Afcons Infrastructure IPO 2024 Highlights: The IPO opened on October 25. It closes a day ahead of Diwali 2024 i.e. October 30. The issue has been subscribed to a total of 0.10 times. The retail buyers subscribed to the issue 0.14 times. The company wants to raise a sum of Rs 5,430 crore.
The allotment of shares is expected to be finalised on October 30. The listing will be likely on November 04. The company’s IPO price band ranges between Rs 440 to Rs 463 per equity share. The issue also has a reservation of up to 631,313 shares for employees, which are offered to them at a discount of Rs 44 to the issue price. ICICI Securities, Dam Capital Advisors (Formerly IDFC Securities), Jefferies India, Nomura Financial Advisory And Securities (India), Nuvama Wealth Management, and SBI Capital Markets are the book-running lead managers.
Afcons Infrastructure IPO Date time price GMP Subscription Review Live Updates: GMP indicates listing gains
Afcons Infrastructure has set its IPO price band at Rs 440 to Rs 463 per share. The minimum lot size for applications is 32 shares, requiring a minimum investment of Rs 14,816 from retail investors. For sNII (small Non-Institutional Investors), the minimum investment is 14 lots (448 shares), totaling Rs 207,424, while for bNII (big Non-Institutional Investors), the minimum investment is 68 lots (2,176 shares), amounting to Rs 1,007,488.
In the Afcons Infrastructure IPO allotment process, the registrar meticulously separates valid applications from invalid ones. Applications that contain technical errors are rejected, ensuring that only valid applications submitted at or above the cut-off price are considered for allotment.
Afcons Infrastructure Limited saw a 6% revenue increase and a 9% rise in profit after tax (PAT) between the financial years ending March 31, 2023, and March 31, 2024.
As of October 29, 2024, at 08:32 PM, the last Grey Market Premium (GMP) for the Afcons Infrastructure IPO is ₹0. With a price band set at ₹463.00, the estimated listing price of the IPO remains ₹463, resulting in an expected percentage gain/loss per share of 0.00%.
On day 2, October 28, 2024, the figures improved significantly, with QIBs reaching 0.08, NIIs at 0.72, Retail subscriptions at 0.36, EMP at 1.01, and a total subscription rate of 0.36. This upward trend indicates increasing investor interest as the subscription period progresses.
The Afcons Infrastructure IPO has been subscribed 2.77 times overall, with retail category subscriptions at 0.99 times, QIB at 3.99 times, and NII at 5.31 times, as of October 29, 2024, at 6:19 PM.
Anand Rathi, Arihant Capital Markets Ltd, BP Equities (BP Wealth), Canara Bank Securities Ltd, Dilip Davda, Geojit Securities Ltd, GEPL Capital Ltd, KR Choksey Securities Ltd, Marwadi Shares and Finance Ltd, Mehta Equities, SMIFS Limited, and Swastika Investmart Ltd have issued an "Apply" recommendation for the Afcons Infrastructure IPO. In contrast, Capital Market, Cholamandalam Securities Limited, and Nirmal Bang hold a "Neutral" view on the IPO. Axis Capital, HDFC Securities Limited, JM Financial Services Limited (JMFS), SBICAP Securities Limited, and Systematix Shares and Stocks (India) Limited have categorized the IPO as "Not Rated."
The Afcons Infrastructure IPO will close for subscription at 5 PM on October 29, 2024, but most brokers will cease accepting applications from 1 PM to 3 PM.
The allotment status for the Afcons Infrastructure IPO is anticipated to be available on October 30, 2024. Currently, the status is not accessible as the basis of allotment has yet to be finalized. Please check back for the latest updates regarding Afcons Infrastructure Limited IPO allotment.
How to Check Your Afcons Infrastructure IPO Allotment Status
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The mainline IPO of Afcons Infrastructure, valued at Rs 5430 crore, is set to close today, October 29, 2024. The offer includes a fresh issue worth Rs 1250 crore and an offer for sale amounting to Rs 4180 crore.
The book-running lead managers for the Afcons Infrastructure IPO include ICICI Securities Limited, Dam Capital Advisors Ltd (formerly IDFC Securities Ltd), Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Pvt Ltd, Nuvama Wealth Management Limited, and SBI Capital Markets Limited. Link Intime India Private Ltd will serve as the registrar for the IPO.
The last Grey Market Premium (GMP) for the Afcons Infrastructure IPO was Rs 10 as of October 29, 2024, at 3:28 PM. Based on a price band cap of Rs 463, the estimated listing price is Rs 473 (cap price + today's GMP), reflecting an expected gain of 2.16% per share.
