Shapoorji Pallonji Group's Afcons Infra IPO To Open At Rs 440-463 Apiece Price Band

The Rs 5,430-crore initial public offering of Afcons Infrastructure Ltd. will open for bidding at a price band of Rs 440-463 per share. The IPO is a mix of both a fresh issue and an offer for sale, totalling Rs 1,250 crore and Rs 4,180 crore respectively, at a face value of Rs 10 each.

The issue opens for subscription on Oct. 25 and will close on Oct. 29. The anchor book issue will be open for subscription on Oct. 24.

The minimum lot size for bidding will be 32 shares, with further bids to be made in multiples. Shares will be listed on the BSE and NSE.

Goswami Infratech Pvt. will be the sole promoter selling shareholder under the offer for sale segment.

The infrastructure firm will utilise the net proceeds received from the fresh issue towards funding long-term working capital requirements, repaying certain outstanding borrowings and for other general corporate activities.

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 any proceedings from the OFS.

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 for the issue.

Afcons Infrastructure is a 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.