Afcons Infrastructure, part of the Shapoorji Pallonji Group, made its debut on the stock market today but experienced lackluster performance. As of opening day, the IPO has been subscribed at just 10%, with bids for 8,606,560 shares out of the 86,619,950 available.
Afcons Infrastructure debuts on stock market
The retail segment saw a 14% subscription, while non-institutional investors subscribed at 11%, and qualified institutional buyers (QIBs) only reached 1%. The employee portion achieved a 39% subscription rate.
IPO details
The IPO's price band is set between ₹440 and ₹463 per share, with a face value of ₹10. The subscription period runs from October 25 to October 29.
The IPO includes a fresh equity issuance of ₹1,250 crore and a promoter share offer of ₹4,180 crore from Goswami Infratech. As of June 30, 2024, Afcons is engaged in 65 projects across 12 countries, with an order book valued at ₹317.47 billion, showcasing its extensive international presence and expertise in complex infrastructure projects.
