Afcons Infrastructure IPO Day 1 Live Updates: The flagship infrastructure engineering and construction firm of the Shapoorji Pallonji Group, Afcons Infrastructure Ltd, makes its debut on the D-Street today. The company boasts a solid history of delivering numerous intricate, challenging, and unique engineering, procurement, and construction (EPC) projects, both within India and internationally. Afcons Infrastructure IPO price band has been set between ₹440 and ₹463 per equity share with a face value of ₹10. The Afcons Infrastructure IPO subscription period is set to begin on Friday, October 25, and will conclude on Tuesday, October 29.
The IPO includes a fresh issuance of equity shares valued at ₹1,250 crore and a share offer worth ₹4,180 crore by its promoter Goswami Infratech.
As of June 30, 2024, the firm is actively involved in 65 projects across 12 countries, with a cumulative order book valued at ₹317.47 billion.
Over the years, the company has broadened its international footprint, especially in Asia, Africa, and the Middle East. Afcons Infrastructure has undertaken numerous complex, demanding, innovative, and groundbreaking infrastructure projects both in India and globally, as highlighted in the Fitch Report.
Afcons Infrastructure IPO Live Updates: Issue subscribed 3% so far
The initial public offer of Afcons Infrastructure IPO has been subscribed 3% on the first day of subscription today, at 11:42 IST, as per BSE data.
The initial share sale received bid for 28,32,224 shares against 8,66,19,950 shares on offer, according to BSE.
The portion for retail investors received 5% subscription while the quota for non-institutional investors got subscribed 3%. The qualified institutional buyers (QIBs) part is yet to be booked. The employee portion has been subscribed 13%.
25 Oct 2024, 11:17:34 AM IST
Afcons Infrastructure IPO Live Updates: Check out some of the key risks
- If the company does not qualify for or secure new contracts from project owners, their business, financial health, operational results, future prospects, and cash flows may suffer negatively.
- The company heavily relies on projects granted by government entities or state-owned customers, exposing them to various risks. As of June 30, 2024, such projects accounted for 69.80% of their order book.
- The company’s operations are capital intensive. Should they face inadequate cash flows or be unable to obtain appropriate financing to fulfill working capital needs and repay loans, their business, financial state, and operational results could be negatively impacted.
25 Oct 2024, 10:56:32 AM IST
Afcons Infrastructure IPO Live Updates: Check out the company’s projects so far
Over the last eleven financial years and the three-month period ending June 30, 2024, the Company has effectively carried out 79 projects in 17 countries, accumulating a total executed contract value of ₹563.05 billion. As of June 30, 2024, there are 65 active projects in progress across 12 countries, totaling an order book of ₹317.47 billion.
25 Oct 2024, 10:41:46 AM IST
Afcons Infrastructure IPO Live Updates: Issue subscribed 2% so far
The initial public offer of Afcons Infrastructure IPO has been subscribed 2% on the first day of subscription today, at 10:39 IST, as per BSE data.
The initial share sale received bid for 17,68,544 shares against 8,66,19,950 shares on offer, according to BSE.
The portion for retail investors received 3% subscription while the quota for non-institutional investors got subscribed 2%. The qualified institutional buyers (QIBs) part is yet to be booked. The employee portion has been subscribed 7%.
25 Oct 2024, 10:21:39 AM IST
Afcons Infrastructure IPO Live Updates: Here’s all you need to know about the peers
As per the red herring prospectus (RHP), the company’s listed peers are Larsen & Toubro Ltd (with a P/E of 37.14), KEC International Ltd (with a P/E of 74.67), Kalpataru Project International Ltd (with a P/E of 42.20), and Dilip Buildcon Ltd (with a P/E of 37. 63)
25 Oct 2024, 10:01:58 AM IST
Afcons Infrastructure IPO Live Updates: Know about the issue’s lead managers and registrar
Afcons Infrastructure IPO has book running lead managers including ICICI Securities Limited, Dam Capital Advisors Ltd (formerly known as Idfc Securities Ltd), Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Pvt Ltd, Nuvama Wealth Management Limited, and SBI Capital Markets Ltd. Additionally, Link Intime India Private Ltd will serve as the registrar for the issue.
