Afcons Infrastructure IPO disappoints, listed at an 8% discount on NSE: See details

Afcons Infrastructure was listed at ₹426 on the NSE and at ₹430.05 on the BSE, both of which are lower than the originally targeted ₹440-463 price band

Published on: Nov 4, 2024, 10:44:35 IST

By HT News Desk | Edited by Abhyjith K. Ashokan

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Afcons Infrastructure Ltd was listed at ₹426 on the National Stock Exchange (NSE) and at ₹430.05 on the Bombay Stock Exchange (BSE), both of which are lower than the originally set price band of ₹440-463 per equity share.

The NSE listing is a 7.99% discount from the upper end of the price band and a 3.1% discount from the lower end of the price band while the BSE listing is at a 7.6% discount from the upper end and a 2.31% discount from the lower end (File Photo)

The NSE listing has a 7.99% discount from the upper end of the price band and a 3.1% discount from the lower end of the price band while the BSE listing has a 7.6% discount from the upper end and a 2.31% discount from the lower end.

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What are the details of Afcons Infrastructure's IPO?

Afcons Infrastructure Ltd is a 65-year-old infrastructure engineering and construction firm belonging to the Shapoorji Pallonji group, having done 76 projects across 15 countries in Asia, Africa, and West Asia.

The company’s IPO was between October 25 and 29, raising ₹5,430 crore through fresh shares as well as an offer for sale.

Share allotment was finalised on October 30.

Company employees were given a reservation of 596,659 shares at a discount of ₹44 to the issue price.

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However, retail investors had to bid for a minimum of 32 shares. This could have amounted to a minimum investment amount between ₹14,080-14,816 as per the targeted price band.

There were also multiple lot sizes for all Non-Institutional Investors (NIIs) ranging from ₹2,00,000 to ₹10,07,488.

ICICI Securities, DAM Capital Advisors (formerly IDFC Securities), Jefferies India, Nomura Financial Advisory and Securities (India), Nuvama Wealth Management, and SBI Capital Markets were the book-running lead managers of the IPO while Link Intime India was the registrar for the issue.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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