Afcons Infrastructure Ltd, a prominent infrastructure company in India and part of the Shapoorji Pallonji Group, is set to make its highly anticipated market debut today, November 4, 2024. Shares will commence trading on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) at 10:00 AM IST.
Afcons Infrastructure to debut on BSE and NSE
The IPO, which ran from October 25 to October 29, 2024, was priced between ₹440 and ₹463 per share, with a minimum lot size of 32 shares. The offering raised approximately ₹5,430 crore, comprising a fresh issue of ₹1,250 crore and an offer for sale (OFS) totaling up to ₹4,180 crore. The IPO saw an overall subscription rate of 2.63 times, with strong demand from qualified institutional buyers (QIBs), who subscribed 3.79 times. Retail investor interest was more subdued, with their portion subscribed at 94%.
On listing day, market sentiment remains cautious, with the grey market premium (GMP) for Afcons Infrastructure shares hovering between ₹20 and ₹25, indicating a potential listing gain of around 5-6% for early investors. Analysts suggest that while modest gains are expected, the tepid retail response during the subscription period could temper the stock’s initial performance.
Company's history
Founded in 1959, Afcons Infrastructure Ltd boasts a legacy of over six decades and is widely recognized for its engineering expertise across diverse sectors, including marine and industrial construction, surface transportation, urban infrastructure, hydro and underground projects, and oil and gas infrastructure. With a reputation for quality and innovation, Afcons has established itself as a leading player in India’s infrastructure landscape.
The IPO’s joint lead managers include several prominent investment banks, underscoring the strategic importance of Afcons’ debut in a sector critical to India’s economic growth trajectory.
