• Source:JND
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Afcon Infrastructure IPO:  The initial public offering (IPO) of Shapoorji Pallonji Group company Afcons Infrastructure will open for public subscription on October 25. With the initial share sale, the company aims to raise Rs 5,430 crore. The price band of the IPO has been set at Rs 440-463 per share. Investors can place bids in the IPO till October 29 and the IPO will be open for Anchor investors on October 24. After the IPO closes, allotments will be finalized on October 30 and shares will be listed on the BSE and the NSE on November 4.

In the Afcons Infrastructure IPO, fresh shares worth Rs 1,250 crore will be issued. In addition, there will be a sale of shares worth Rs 4,180 crore. Of the total shares to be offered, 50 percent are reserved for qualified institutional buyers, 35 percent for retail investors and 15 percent for non-institutional buyers.

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What does Afcon infrastructure do?

Afcons Infrastructure is an infrastructure engineering and construction company. It was founded in 1959. The company's promoters are Goswami Infratech Private Limited, Shapoorji Pallonji & Company Private Limited, Floreat Investments Private Limited, Hermes Commerce and Renaissance Commerce. The company has a global business presence in Asia, Africa and the Middle East.

The company will use the money raised from the sale of fresh shares in the IPO to purchase construction equipment (Rs 80 crore), fund long-term working capital requirements (Rs 320 crore), partially repay borrowings (Rs 600 crore) and for general corporate purposes.

Afcons Infrastructure's revenue grew by 6 per cent to Rs 13,646.88 crore in the fiscal year 2024 from Rs 12,844.09 crore in the previous year. Meanwhile, the company's net profit increased by 9 per cent to Rs 449.76 crore in FY 2024 from Rs 410.86 crore in FY 2023. In the April-June 2024 quarter, revenue rose to Rs 3,213.47 crore and profit stood at Rs 91.59 crore.

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