Afcons Infra to launch Rs 54.30 billion IPO on October 25
ECONOMY & POLICY

Afcons Infra to launch Rs 54.30 billion IPO on October 25

Afcons Infrastructure Ltd (AIL), the infrastructure engineering and construction arm of the Shapoorji Pallonji Group, is set to launch its Rs 54.30 billion initial public offering (IPO) on October 25. The IPO will remain open until October 29, with bidding for anchor investors starting on October 24, as outlined in the company’s red herring prospectus (RHP).

The IPO will consist of a fresh share issue worth Rs 12.5 billion, along with an offer for sale (OFS) of up to Rs 41.8 billion by the promoter entity, Goswami Infratech Private Limited. Afcons plans to reveal the IPO's price band next week.

The offer size has been revised from the initial target of Rs 70 billion mentioned in the March draft prospectus, following a successful pre-IPO fundraising round.

Currently, Afcons Infrastructure, based in Maharashtra, is predominantly owned by its promoters, who hold a 99% stake. Proceeds from the fresh issue will be allocated as follows: Rs 800 million for purchasing construction equipment, Rs 3.2 billion for long-term working capital needs, Rs 6 billion for debt repayment, and the remainder for general corporate purposes.

(ET)

Afcons Infrastructure Ltd (AIL), the infrastructure engineering and construction arm of the Shapoorji Pallonji Group, is set to launch its Rs 54.30 billion initial public offering (IPO) on October 25. The IPO will remain open until October 29, with bidding for anchor investors starting on October 24, as outlined in the company’s red herring prospectus (RHP). The IPO will consist of a fresh share issue worth Rs 12.5 billion, along with an offer for sale (OFS) of up to Rs 41.8 billion by the promoter entity, Goswami Infratech Private Limited. Afcons plans to reveal the IPO's price band next week. The offer size has been revised from the initial target of Rs 70 billion mentioned in the March draft prospectus, following a successful pre-IPO fundraising round. Currently, Afcons Infrastructure, based in Maharashtra, is predominantly owned by its promoters, who hold a 99% stake. Proceeds from the fresh issue will be allocated as follows: Rs 800 million for purchasing construction equipment, Rs 3.2 billion for long-term working capital needs, Rs 6 billion for debt repayment, and the remainder for general corporate purposes. (ET)

Next Story
Infrastructure Transport

Modi inaugurates 23 projects, including 7 airport expansions

Prime Minister Narendra Modi inaugurated 23 significant projects worth Rs 6,611.18 crore, including seven airport expansions, during his visit to his parliamentary constituency on October 20. The inauguration featured completed projects at Rewa (Madhya Pradesh), Ambikapur (Chhattisgarh), and Sarsawa (Saharanpur, UP) airports, along with the foundation laying for expansions at Lal Bahadur Shastri International Airport (Varanasi) and new terminals at Bagdogra (West Bengal), Darbhanga (Bihar), and Agra airports. Divisional Commissioner Kaushal Raj Sharma confirmed that the cost for the LBSI Airpo..

Next Story
Infrastructure Energy

Assam Petrochemicals, FC TecNrgy tie-up to produce high-grade methanol

Assam Petrochemicals Limited has partnered with Gurgaon-based FC TecNrgy, a leader in fuel cell and alternate energy solutions, to produce high-grade methanol specifically for India's fuel cell market. The memorandum of understanding (MoU) was signed by Col Karandeep Singh (Retd), MD & CEO of FC TecNrgy, and Rajnesh Gogoi, Managing Director of Assam Petrochemicals, during the International Methanol Seminar organized by Niti Aayog this week, with the ceremony presided over by Niti Aayog Vice Chairman Suman Bery. Under the MoU, the two companies will collaborate on refining methanol produced b..

Next Story
Infrastructure Transport

Nearly 280 locals from fishing community operate Vizhinjam Port

A few years ago, Maria Abraham was fishing in small boats; now, he assists in mooring large container ships at Vizhinjam International Seaport, which is set to commence operations in December. Approximately 280 individuals from the local fishing community are employed at the Adani Ports-managed transshipment facility, handling various tasks such as piloting ships, managing containers, and operating machinery, all thanks to extensive training and their sea experience. During a recent strong ocean swell, their skills were put to the test as they efficiently secured and shifted ships. State Ports..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000