumbai, AIL has allocated over 3.5 crore equity shares to 80 different funds at ₹463 each, the upper limit of the price band, bringing the total transaction value to ₹1,621.5 crore. Among these shares, approximately 1.17 crore shares valued at around ₹542.2 crore were distributed to 15 domestic mutual funds through 31 schemes, representing 33.44% of the overall anchor book.

Notable participants in the anchor book include prominent foreign and domestic institutions such as HDFC Mutual Fund, ICICI Prudential Mutual Fund, BlackRock, Fidelity Investments, Goldman Sachs, and HSBC Group, among others.

The company’s promoters—Goswami Infratech Private Limited, Shapoorji Pallonji and Company Private Limited, and Floreat Investments Private Limited—hold a combined 99.48% stake in AIL prior to the issue.

Founded in 1959, Afcons Infrastructure boasts a legacy of over six decades. The company is engaged in various infrastructure sectors such as marine, surface transport, urban infrastructure, hydro projects, underground initiatives, and oil and gas.

The IPO’s book-running lead managers include ICICI Securities Ltd, Dam Capital Advisors Ltd, Jefferies India Private Ltd, Nomura Financial Advisory and Securities (India) Pvt Ltd, Nuvama Wealth Management Ltd, and SBI Capital Markets Ltd. Link Intime India Private Ltd serves as the registrar for the offering.