Resurgence: Afcons Infrastructure's Strong Market Debut

Afcons Infrastructure's shares performed a strong recovery after initial setbacks in the market. Listed at a 7% discount, the stock climbed to over 2% above its issue price by day-end. The IPO, heavily subscribed, aims to fund new equipment, working capital, debt repayment, and corporate expenses.

Afcons Infrastructure Ltd, a significant player in the Shapoorji Pallonji Group's portfolio, showcased resilience in the stock market on Monday. Initially listed at a substantial discount, the firm's shares mounted a robust comeback, closing over 2% higher than its issue price by the end of the trading session.

Debuting at Rs 430.05 per share on the BSE, a markdown of 7.11% from its issue price, the stock dipped further to Rs 419.85 during intraday trading. However, demonstrating remarkable recovery, it surged to Rs 474.55. A similar trend was noted on the NSE, where it opened at Rs 426 and closed at Rs 472.60, marking a 2% gain.

Afcons Infrastructure's IPO was fully subscribed, reflecting strong investor interest with a 2.63-times subscription rate. The proceedings from the Rs 5,430-crore offering will be allocated towards purchasing construction equipment, enhancing working capital, reducing debt, and supporting general corporate objectives.

(With inputs from agencies.)