Afcons Infrastructure IPO: A Resounding Success

Afcons Infrastructure, part of the Shapoorji Pallonji Group, closed its IPO with a 2.63x subscription, raising Rs 5,430 crore. The offering included fresh shares and an OFS. Proceeds will fund equipment, working capital, and debt repayment. Anchor investors contributed Rs 1,621 crore.

Afcons Infrastructure, the flagship firm of the Shapoorji Pallonji Group, saw its IPO fully subscribed at 2.63 times on the final day of shares being available for purchase.

NSE data showed the offering received bids for over 22 crore shares, significantly exceeding the available 8.66 crore shares. Notably, non-institutional investors subscribed 5.05 times their quota.

The funds raised will be allocated towards buying construction equipment, supplementing working capital, and reducing debt, demonstrating the company's strategic growth efforts.