The initial public offering (IPO) of Afcons Infrastructure opened for bidding on October 25 and will be closing on Tuesday, October 29. The IPO has so far been subscribed only 10%.
The GMP of Afcons Infrastructure fell drastically from ₹60 to ₹15 on the first day of subscription in the grey market. However, the shares of Afcons Infrastructure is currently trading at ₹20 premium, as per investorgain.
This means that the estimated listing price of Afcons Infrastructure is likely to be ₹483, which is 4.32 per cent higher than the IPO price of ₹463. According to investorgain data, the lowest GMP of Afcons Infrastructure IPO is ₹0, while the highest GMP is ₹225.
Afcons Infrastructure IPO subscription status
Afcons Infrastructure’s IPO had a tepid start on its first day, with a subscription rate of just 10%, based on BSE data.
The IPO received bids for 8,606,560 shares out of the 86,619,950 shares offered, as per BSE.
The retail investor segment subscribed at 14 per cent, while non-institutional investors subscribed at 11 per cent. Qualified institutional buyers (QIBs) showed minimal interest, with only 1 per cent subscription. The portion reserved for employees saw a higher response, with 39 per cent subscribed.
Afcons Infrastructure IPO details
The IPO consists of a fresh equity share issuance valued at ₹1,250 crore and an offer for sale of ₹4,180 crore by the promoter, Goswami Infratech.
The price band for Afcons Infrastructure’s IPO is set between ₹440 and ₹463 per share, with a face value of ₹10. The subscription period will open on Friday, October 25, and close on Tuesday, October 29.
As of June 30, 2024, the company is engaged in 65 active projects across 12 countries, with a total order book of ₹317.47 billion.
Over the years, Afcons Infrastructure has expanded its presence internationally, notably in Asia, Africa, and the Middle East. The company has executed numerous challenging, innovative, and landmark infrastructure projects in India and abroad, as noted in the Fitch Report.