Afcons Infrastructure fixes IPO price at Rs 440-463 per share

    Mumbai, Oct 21 (PTI) Shapoorji Pallonji Group firm Afcons Infrastructure Ltd on Monday said it has fixed a price band of Rs 440-463 per share for its Rs 5,430-crore Initial Public Offering (IPO), which will open for subscription on October 25.
     The IPO is a mix of fresh issue worth up to Rs 1,250 crore and an offer of sale (OFS) of up to Rs 4,180 crore, Afcons Infrastructure said.
     Goswami Infratech, a promoter company, is selling shares via the OFS.
     The issue will close on October 29.
     The issue price has been fixed at Rs 440-463 apiece and investors can bid for a minimum of 32 equity shares and in multiples of 32 thereafter, the company said.
     Proceeds from fresh issuance to the extent of Rs 80 crore will be utilised for capital expenditure for purchase of construction equipment; Rs 320 crore for funding long-term working capital requirements and Rs 600 crore for prepayment or scheduled repayment of a portion of certain outstanding borrowings, among others, it said.
     Investors including GIC Singapore, Enam Holdings (Akash Bhanshali), Synergy Capital, 360 One, M&G Investments, Think Investments, Discovery Capital Management, Artian Investment from ArcelorMittal, Madhusudan Kela, White Oak, among others, participated in the company's pre-IPO round.
     Afcons operates across five major infrastructure business verticals-- marine and industrial, surface transport, urban infrastructure, hydro and underground as well as oil and gas.
     As of June 30, 2024, Afcons' order book stood at Rs 31,747 crore. And it was actively involved in 79 active projects across 17 countries.
     For the June quarter this fiscal, the company reported a Profit After Tax of Rs 91.59 crore, and Rs 3,154.36 crore revenue from operations.
     ICICI Securities, DAM Capital Advisors, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India), Nuvama Wealth Management Limited, and SBI Capital Markets are the book running lead managers, it said.

(This story has not been edited by THE WEEK and is auto-generated from PTI)