 "Afcons Infrastructure IPO subscribed 2.63 times on last day of share sale")
The initial public offer of Shapoorji Pallonji Group's flagship infrastructure engineering and construction firm Afcons Infrastructure got fully subscribed on the last day of share sale on Tuesday and ended with 2.63 times subscription.
The Rs 5,430-crore initial share sale received bids for 22,78,13,728 shares against 8,66,19,950 shares on offer, as per NSE data.
The category for non-institutional investors received 5.05 times subscription while the quota for Qualified Institutional Buyers (QIBs) got subscribed 3.79 times. The portion meant for Retail Individual Investors (RIIs) got 94 per cent subscription.
Afcons Infrastructure Ltd (AIL) on Thursday said it has mopped up Rs 1,621 crore from anchor investors.
The price band has been fixed at Rs 440-463 per share.
The IPO is a combination of a fresh issue of shares worth Rs 1,250 crore and an offer for sale (OFS) of up to Rs 4,180 crore by promoter Goswami Infratech Pvt Ltd.
The Maharashtra-based company will utilise Rs 80 crore from the fresh issue proceeds to buy construction equipment, Rs 320 crore for long-term working capital, Rs 600 crore to repay debt, and the rest for general corporate purposes.
Founded in 1865, Shapoorji Pallonji Group (SP Group) is a diversified institution and has a leading presence in engineering & construction, infrastructure, real estate, water, energy and financial services sectors across the globe.
ICICI Securities Ltd, DAM Capital Advisors Ltd, Jefferies India Pvt Ltd, Nomura Financial Advisory and Securities (India) Pvt Ltd, Nuvama Wealth Management Ltd, and SBI Capital Markets Ltd are the book-running lead managers to the issue.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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