25 Oct 2024, 09:46:13 AM IST
Afcons Infrastructure IPO Live Updates: Should you subscribe to the ₹5,430-crore IPO
Canara Bank Securities Ltd, in its analysis, highlighted that the company boasts a robust and diversified business model, along with a solid order book and stable financial performance in the infrastructure sector. Its key advantages include strategic investments in equipment, although there are challenges such as slim PAT margins and dependency on government capital expenditure. While the management is committed to optimizing long-term asset use, supported by Shapoorji Pallonji, investors should remain cautious about the risks associated with capex reliance and profit margins.
25 Oct 2024, 09:31:16 AM IST
Afcons Infrastructure IPO Live Updates: The company raised Pre-IPO Monies from some marquee investors. Check details
The total amount raised before the IPO stands at ₹2,967 crore, with shares priced at ₹463 each. The total size of the IPO is now set at ₹5,430 crores. The Offer for Sale (OFS) has decreased, while the fresh issue remains unchanged. Afcons Management, along with other companies from the SP Group, has collectively invested ₹38 crore in the fundraise.
Check out marquee investors list:
• GIC Singapore around ₹756 crs
• Enam Holdings i.e Akash Bhansali – ₹400 crs
• Synergy Capital – ₹400 crs
• 360 One i.e IIFL Wealth – ₹200 crs
• Quant MF – ₹200 crs
• M&G Investments- ₹175 crs
• Think Investments – ₹175 crs
• Discovery Capital Management – ₹170 crs
• SBI General Insurance – ₹100 crs
• Artian Investment from Arcelor Mittal – ₹100 crs
• Madhu Kela – ₹70 crs
• White Oak- ₹35 crs
• Alchemy i.e Lashit and Neha Sanghvi – ₹30 crs
• Nuvama – ₹25 crs
25 Oct 2024, 09:16:43 AM IST
Afcons Infrastructure IPO Live Updates: Here’s all you need to know about the issue details
The IPO includes a fresh issuance of equity shares valued at ₹1,250 crore and a share offer worth ₹4,180 crore by its promoter Goswami Infratech.
Goswami Infratech, Shapoorji Pallonji and Company, Floreat Investments, Hermes Commerce, and Renaissance Commerce are the promoters, holding 99% of the company’s shares, while the remaining one percent is owned by public shareholders.
25 Oct 2024, 09:01:21 AM IST
Afcons Infrastructure IPO Live Updates: Check out the IPO reservation details
Afcons Infrastructure IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. A discount of ₹44 per equity share is being offered to eligible employees.
25 Oct 2024, 08:46:56 AM IST
Afcons Infrastructure IPO Live Updates: Here’s all you need to know about anchor investor
Ahead of its IPO, Afcons Infrastructure Ltd announced on Thursday that it has secured ₹1,621 crore from anchor investors, just a day before the public subscription for its initial share sale begins.
Participation in the anchor book came from both foreign and domestic institutions, including HDFC Mutual Fund (MF), ICICI Prudential MF, BlackRock, Fidelity Investments, Goldman Sachs, HSBC Group, Nomura, Nippon India MF, Enam Holdings, Mirae MF, Quant MF, Invesco MF, Eastbridge, Amundi, Invesco HK, and SBI General Insurance.
The company has allocated more than 3.5 crore equity shares to 80 different funds at a price of ₹463 per share, which marks the upper limit of the price range.
25 Oct 2024, 08:38:20 AM IST
Afcons Infrastructure IPO Live Updates: Here’s what GMP signal’s ahead of opening
Afcons Infrastructure IPO GMP today is +60. This indicates Afcons Infrastructure share price was trading at a premium of ₹60 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Afcons Infrastructure share price is indicated at ₹523 apiece, which is 12.96% higher than the IPO price of ₹463.
Based on the last 27 sessions’ grey market actions, the current GMP ( ₹60) is indicating a downward trend. According to investorgain.com analysts, the lowest GMP is ₹0, and the highest is ₹225.
‘Grey market premium‘ indicates investors’ readiness to pay more than the issue price.
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