Afcons Infrastructure IPO is a book built issue of Rs 5,430.00 crores. The issue is a combination of fresh issue of 2.7 crore shares aggregating to Rs 1,250.00 crores and offer for sale of 9.03 crore shares aggregating to Rs 4,180.00 crores.
Afcons Infrastructure IPO bidding started from October 25, 2024 and ended on October 29, 2024. The allotment for Afcons Infrastructure IPO was finalized on Wednesday, October 30, 2024. Afcons Infrastructure IPO will be listed on BSE, NSE on November 4, 2024.
Afcons Infrastructure IPO price band is set at ₹440 to ₹463 per share. The minimum lot size for an application is 32 Shares. The minimum amount of investment required by retail investors is ₹14,816. The minimum lot size investment for sNII is 14 lots (448 shares), amounting to ₹207,424, and for bNII, it is 68 lots (2,176 shares), amounting to ₹1,007,488.
The issue includes a reservation of up to 596,659 shares for employees offered at a discount of Rs 44 to the issue price.
Afcons Infrastructure IPO Details
| IPO Date | October 25, 2024 to October 29, 2024 |
| Listing Date | November 4, 2024 |
| Face Value | ₹10 per share |
| Price Band | ₹440 to ₹463 per share |
| Lot Size | 32 Shares |
| Total Issue Size | 117,278,618 shares (aggregating up to ₹5,430.00 Cr) |
| Fresh Issue | 26,997,840 shares (aggregating up to ₹1,250.00 Cr) |
| Offer for Sale | 90,280,778 shares of ₹10 (aggregating up to ₹4,180.00 Cr) |
| Employee Discount | Rs 44 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 340,738,269 |
| Share holding post issue | 367,736,109 |
Afcons Infrastructure IPO Timeline (Tentative Schedule)
Afcons Infrastructure IPO opens on October 25, 2024, and closes on October 29, 2024.
| IPO Open Date | Friday, October 25, 2024 |
| IPO Close Date | Tuesday, October 29, 2024 |
| Basis of Allotment | Wednesday, October 30, 2024 |
| Initiation of Refunds | Thursday, October 31, 2024 |
| Credit of Shares to Demat | Thursday, October 31, 2024 |
| Listing Date | Monday, November 4, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 29, 2024 |
Afcons Infrastructure IPO Lot Size
Investors can bid for a minimum of 32 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 32 | ₹14,816 |
| Retail (Max) | 13 | 416 | ₹192,608 |
| S-HNI (Min) | 14 | 448 | ₹207,424 |
| S-HNI (Max) | 67 | 2,144 | ₹992,672 |
| B-HNI (Min) | 68 | 2,176 | ₹1,007,488 |
Afcons Infrastructure IPO Reservation
Afcons Infrastructure IPO offers 11,73,35,318 shares. 2,33,47,732 (19.9%) to QIB, 1,75,10,799 (14.92%) to NII, 4,08,58,531 (34.82%) to RII, 5,96,659 (0.51%) to employees and 3,50,21,597 (29.85%) to Anchor investors
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 3,50,21,597 (29.85%) | NA |
| QIB Shares Offered | 2,33,47,732 (19.9%) | NA |
| NII (HNI) Shares Offered | 1,75,10,799 (14.92%) | |
| bNII > ₹10L | 1,16,73,866 (9.95%) | 26,057 |
| sNII < ₹10L | 58,36,933 (4.97%) | 13,028 |
| Retail Shares Offered | 4,08,58,531 (34.82%) | 12,76,829 |
| Employee Shares Offered | 5,96,659 (0.51%) | NA |
| Total Shares Offered | 11,73,35,318 (100%) |
Afcons Infrastructure IPO Promoter Holding
The promoters of the Company are Goswami Infratech Private Limited, Shapoorji Pallonji and Company Private Limited and Floreat Investments Private Limited.