Afcons Infrastructure Limited has demonstrated strong financial growth in its latest fiscal results. For the financial year ending March 31, 2024, the company reported a 6% increase in revenue, totaling Rs 13,646.88 million, up from Rs 12,844.09 million in the previous year. Profit After Tax (PAT) also saw a notable rise of 9%, reaching Rs 449.76 million compared to Rs 410.86 million for the fiscal year ending March 31, 2023.
As of June 30, 2024, Afcons’ total assets stood at Rs 17,184.58 million, reflecting robust growth from Rs 14,301.25 million a year earlier. The company’s net worth increased to Rs 3,662.25 million, up from Rs 3,155.06 million in March 2023. Additionally, reserves and surplus grew to Rs 3,342.52 million. The total borrowings rose to Rs 3,365.1 million, indicating a strategic approach to financing its growth. Overall, Afcons Infrastructure Limited’s financials reflect a positive trajectory and solid operational performance.
The Afcons Infrastructure IPO is managed by a team of prominent financial institutions, including ICICI Securities Limited, Dam Capital Advisors Ltd (formerly IDFC Securities Ltd), Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Pvt Ltd, Nuvama Wealth Management Limited, and SBI Capital Markets Limited, serving as the book-running lead managers. Link Intime India Private Ltd is appointed as the registrar for the issue.
Afcons Infrastructure’s initial public offering (IPO) reached a 97% subscription rate on its third day, as of 12:21 IST today, according to BSE data. The IPO received bids for 8,38,36,864 shares against the 8,66,19,950 shares available. The retail investor segment achieved 51% subscription, while the non-institutional investor quota saw a stronger 2.26 times subscription. The portion allocated to qualified institutional buyers (QIBs) was subscribed at 79%, and the employee segment was booked 1.33 times.
Afcons Infrastructure’s initial public offering (IPO) is backed by a robust promoter structure, led by Goswami Infratech Private Limited, Shapoorji Pallonji and Company Private Limited, and Floreat Investments Private Limited. Prior to the IPO, promoters held a substantial 99.48% stake in the company, which will adjust slightly post-issue as new investors come on board, while promoters retain a controlling interest. This strong backing highlights confidence in Afcons Infrastructure’s growth prospects and strategic goals as it looks to expand operations and market reach through its public offering.
According to the red herring prospectus (RHP), the company's listed peers include Larsen & Toubro Ltd with a P/E of 37.14, KEC International Ltd at 74.67, Kalpataru Project International Ltd at 42.20, and Dilip Buildcon Ltd at 37.63.
Afcons Infrastructure IPO 2024 Live: Afcons Infrastructure IPO: GMP Now
Afcons IPO GMP is currently around 7%. This indicates that investors do see value in the stock. With a premium of Rs 34 and the higher band of the issue price at Rs 463, the issue is tentatively expected to be listed at Rs 497 per share.
Afcons Infrastructure IPO 2024 Live: Afcons Infrastructure IPO Day-3 subscription status
The IPO for Afcons Infrastructure, the premier infrastructure arm of the Shapoorji Pallonji Group, faced a slow response in its first two days of bidding. By the second day, overall subscription reached 36%, with the non-institutional investor segment at 72% and retail individual investors (RIIs) at 36%. Qualified institutional buyers (QIBs) subscribed to just 8% of their portion, while the employee segment saw strong interest, being oversubscribed at 1.01 times.
Afcons Infrastructure Ltd, part of the Shapoorji Pallonji Group, has seen a subdued response from investors since its IPO opened for public subscription on Friday. The Rs 5,430 crore offering includes a fresh issue of shares worth up to Rs 1,250 crore, along with a Rs 4,180 crore offer for sale (OFS) by the promoter. The IPO will close on October 29.
Afcons Infrastructure IPO 2024 Live: Afcons Infrastructure IPO Promoter Holding
Afcons Infrastructure’s initial public offering (IPO) features a strong promoter holding structure. The primary promoters include Goswami Infratech Private Limited, Shapoorji Pallonji and Company Private Limited, and Floreat Investments Private Limited. Before the IPO, the promoters held an impressive 99.48% stake in the company. Post-issue, the shareholding percentage is expected to adjust slightly, reflecting the influx of new investors while still retaining significant control by the promoters. This solid backing underscores the confidence in Afcons Infrastructure’s growth potential and strategic direction as it seeks to expand its operations and market presence through the public offering.
Afcons Infrastructure IPO 2024 Live: GMP update
Shares of Afcons Infrastructure were commanding a grey market premium of a bit over 8%. The grey market is an unregulated place where shares trade illegally ahead of listing.
