Afcons Infrastructure's IPO Gains Momentum Amid Strategic Investment

Afcons Infrastructure, a company under Shapoorji Pallonji Group, launched its IPO, reaching 36% subscription by day two. This Rs 5,430-crore IPO includes a significant offer for sale by Goswami Infratech. The proceeds aim to fund equipment, capital, and debt repayment, with anchor investors contributing Rs 1,621 crore.

Afcons Infrastructure, the flagship engineering and construction arm of Shapoorji Pallonji Group, saw its IPO receiving 36% subscription by the second day of the share sale. As per data from the National Stock Exchange, the offering attracted bids for over 3.15 million shares against an available 8.66 million.

The share offering has witnessed varying levels of interest from different investor categories. Non-institutional investors purchased 72% of their allotted shares, retail individual investors subscribed to 36%, while qualified institutional buyers accounted for 8% of their quota.

The Rs 5,430-crore IPO remains open until Tuesday, with a price band set between Rs 440 and Rs 463 per share. The company's strategy involves garnering Rs 1,250 crore through fresh shares, while an additional Rs 4,180 crore will come from selling existing shares held by promoter Goswami Infratech.

(With inputs from agencies.)