IPO

Afcons Infrastructure Limited IPO

Mainboard

Civil Construction

Listed On: Nov 4, 2024 at ₹ 426.0(NSE)

₹ 14816 /32 Shares

Check Allotment

25 Oct, 2024

Open Date

29 Oct, 2024

Close Date

30 Oct, 2024

Allotment Date

04 Nov, 2024

Listing Date
Price Summary

Last Closing

454.00 (-1.94%)

52 Week High

570.00

52 Week Low

390.00

Last Update

14-Oct-2025 3:30 PM
Afcons Infrastructure IPO Issue Details
  • Issue Price ₹440-463 per equity share
  • Face Value ₹10 Per Equity Share
  • Total Issue Size 11,72,78,618 shares(aggregating up to ₹5430 crore)
  • Fresh Share 2,69,97,840 shares(aggregating up to ₹1250 crore)
  • Offer For Sale 9,02,80,778 shares(aggregating up to ₹4180 crore)
  • Listing at BSE, NSE
  • List Price 426.0(NSE)
  • Listing Date 2024-11-04
  • Lead Manager ICICI Securities Limited
    Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd)
    Jefferies India Private Limited
    Nomura Financial Advisory And Securities (India) Pvt Ltd
    Nuvama Wealth Management Limited
    SBI Capital Markets Limited
  • Registrar Link Intime India Private Ltd
Market Lot Size

Investors can bid for a minimum of 32 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

ApplicationLotsSharesAmount
Retail (min)132₹14,816
Retail(max)13416₹1,92,608
Afcons Infrastructure IPO Reservation

Afcons Infrastructure IPO offers total 11,73,35,318 shares. Out of which 2,33,47,732 (19.9%) allocated to QIB, 1,75,10,799 (14.92%) allocated to NII,4,08,58,531 (34.82%) allocated to RII, 5,96,659 (0.51%) allocated to employees and 3,50,21,597 (29.85%) allocated to Anchor investors.

Investor CategoryShares OfferedMaximum Allottees
Anchor Investor Shares Offered3,50,21,597 (29.85%)
QIB Shares Offered2,33,47,732 (19.9%)
NII (HNI) Shares Offered1,75,10,799 (14.92%)
bNII < ₹10L1,16,73,866 (9.95%)
sNII < ₹10L58,36,933 (4.97%)
Retail Shares Offered4,08,58,531 (34.82%)
Employee Shares Offered5,96,659 (0.51%)
Total Shares Offered11,73,35,318 (100%)
Afcons Infrastructure IPO Documents
DRHP
RHP
ANCHOR
Afcons Infrastructure IPO Details


Afcons Infrastructure IPO is a book-built issue of ₹5430 crores, The total issue size is ₹5430 crores. The IPO of Afcons Infrastructure is priced at ₹440-463 per equity share, which has a face value of ₹10 Per Equity Share each, IPO bidding starts from Oct 25, 2024 and ends on Oct 29, 2024. The allotment for Afcons Infrastructure IPO will be finalized on Oct 30, 2024. Afcons Infrastructure IPO will be listed on BSE, NSE, with a tentative listing date fixed as Nov 4, 2024. The company shall list its equity shares on the BSE, NSE. Link Intime India Private Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 32 shares, extendable to 14,816. The book-running lead manager for the IPO is/are ICICI Securities Limited, Dam Capital Advisors Ltd (Formerly Idfc Securities Ltd), Jefferies India Private Limited, Nomura Financial Advisory And Securities (India) Pvt Ltd, Nuvama Wealth Management Limited, SBI Capital Markets Limited.

The total issue ₹5430 crore, comprising a fresh issue of 2,69,97,840 shares ₹1250 crore and having Offer for Sale (OFS) of 9,02,80,778 shares to mop up ₹4180 crore.

The Afcons Infrastructure IPO sets its price band at 440-463 for each share. A single application for Afcons Infrastructure Limited IPO must contain at least 32 shares. Sentiment investors need to invest a minimum of 32 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,816

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Afcons Infrastructure IPO Subscription Analysis And Details
Retail
0.99x
QIB
3.99x
NII
5.31x
bNII
6.63x
sNII
2.67x
Total
2.77x
As onQIBNII
bNII   sNII		RetailTotal
Shares Offered / Reserved24,568,18117,510,799
11,673,866    5,836,933		40,858,53161,313,722
Day 1 25-10-24 05:00 PM
0.01 x0.11
0.09 x   0.16 x		0.14 x0.10 x
Day 2 28-10-24 05:00 PM
0.08 x0.72
0.75 x   0.65 x		0.36 x0.36 x
Day 3 29-10-24 05:00 PM
3.99 x5.31
6.63 x   2.67 x		0.99 x2.77 x
Total No of Applications
7,80,662
Subscription on the basis of Applications
Retail:0.55x BHNI:1.15x SHNI:2.52x
Afcons Infrastructure Valuations
EPS Pre IPO ₹13.2/-
EPS Post IPO ₹9.96/-
P/E Pre IPO 35.08
P/E Post IPO 46.48
ROE 10.55%
ROCE 14.89%
Debt/Equity 0.91
RoNW 2.50%
PAT Margin 2.85
Price to Book Value 4.31
Afcons Infrastructure Company Financials
In Crs.
In Cr.
31-Mar-2431-Mar-2331-Mar-22
Assets16,233.6414,301.2512,973.77
Revenue13,646.8812,844.0911,269.55
Profit After Tax449.76410.86357.61
Net Worth3,575.053,155.062,691.03
Reserves & Surplus3,255.222,653.752,190.11
Total Borrowing2,4551,562.821,555.2
About Afcons Infrastructure Company

Afcons Infrastructure Limited, the flagship engineering and construction arm of the prestigious Shapoorji Pallonji Group, brings over six decades of expertise in delivering a wide range of innovative and complex EPC projects. With a strong reputation for excellence, Afcons is recognized as one of India’s largest international infrastructure companies, according to the 2023 ENR Top International Contractors rankings.

