Afcons Infrastructure Ltd.'s Rs 5,430-crore initial public offering will open for bidding from Oct. 25 to Oct. 29. The IPO is a mix of both fresh issue and an offer for sale, totaling Rs 1,250 crore and Rs 4,180 crore respectively, at a face value of Rs 10 each.
The net proceeds received through OFS will be received by the selling shareholders after deducting their proportion of the offer expenses and the required taxes. The company will not get obtain any proceedings from the OFS.
The infrastructure firm will utilise the net proceeds received from fresh issues towards funding long-term working capital requirements, repaying certain outstanding borrowings and for other general corporate activities.
It will also obtain the benefits of the listing of its equity shares on the exchanges, further improving its visibility and brand image along with creating a public market for their shares.
ICICI Securities Ltd., DAM Capital Advisors Ltd., Nuvama Wealth Management Ltd., Jefferies India Pvt., Nomura Financial Advisory and Securities (India) Pvt. and SBI Capital Markets Ltd. are the leading bookrunners, and Link Intime India Pvt. is the registrar for the offer.
Afcons Infrastructure is part of the Shapoorji Pallonji Group that specialises in engineering and construction. Afcons operates in various infrastructure sectors, including marine, surface transport, urban infrastructure, hydro and underground, and oil and gas projects.
The company has completed projects in more than 25 countries across Asia, Africa, and the Middle East. Its work includes building large structures with creative designs and full construction services. The firm has also delivered over 350 infrastructure projects.
The IPO received approval from the Securities and Exchange Board of India in September. The company submitted its IPO documents to SEBI in March.
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