Afcons Infrastructure IPO

Posted by Flattrade October 24, 2024

Afcons Infrastructure IPO is a book-built issue of Rs 5,430.00 crores. The issue is a combination of a fresh issue of 2.7 crore shares aggregating to Rs 1,250.00 crores and an offer for sale of 9.03 crore shares aggregating to Rs 4,180.00 crores.

The IPO opens for subscription on October 25, 2024, and closes on October 29, 2024. The price band for the IPO is set at ₹440 to ₹463 per share and the minimum lot size for an application is 32 Shares.

Company Summary

Incorporated in 1959, Afcons Infrastructure Limited is an infrastructure engineering and construction company of the Shapoorji Pallonji group which has a global presence in Asia, Africa, and the Middle East, with a legacy of over six decades.

As of September 30, 2023, the company has completed 76 projects across 15 countries with a total historic executed contract value of Rs 522.20 billion. Further, the company has 67 active projects across 13 countries, totaling an order book of Rs 348.88 billion.

The company has five major infrastructure business verticals

  1. Marine and industrial projects
  2. Surface transport projects
  3. Urban infrastructure projects
  4. Hydro and underground projects
  5. Oil and gas projects

Company Strengths

  • Strong Track Record of Timely Execution of Large-Scale, Complex and High-Value Projects.
  • Diversified Order Book across Geographies, Clients, and Business Verticals, Longstanding Relationships with Clients Globally, and Strong Financial Performance.
  • Collaboration among internal teams, JV counterparties, and a strategic equipment base, leads to strong execution capabilities.

Company Financials

Period Ended30 Jun 202431 Mar 202431 Mar 202331 Mar 2022
Assets17,184.5816,233.6414,301.2512,973.77
Revenue3,213.4713,646.8812,844.0911,269.55
Profit After Tax91.59449.76410.86357.61
Net Worth3,662.253,575.053,155.062,691.03
Reserves and Surplus3,342.523,255.222,653.752,190.11
Total Borrowing3,365.12,4551,562.821,555.2

Amount in ₹ Crore

Objectives of the IPO
The Company proposes to utilize the Net Proceeds towards funding the following objects

  • Capital expenditure toward the purchase of construction equipment
  • Funding long-term working capital requirements
  • Prepayment or scheduled repayment of a portion of certain outstanding borrowings and acceptances availed by the Company
  • General corporate purpose

Promoters of the company
Goswami Infratech Private Limited, Shapoorji Pallonji, and Company Private Limited, Floreat Investments Private Limited, Shapoorji Pallonji Mistry*, Firoz Cyrus Mistry*, and Zahan Cyrus Mistry*are the Promoters of the Company.
The Promoters, collectively, hold 329,250,448 Equity Shares of the face value of ₹ 10 each in the Company, representing 96.63% of the issued, subscribed, and paid-up Equity Share capital of the Company.

IPO details

IPO DateOctober 25, 2024 to October 29, 2024
Listing DateMonday, November 4, 2024
Face Value₹10 per share
Price Band₹440 to ₹463 per share
Lot Size32 Shares
Total Issue Size117,278,618 shares (aggregating up to ₹5,430.00 Cr)
Fresh Issue26,997,840 shares (aggregating up to ₹1,250.00 Cr)
Offer for Sale90,280,778 shares of ₹10 (aggregating up to ₹4,180.00 Cr)
Issue TypeBook Built Issue IPO
Listing AtBSE, NSE

Lot Allocation details

ApplicationLotsSharesAmount
Retail (Min)132₹14,816
Retail (Max)13416₹192,608
S-HNI (Min)14448₹207,424
S-HNI (Max)672,144₹992,672
B-HNI (Min)682,176₹1,007,488

Allotment Schedule

Basis of AllotmentWednesday, October 30, 2024
Initiation of RefundsThursday, October 31, 2024
The credit of Shares to DematThursday, October 31, 2024
Listing DateMonday, November 4, 2024
Cut-off time for UPI mandate confirmation5 PM on October 29, 2024

IPO Reservation

Investor CategoryShares Offered
QIB Shares OfferedNot more than 50.00% of the Net Issue
Retail Shares OfferedNot less than 35.00% of the Net Issue
NII (HNI) Shares OfferedNot less than 15.00% of the Net Issue

To check allotment, click here

Apply for IPO