The company operates in the various industries such as transportation, marine, oil & gas, and urban infrastructure. It has also earned its reputation across the world due to its landmark projects in Asia, Africa, and the Middle East. This indicates that the company is concerned with innovation, excellent engineering accuracy, and efficient operation.

Afcons, as a global business and high-class execution entity, makes its future in the infrastructure domain in India and other parts of the world.

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Afcons Infrastructure - Promoter(s)

Goswami Infratech Private Limited

Shapoorji Pallonji and Company Private Limited

Floreat Investments Private Limited

Pre Issue Share Holding : 99.48%

Post Issue Share Holding : 67.16%

Afcons Infrastructure IPO - Issue Objectives
1

Capital expenditure towards the purchase of construction equipment

2

Funding long-term working capital requirements

3

Prepayment or scheduled repayment of a portion of certain outstanding borrowings and acceptances availed by the company

4

General corporate purposes

Afcons Infrastructure IPO - Anchor Investors

Afcons Infrastructure raises Rs 1,621 crore from anchors.

Marquee global investors like Monetary Authority of Singapore, Blackrock, PGGM World Equity, Fidelity, Goldman Sachs, The Master Trust Bank of Japan, Nomura, BNP Paribas, East Bridge Capital Master Fund, Brinker Capital, Societe Generale, Morgan Stanley, and Florida Retirement System participated.

Domestic institutional investors including LIC Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, ITI Mutual Fund, Nippon Life India, Aditya Birla Sun Life Trustee, Mirae Asset, Quant Mutual Fund, Invesco India, 360 ONE, Whiteoak Capital, Sunil Singhania-backed Abakkus, Sameer Arora-owned Helios Flexi Cap Fund, Mahindra Manulife, Trust Mutual Fund, Vikas Khemani-backed Carnelian, and Madhusudan Kela-backed Chartered Finance & Leasing also invested in the infrastructure company.

Insurance companies including Edelweiss Life Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, SBI General Insurance, and Reliance Nippon Life Insurance, too, poured in money in Afcons via anchor book.

Afcons Infrastructure IPO - Peers Comparison
Company NameEPS (Basic)EPS (Diluted)NAV (per share) (Rs)P/E (x)RoNW (%)P/BV RatioFinancial statements
Afcons Infrastructure Limited13.213.292.59N/A12.58N/AConsolidated
Larsen & Toubro Ltd.93.9693.88623.1537.1415.245.6Consolidated
Kec International Ltd.13.4913.49155.3274.678.686.5Consolidated
Kalpataru Projects International Limited31.3731.37308.3642.210.174.3Consolidated
Dilip Buildcon Ltd13.7513.36298.8537.634.441.68Consolidated

Notes:

  1. P/E has been computed based on closing market price as on October 09, 2024 divided by diluted EPS for the year ended March 31, 2024.
  2. EV/EBIDTA is computed as market capitalisation of peers on October 09, 2024 plus the net debt of respective peers as on March 31, 2024, divided by the EBIDTA for FY2024.
  3. Basic EPS refers to the basic EPS sourced from the financial statements of the respective peer group companies for the Financial Year ended March 31, 2024.
  4. Diluted EPS refers to the diluted EPS sourced from the financial statements of the respective peer group companies for the Financial Year ended March 31, 2024.
  5. Return on Net Worth (%) is computed as consolidated profit after tax for the year as a percentage of closing Net Worth of the Financial Year ended March 31, 2024.
Strength
Afcons Infrastructure has successfully completed 26 projects across 10 countries, with a total contract value of ₹255,041.42 million.
Globally recognized, Afcons is ranked 10th in marine and port facilities and 12th in bridges by the 2023 ENR rankings.
Afcons' diverse order book has grown from ₹262,484.65 million in 2021 to ₹348,883.91 million in 2023, reflecting strong financial and operational performance.
Afcons has consistently won the MIKE award from 2018 to 2023 for its project management and knowledge practices excellence.
Weakness
Afcons faces bidding risks; it won 6, 16, 16, and 12 projects in 2023, 2023, 2022, and 2021 respectively, and failed bids are non-recoverable.
Heavy reliance on government contracts, which constituted 68.42% of the order book as of September 30, 2023, exposes Afcons to policy and payment delays.
Capital intensity requires significant working capital; as of September 30, 2023, working capital loans stood at ₹13,904.47 million, impacting liquidity.
Contact Details

Afcons Infrastructure

Afcons House, 16 Shah Industrial Estate, Veera Desai Road, Andheri (West), Mumbai,-400053

022 67191214

gaurang@afcons.com

https://www.afcons.com/en

Registrar Contact Details

Link Intime India Private Ltd

+91-22-4918 6270

afconsinfrastructure.ipo@linkintime.co.in

https://linkintime.co.in/initial_offer/public-issues.html