Afcons Infrastructure IPO: A Strategic Leap Forward

Afcons Infrastructure Ltd, a Shapoorji Pallonji group company, announced the price band for its Rs 5,430-crore IPO. Scheduled to open on October 25, it includes a fresh issue and sale offer. The company plans to utilize proceeds for capital expenditure, working capital, and debt repayment.

Afcons Infrastructure Ltd, a part of the reputed Shapoorji Pallonji group, has set the price band for its initial public offering (IPO) between Rs 440 and Rs 463 per share. The IPO will open for subscription on October 25, marking a significant event for the construction giant.

The Rs 5,430-crore issue is a combination of a fresh issue amounting to Rs 1,250 crore, and an offer for sale worth up to Rs 4,180 crore. Interested investors can place bids for a minimum of 32 equity shares, with multiples of 32 allowed thereafter.

The funds raised through the fresh issuance include Rs 80 crore for construction equipment purchases, Rs 320 crore for long-term working capital needs, and Rs 600 crore to manage outstanding debt. Pre-IPO participants feature prominent investors like GIC Singapore and Artian Investment from ArcelorMittal.

(With inputs from agencies.)