Afcons Infrastructure Mobilizes ₹1,621 Crore in Pre-IPO Boost

Afcons Infrastructure Ltd has secured ₹1,621 crore from anchor investors ahead of its IPO. The infrastructure firm allocated 3.5 crore equity shares to various institutions, including major banks and mutual funds. The IPO, set from October 25-29, includes fresh share issues and an offer for sale by promoters.

Afcons Infrastructure Ltd, the centerpiece of Shapoorji Pallonji Group's engineering empire, announced on Thursday that it had raised ₹1,621 crore from anchor investors. This development comes just a day before its initial public offering (IPO) opens for public subscription.

Among the prominent investors participating in the anchor book are HDFC and ICICI Prudential Mutual Funds, alongside international giants like BlackRock and Goldman Sachs. About 3.5 crore equity shares were allocated to 80 funds at ₹463 apiece, the higher limit of the set price band.

The overall IPO, slated to occur from October 25 to 29, aims to reach ₹5,430 crore through a mix of fresh issues and an offer for sale by promoters. Afcons plans to use the IPO proceeds for capital investment, debt reduction, and general corporate expenses.

(With inputs from agencies.)