Afcons Infrastructure is set to list its shares on the BSE and NSE on November 4, 2024, after completing its IPO process. The IPO, which opened on October 25 and closed on October 29, attracted a subscription of 2.63 times its offered shares, with retail investors subscribing at a rate of 94% and non-institutional investors at 5.05 times.
The company raised ₹5,430 crore, with ₹1,250 crore from fresh issuance and ₹4,180 crore from an offer-for-sale by promoters. The IPO was priced between ₹440 and ₹463 per share, with a lot size of 32 shares, requiring a minimum investment of ₹14,816.
However, the grey market premium (GMP) for Afcons shares has turned negative, currently at ₹-3, indicating a potential discount listing around ₹460 per share. This reflects a cautious sentiment among investors, as the premium has fluctuated significantly over recent sessions.
Post-listing, Afcons plans to allocate funds for acquiring construction equipment, long-term working capital, and debt repayment, while its performance will be closely watched by market participants.