Afcons Infrastructure Zooms Past 8.9% On The Listing Day

The shares of Shapoorji Pallonji-owned Afcons Infrastructure traded at ₹463.9 apiece on the NSE, up by 8.9% in today’s trading session as of 12 pm.

Performance Afcons Infrastructure as of now

After getting listed the stock price is currently trading at ₹460.4 (+8.08%), while the opening price stood at ₹426 apiece. The stock hit its peak at ₹462.3. Close to 391.89 lakh shares of Afcons Infrastructure were traded today, for which the value stood at ₹1,728.95 crore. Total market capitalisation is at ₹16,949.35 crore. Notably, the stock was listed at a discount of 7.9% on the NSE.

Objectives of the IPO

1. Purchase construction equipment

2. Long-term working capital requirements

3. Prepay borrowings

4. General corporate purposes

How are the shares allocated

During the subscription window that lasted between October 25-October 29, the shares of Afcons Infrastructure was subscribed by 2.63 times with a price band of ₹440-₹463 apiece. Non-institutional investors, or NIIs, subscribed the most by 5.05 times, while Qualified Institutional Buyers (QIBs) subscribed by 3.79 times. The IPO was a mix of a fresh issuance of shares valued at ₹1,250 crore and an offer-for-sale component of ₹4,180 crore. Net proceeds will be utilised towards purchasing construction equipment, repaying debt, working capital requirements and general corporate purposes.

Glimpse of company’s financials

During FY 24, the company reported a net profit of ₹449 crore as compared to ₹410 crore a year earlier.