The IPO will be closed on October 29. It was opened on October 25 for bidding. The company wants to raise a sum of Rs 5,430 crore. The issue is a combination of fresh shares and offer for sale. The allotment of shares is expected to be finalized on October 30. The IPO will be listed on BSE and NSE on November 4.
Afcons Infrastructure Limited is launching its Initial Public Offering (IPO) from October 25 to October 29, 2024, with shares set to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The IPO offers a price band of Rs 440 to Rs 463 per share with a face value of Rs 10, and the lot size is set at 32 shares. The total issue size comprises 117,278,618 shares, aggregating up to Rs 5,430.00 crore, split between a fresh issue of 26,997,840 shares worth Rs 1,250.00 crore and an Offer for Sale (OFS) of 90,280,778 shares valued at Rs 4,180.00 crore. Additionally, employees receive a discount of Rs 44 per share. Pre-issue, the company’s shareholding stands at 340,738,269 shares, increasing post-issue to 367,736,109 shares. This Book Built Issue IPO aims to strengthen the company’s financial position and support its growth initiatives in infrastructure projects.
The Afcons Infrastructure IPO is scheduled to open on Friday, October 25, 2024, and will close on Tuesday, October 29, 2024. Investors can mark these key dates in the IPO timeline:
The IPO allotment process will conclude by October 30, 2024, followed by the crediting of shares to investors' demat accounts and the listing on November 4, 2024. Investors are advised to confirm their UPI mandates by the designated deadline.
Afcons Infrastructure has successfully raised Rs 1,621.50 crore from anchor investors as part of its IPO launch. The anchor bidding process took place on October 24, 2024, and attracted robust interest from high-profile institutional investors. A total of 35,021,597 shares were offered in the anchor portion, demonstrating strong pre-listing confidence in the company’s growth potential.
The anchor investors’ lock-in period for 50% of their allocated shares will end on November 29, 2024 (30 days from the bid date), while the remaining shares will have an extended lock-in period, ending on January 28, 2025 (90 days). This tiered lock-in structure supports market stability by gradually releasing shares to the market. With this successful anchor investment phase, Afcons Infrastructure looks poised for a promising IPO launch and has attracted the backing of prominent investors who recognize its value in the infrastructure sector.
Afcons Infrastructure Limited has demonstrated strong financial growth in its latest fiscal results. For the financial year ending March 31, 2024, the company reported a 6% increase in revenue, totaling Rs 13,646.88 million, up from Rs 12,844.09 million in the previous year. Profit After Tax (PAT) also saw a notable rise of 9%, reaching Rs 449.76 million compared to Rs 410.86 million for the fiscal year ending March 31, 2023.
As of June 30, 2024, Afcons' total assets stood at Rs 17,184.58 million, reflecting robust growth from Rs 14,301.25 million a year earlier. The company's net worth increased to Rs 3,662.25 million, up from Rs 3,155.06 million in March 2023. Additionally, reserves and surplus grew to Rs 3,342.52 million. The total borrowings rose to ₹3,365.1 million, indicating a strategic approach to financing its growth. Overall, Afcons Infrastructure Limited's financials reflect a positive trajectory and solid operational performance.
Incorporated in 1959, Afcons Infrastructure Limited is a prominent infrastructure engineering and construction company within the Shapoorji Pallonji Group, boasting over six decades of experience. As of September 30, 2023, Afcons has successfully completed 76 projects across 15 countries, with a total historical executed contract value of Rs 522.20 billion. Currently, the company operates 67 active projects in 13 countries, maintaining an impressive order book worth Rs 348.88 billion. Afcons is strategically positioned globally, with a presence in Asia, Africa, and the Middle East. The company’s operations are organized into five major infrastructure business verticals, focusing on various sectors such as transportation, marine, and urban infrastructure, among others. With its strong legacy and commitment to excellence, Afcons Infrastructure continues to play a vital role in shaping the future of infrastructure development across regions.
Afcons Infrastructure's initial public offering (IPO) features a strong promoter holding structure. The primary promoters include Goswami Infratech Private Limited, Shapoorji Pallonji and Company Private Limited, and Floreat Investments Private Limited. Before the IPO, the promoters held an impressive 99.48% stake in the company. Post-issue, the shareholding percentage is expected to adjust slightly, reflecting the influx of new investors while still retaining significant control by the promoters. This solid backing underscores the confidence in Afcons Infrastructure's growth potential and strategic direction as it seeks to expand its operations and market presence through the public offering.