Oct 23, 2024
By: Sourabh Jain
Credit: Afcons Infrastructure
Mumbai-based Afcons Infrastructure’s initial public offering (IPO) will open on Friday, October 25 and close on Tuesday, October 29.
Credit: Afcons Infrastructure
Afcons Infrastructure has fixed a price band of ₹440-₹463 per share for its public issue.
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Afcons Infrastructure is a Mumbai-based infrastructure engineering and construction company which is part of the Shapoorji Pallonji group.
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Afcons Infrastructure is looking to raise ₹5,430 crore from the current IPO. This includes a fresh issue of ₹1,250 crore and an offer for sale (OFS) component of ₹4,180 crore.
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Investors can bid for a minimum of 32 shares and in multiples of 32 shares thereafter.
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Afcons Infrastructure, founded in 1959, has completed 76 projects across 15 countries. The company currently has 67 active projects across 13 countries.
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The company’s income was ₹13,646.88 crore in FY24, up from ₹12,844.09 crore in FY23. The company reported a profit of ₹449.76 crore in FY24, up from ₹410.86 crore profit reported in FY23.
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The company faces tough competition both domestically and internationally. It has a high amount of outstanding debt.
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Afcons Infrastructure is currently commanding a grey market premium (GMP) of ₹45 per share.
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The funds raised will be used for capital expenditure for new equipment, long-term capital requirements, repayment of borrowings and general corporate purposes.
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