Shapoorji Pallonji Group's Afcons Infra IPO receives 10 pc subscription on Day 1 of offer

New Delhi, Oct 25 (PTI) The initial public offer of Shapoorji Pallonji Group's flagship infrastructure engineering and construction firm Afcons Infrastructure Ltd received 10 per cent subscription on the first day of subscription on Friday.
     The initial share sale received bids for 85,94,016 shares against 8,66,19,950 shares on offer, as per NSE data.
     The portion for Retail Individual Investors (RIIs) fetched 14 per cent subscription while the quota for non-institutional investors got subscribed 11 per cent. The Qualified Institutional Buyers (QIBs) part received 1 per cent subscription.
     Afcons Infrastructure Ltd (AIL) on Thursday said it has mopped up Rs 1,621 crore from anchor investors.
     The Rs 5,430-crore Initial Public Offering (IPO) will remain open from October 25 to October 29. The price band has been fixed at Rs 440-463 per share.
     The IPO is a combination of a fresh issue of shares worth Rs 1,250 crore and an offer for sale (OFS) of up to Rs 4,180 crore by promoter Goswami Infratech Private Limited.
     Currently, promoter and promoter group entities own a 99 per cent stake in the Maharashtra-based Afcons Infrastructure.
     The company will utilise Rs 80 crore from the fresh issue proceeds to buy construction equipment, Rs 320 crore for long-term working capital, Rs 600 crore to repay debt, and the rest for general corporate purposes.
     Founded in 1865, Shapoorji Pallonji Group (SP Group) is a diversified institution and has a leading presence in engineering & construction, infrastructure, real estate, water, energy and financial services sectors across the globe.
     ICICI Securities Ltd, DAM Capital Advisors Ltd, Jefferies India Private Ltd, Nomura Financial Advisory and Securities (India) Private Ltd, Nuvama Wealth Management Ltd, and SBI Capital Markets Ltd are the book-running lead managers to the issue.

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