Afcons Infrastructure IPO 2024 Highlights: Check GMP, IPO allotment, listing, date and other details

The allotment status for the Afcons Infrastructure IPO is anticipated to be released on October 30, 2024. Currently, the allotment status is unavailable, as it will be made accessible once the basis of allotment is finalized. Please check back for the latest updates regarding the Afcons Infrastructure Limited IPO allotment status.

How to Check Afcons Infrastructure IPO Allotment Status

To check your Afcons Infrastructure IPO allotment status, follow these steps:

On securing the allotment, you will receive the credit of equivalent shares in your Demat account.

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 IPO has been subscribed 0.52 times as of October 28, 2024, at 6:39:07 PM. The public issue recorded a subscription of 0.39 times in the retail category, 0.88 times among Qualified Institutional Buyers (QIB), and 0.76 times in the Non-Institutional Investor (NII) category.

The allotment for the Afcons Infrastructure IPO is anticipated to be finalized on Wednesday, October 30, 2024. Following this, the IPO is set to list on the BSE and NSE, with a tentative listing date scheduled for Monday, November 4, 2024.

The Afcons Infrastructure IPO opened on October 25, 2024, and will close on October 29, 2024.

Afcons Infrastructure’s IPO saw its latest Grey Market Premium (GMP) at Rs 38 as of October 28, 2024, at 3:58 PM. With a price band of Rs 463, the estimated listing price for Afcons Infrastructure IPO stands at Rs 501 (cap price plus today’s GMP), indicating an expected gain per share of 8.21%.

On October 25, 2024, the subscription status for the Afcons Infrastructure IPO was as follows: Qualified Institutional Buyers (QIB) subscribed at a rate of 0.01 times, while Non-Institutional Investors (NII) showed a subscription of 0.11 times. The retail category recorded a subscription of 0.14 times, and Employees (EMP) participated with a rate of 0.39 times. Overall, the total subscription for the IPO reached 0.10 times.

As of October 28, 2024, at 4:11 PM, the Afcons Infrastructure IPO has been subscribed 0.42 times overall. The public issue has seen a subscription rate of 0.37 times in the retail category, 0.36 times in the Qualified Institutional Buyers (QIB) category, and 0.51 times in the Non-Institutional Investors (NII) category.

The Afcons Infrastructure IPO, open for subscription from October 25 to 29, 2024, has set a price band of Rs 440-Rs 463 per share with a market lot of 32 shares, amounting to an application price of approximately Rs 14,816. The IPO aims to raise around Rs 5,430 crore, with 35% of shares reserved for retail investors, translating to roughly 12.76 lakh applications. Small HNI investors have about 13,000 forms available, while large HNIs have around 26,000 forms. The shares carry a face value of Rs 10 each.

Afcons Infrastructure Ltd, a Shapoorji Pallonji group company, has seen a lukewarm response from investors since its IPO opened for subscription on Friday. The Rs 5,430-crore public offering comprises fresh shares valued up to Rs 1,250 crore and an offer for sale (OFS) by the promoter worth Rs 4,180 crore. The IPO will remain open until October 29.

The Afcons Infrastructure IPO, priced within a range of Rs 440-463 per share and offered in lots of 32 shares, is slated to close for subscriptions on Tuesday, October 29, 2024.

The Grey Market Premium (GMP) for Afcons Infrastructure’s IPO has dipped to Rs 18 today, marking a decline of Rs 41 from the weekend’s GMP of Rs 59. This drop is largely attributed to weak sentiment in the secondary market, with the Nifty 50 index sliding for four consecutive sessions. Despite this downturn, the GMP remains in positive territory, a shift from October 25, 2024, when the IPO launched and the grey market sentiment was neutral toward this book-built issue.

“We believe Afcons Infrastructure (Afcons) IPO brings investors an opportunity to invest in a flagship construction company of the Shapoorji Pallonji Group supported by a strong track record of executing large and complex projects both in India and internationally. We think with a diverse portfolio spanning marine, transportation, bridges and urban infrastructure, Afcons ability to complete projects ahead of schedule highlights its operational excellence. We also believe The company’s robust order book and long-standing relationships with global clients like Arcelor Mittal and Reliance Industries provide strong revenue visibility. AIL’s strategic push into high-growth international markets such as Africa, Southeast Asia, and Eastern Europe, combined with its expertise in leveraging innovative construction methodologies, positions it well for sustained growth,” said Rajan Shinde, Research Analyst at Mehta Equities.

Afcons Infrastructure Limited (AIL), an infrastructure engineering and construction firm under the Shapoorji Pallonji Group, launched its IPO on Friday but has received a tepid response so far. The overall subscription stands at just 25%, reflecting the negative market sentiment affecting investor confidence.

“At the upper band company is valuing at 37.9x its FY24 earnings along with being valued at 46.3x if we annualize FY25 earnings. Following the issuance of equity shares, the company’s market capitalization stands at Rs 17,026.18 crore, with a market cap-to-sales ratio of 1.34 based on its FY24 earnings. We believe that the issue is fully priced and recommend “Subscribe–Long Term” rating to the IPO,” said Anand Rathi Research in an IPO note.

“Considering its extensive experience in completing high-value and complex projects that offer better margins. Geographical diversification with operations across multiple sectors broadens their revenue base and mitigates risks. With a robust order book and a successful track record of project completion, we assign a “Subscribe” rating for medium- to long-term investment,” said Geojit Financial Services in an IPO note.

“On valuation parse at the upper price band of Rs.463/-, the issue is asking for a market cap of Rs 17,029 crore and based on FY25 annualised earnings and fully diluted post-IPO paid-up capital, the company is asking for a PE of 46.48x which seems fully priced by looking at the industry average of 40-45x. Investors should also look at IPO offers which come with nearly 77% OFS i.e. Rs 4180 crore with a total issue of Rs 5430 crore which is an area of concern for new investors. Given the company’s advanced equipment base proven execution capabilities and strategic market position them a key player in infrastructure sectors. Hence, by looking at all attributes we recommend investors to “Subscribe” the Afcons Infrastructure Ltd for long-term perspective only,” said Rajan Shinde, Research Analyst at Mehta Equities.

Link Intime India is the registrar for the issue. The allotment of shares will be finalised on October 30. The retail investors were offered 35.35% of the issue while the retailers booked the issue 0.29 times.

The stock of Afcons Infrastructure was fetching a premium of 4.5% or Rs 21 in the grey market. It is an unofficial market where shares trade illegally ahead of listing. The GMP of Afcons Infra indicates flat listing on the bourses.

As of 10:24 AM on the second day of bidding the initial public offering (IPO) of Afcons Infrastructure received a subscription of 0.15 times. The IPO attracted bids for 1,28,30,304 shares against the total offer of 8,66,19,950 shares, according to the latest data from the National Stock Exchange (NSE).

The initial public offering (IPO) of Afcons Infrastructure Ltd, part of the Shapoorji Pallonji group, has experienced a muted response from investors since its opening for public subscription on Friday. The Rs 5,430-crore IPO includes fresh shares worth up to Rs 1,250 crore, alongside an offer for sale (OFS) by the promoter amounting to Rs 4,180 crore. The IPO is set to conclude on October 29.