| Share Holding Pre Issue | 99.48% |
| Share Holding Post Issue | 67.16% |
Afcons Infrastructure IPO Anchor Investors Details
Afcons Infrastructure IPO raises Rs 1,621.50 crore from anchor investors. Afcons Infrastructure IPO Anchor bid date is October 24, 2024.
| Bid Date | October 24, 2024 |
| Shares Offered | 35,021,597 |
| Anchor Portion Size (In Cr.) | 1,621.50 |
| Anchor lock-in period end date for 50% shares (30 Days) | November 29, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | January 28, 2025 |
About Afcons Infrastructure Limited
Incorporated in 1959, Afcons Infrastructure Limited is an infrastructure engineering and construction company of the Shapoorji Pallonji group, 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.
As of September 30, 2023, the company has 67 active projects across 13 countries, totaling an order book of Rs 348.88 billion.
The company is globally present in Asia, Africa and Middle East.
The company has five major infrastructure business verticals
- Marine and industrial projects include covering ports, harbor jetties, dry docks, wet basins, breakwaters, outfall and intake structures, liquefied natural gas tanks, and material handling systems.
- Surface transport projects cover highways, roads, interchanges, mining-related infrastructure, and railways.
- Urban infrastructure projects include elevated and underground metro works, bridges, flyovers, and elevated corridors.
- Hydro and underground projects cover dams, barrages, tunnels (including large road tunnels), and underground works, water, and irrigation.
- Oil and gas projects cover both offshore and onshore oil and gas projects.
Competitive Strength
- 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, leading to strong execution capabilities.
Company Financials
Afcons Infrastructure Limited Financial Information (Restated Consolidated)
Afcons Infrastructure Limited’s revenue increased by 6% and profit after tax (PAT) rose by 9% between the financial year ending with March 31, 2024 and March 31, 2023.
Key Performance Indicator
The market capitalization of Afcons Infrastructure IPO is Rs 17026.18 Cr.
KPI as of June 30, 2024.
| KPI | Values |
|---|---|
| ROE | 10.55% |
| ROCE | 14.89% |
| Debt/Equity | 0.91 |
| RoNW | 2.50% |
| P/BV | 4.31 |
| PAT Margin (%) | 2.85 |
Objects of the Issue (Afcons Infrastructure IPO Objectives)
The Company proposes to utilise the Net Proceeds towards funding the following objects
- Capital expenditure towards 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
Afcons Infrastructure IPO Review (Apply)
[Dilip Davda] The company is a flagship infrastructure company of Shapoorji Pallonji group and has well diversified activities and around 30% export revenues. It marked steady growth in its top and bottom lines for the reported periods. It has 30% export revenues and as of September 30, 2024, its order book stood at Rs. 40+K cr. On the basis of FY25 annualized earnings and FY24 earnings, the issue appears fully priced. Investors may park funds for medium to long term in this dividend paying company.
Afcons Infrastructure IPO Subscription Status (Bidding Detail)
The Afcons Infrastructure IPO is subscribed 2.77 times on October 29, 2024 6:19:07 PM. The public issue subscribed 0.99 times in the retail category, 3.99 times in the QIB category, and 5.31 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) |
|---|---|
| QIB | 3.99 |
| NII | 5.31 |
| bNII (bids above ₹10L) | 6.63 |
| sNII (bids below ₹10L) | 2.67 |
| Retail | 0.99 |
| Employee | 1.77 |
| Total | 2.77 |
Total Application : 780,662 (0.61 times)
Afcons Infrastructure IPO Listing Details
| Listing Date | November 4, 2024 |
| BSE Script Code | 544280 |
| NSE Symbol | AFCONS |
| ISIN | INE101I01011 |
| Final Issue Price | ₹463 per share |
Afcons Infrastructure Limited Contact Details
Afcons Infrastructure Limited
Afcons House, 16 Shah Industrial Estate,
Veera Desai Road
ndheri (West), Mumbai,-400053
Phone: 022 67191214
Email: gaurang@afcons.com
Website: https://www.afcons.com/en
Afcons Infrastructure IPO – Buy or Not
Afcons Infrastructure IPO Recommendation Summary