Afcons Infrastructure Limited, one of the leading infrastructure and construction arm of the Shapoorji Pallonji Group, is gearing up for its maiden public debut on the stock market.

The public issue is set to open on Friday, October 25, and will close on Tuesday, October 29, 2024.

Price Band and IPO Details

The price band for the public issue has been set between Rs 440 and Rs 463. The face value of the equity shares will be Rs 10 each.

Investors can bid in lots of 32 shares. Eligible employees will enjoy a discount of Rs 44 per share.

The company aims to raise a total of Rs 5,430 crore through a mix of a fresh issue of up to Rs 1,250 crore and an offer for sale (OFS) of up to Rs 4,180 crore.

The proceeds from the fresh issue will be used for capital expenditures, working capital, debt repayment, and general corporate purposes.

Ahead of the IPO, the company raised Rs 2,967 crore from prominent investors, including GIC Singapore, Enam Holdings, Synergy Capital, and other high-profile names like Discovery Capital Management and White Oak.

How the IPO Proceeds Will Be Used:

The fresh issue of Rs 1,250 crore will be allocated as follows:

- Rs 80 crore for the purchase of construction equipment.

- Rs 320 crore for long-term working capital needs.

- Rs 600 crore for repayment of certain debts.

The remaining amount will be used for general corporate purposes.

Financial Performance

In the fiscal year 2024, the company reported revenue from operations at Rs 13,267.50 crore, an increase from Rs 12,637.38 crore in fiscal year 2023. Profit after tax (PAT) also grew to Rs 449.74 crore in FY24, up from Rs 410.86 crore in FY23.

For the first quarter of FY25 (April to June 2024), the company posted a revenue of Rs 3,154.36 crore and a PAT of Rs 91.59 crore.