K Subramanian, Vice Chairman, AFCONS Infrastructure, heads the flagship construction firm of the Shapoorji Pallonji group, which received a green light from SEBI for its Rs.70 billion initial public offer (IPO). The bulk of the issue, to the tune of Rs.57.5 billion, is through an offer for sale by Goswami Infratech, while the company itself is raising Rs.12.5 billion through a fresh issue of shares. The company filed the draft papers in March this year. Of the total proceeds from the fresh issue, Rs.1.5 billion will be used for capital expenditure to buy construction equipment, Rs.3.5 billion for funding long-term working capital, Rs.5 billion for prepayment or scheduled repayment of a portion of certain outstanding borrowings and acceptances availed by it and general corporate purposes. Afcons’ order book increased at a CAGR of 7.6 per cent from Rs.262 billion in FY21 to Rs.304 billion in FY23. It operates across five major infrastructure verticals, marine and industrial, surface transport, urban infrastructure, hydro, oil and gas.