Afcons Infrastructure’s Shares Debut at ₹430.5, Down 7% from IPO of ₹463

Afcons Infrastructure IPO, part of the Shapoorji Pallonji Group, had a slow start on the stock market today. On the Bombay Stock Exchange (BSE), the shares opened at ₹430.5, which is a 7% drop from the IPO price of ₹463.

On the National Stock Exchange (NSE), the Afcons Infrastructure shares began trading at ₹426, reflecting a 7.99% decline from the IPO issue price.

Before its listing, Afcons Infrastructure’s IPO GMP was around ₹15, or about 3.42%, according to sources observing grey market trends. This suggests a weak market entry for the company’s shares.

The public issue of Afcons Infrastructure included a fresh issue of 26,997,840 shares and an offer for sale of 90,280,778 shares. It closed for subscription on Tuesday, October 29, 2024, with good interest from investors. The IPO was priced between ₹440 and ₹463, with a minimum lot size of 32 shares.

Afcons Infrastructure IPO Subscription

According to NSE data, Afcons Infrastructure’s IPO received bids for 22,78,22,496 shares, significantly exceeding the 8,66,19,950 shares available, leading to an oversubscription of 2.63 times. The interest was strongest among Qualified Institutional Buyers (QIBs), who subscribed at 3.79 times, followed by non-institutional investors (NIIs) at 5.05 times, while retail investors subscribed at 0.94 times by the end of the subscription period.

The basis of allotment for Afcons Infrastructure was finalised on Wednesday, October 30, 2024.

About Afcons Infrastructure

Afcons Infrastructure is the main infrastructure, engineering, and construction company of the Shapoorji Pallonji Group. In FY24, its revenue came primarily from different types of projects: 72.37% from EPC (Engineering, Procurement, and Construction) projects, 27.38% from item-rate projects, and 0.25% from cost-plus projects. The company has completed 79 projects in 17 countries, with a total contract value of ₹56,305 crore. Currently, Afcons has 65 ongoing projects in 12 countries and an order book worth ₹31,747 crore.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.