Afcons Infrastructure IPO: 2.40 Times Subscription on Day 3!

Afcons Infrastructure's initial public offering (IPO) has concluded with strong investor interest, with subscription rates increasing significantly over the three-day period. Starting cautiously on day one, the IPO witnessed substantial growth in demand, resulting in a 2.40 times oversubscription by 3:13:09 PM on day three. This response indicates improved investor sentiment towards Afcons Infrastructure's shares, particularly from institutional and non-institutional investors.

The IPO, which opened on 25th October 2024, has seen significant growth in investor participation across categories. The Non-Institutional Investors (NII) segment has shown exceptional demand, followed by strong interest from Qualified Institutional Buyers (QIB), while Retail Investors have shown moderate participation.

Subscription Status of Afcons Infrastructure IPO for Days 1, 2, and 3:

Here are the subscription details for Afcons Infrastructure IPO as of Day 3 (29th October 2024, 3:13:09 PM):

Total Applications: 6,85,828

Key Highlights:

• Currently, Afcons Infrastructure IPO's overall subscription reached 2.40 times by final day, showing significant improvement from previous days.
• Non-Institutional Investors demonstrated strong interest with 4.78 times subscription.
• Large Non-Institutional Investors (bNII) showed exceptional interest with 5.95 times subscription.
• Qualified Institutional Buyers portion well-subscribed at 3.44 times.
• Employee portion achieved 1.67 times subscription.
• Retail investors portion reached 0.80 times subscription.
• Total applications reached 6,85,828, indicating substantial investor participation

Afcons Infrastructure IPO - Day 2 Subscription at 0.36 Times

Key Highlights:

• Overall subscription improved to 0.36 times on Day 2, showing progress from Day 1's 0.10 times.
• Employee portion achieved full subscription at 1.01 times, up from Day 1's 0.39 times.
• Non-Institutional Investors (NII) showed increased interest with 0.72 times subscription, up from 0.11 times.
• Retail investors demonstrated growing participation with 0.36 times subscription, improving from 0.14 times.
• Qualified Institutional Buyers (QIB) showed limited improvement to 0.08 times from 0.01 times.
• Total applications increased to indicate growing investor interest.
• The subscription trend showed steady improvement across most categories from Day 1.

Afcons Infrastructure IPO - Day 1 Subscription at 0.10 Times

Key Highlights:

• The IPO opened with a cautious overall subscription of 0.10 times.
• Employees showed the strongest initial interest with 0.39 times subscription.
• Retail investors demonstrated moderate initial demand with 0.14 times subscription.
• Non-Institutional Investors showed limited first-day participation at 0.11 times.
• Qualified Institutional Buyers showed minimal initial interest at 0.01 times.
• The first-day response indicated cautious investor sentiment at the start of the subscription period.

About Afcons Infrastructure Limited

Afcons Infrastructure Limited, incorporated in 1959, is an infrastructure engineering and construction company of the Shapoorji Pallonji group, with a legacy of over six decades. For the fiscal year 2024, Afcons Infrastructure demonstrated strong financial performance with a revenue of ₹13,646.88 crore, marking a 6% year-over-year growth, and a Profit After Tax (PAT) of ₹449.76 crore, representing a 9% increase. The company's net worth stood at ₹3,575.05 crore as of March 31, 2024. Key performance indicators highlight the company's financial health, with a Return on Equity (ROE) of 10.55%, Return on Capital Employed (ROCE) of 14.89%, and a PAT Margin of 2.85%.

As of September 30, 2023, the company has completed 76 projects across 15 countries with a total historic executed contract value of ₹522.20 billion and currently has 67 active projects across 13 countries, with an order book of ₹348.88 billion.

Read more about Afcins Infrastructure IPO

Highlights of the Afcons Infrastructure IPO:

• IPO Date: October 25, 2024 to October 29, 2024
• Listing Date: November 4, 2024 (Tentative)    
• Face Value: ₹10 per share    
• Price Band: ₹440 to ₹463 per share   
• Lot Size: 32 Shares
• Total Issue Size: 117,278,618 shares (aggregating up to ₹5,430.00 Cr)
• Fresh Issue: 26,997,840 shares (aggregating up to ₹1,250.00 Cr)
• Offer for Sale: 90,280,778 shares (aggregating up to ₹4,180.00 Cr)
• Employee Discount: ₹44 per share  
• Issue Type: Book Built Issue IPO  
• Listing At: BSE, NSE
• Book Running Lead Managers: ICICI Securities Limited, Dam Capital Advisors Ltd, Jefferies India Private Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, Nuvama Wealth Management Limited, and SBI Capital Markets Limited
• Registrar: Link Intime India Private Ltd