The highly anticipated Afcons Infrastructure IPO, led by Shapoorji Pallonji Group’s flagship infrastructure firm, is set for listing on November 4, 2024. However, the grey market premium (GMP) indicates a weak debut for the stock on the BSE and NSE.
Listing Details and Market Debut
Afcons Infrastructure shares will begin trading on both stock exchanges, with the listing scheduled for Monday at 10:00 AM during the Special Pre-open Session (SPOS). The shares will be listed under the ‘B’ Group of Securities, according to BSE’s official notice.
Afcons Infrastructure IPO Grey Market Premium
Currently, Afcons Infrastructure’s IPO GMP stands at ₹-4, suggesting that the shares are trading at a ₹4 discount to the issue price of ₹463 per share in the grey market. This discount hints at an estimated listing price of around ₹459, marking nearly a 1% decline from the IPO price.
IPO Details and Subscription
The Afcons Infrastructure IPO was open for public bidding from October 25 to October 29, 2024, with the allotment finalized on October 30. The IPO price band ranged from ₹440 to ₹463 per equity share, and the company successfully raised ₹5,430 crore. This amount was divided between a fresh issue of 2.7 crore equity shares worth ₹1,250 crore and an offer for sale of 9.03 crore shares amounting to ₹4,180 crore.
Despite a lukewarm response from retail investors, the IPO saw a total subscription of 2.63 times. The retail portion achieved 94% subscription, while Qualified Institutional Buyers (QIBs) subscribed 3.79 times, and Non-Institutional Investors (NIIs) oversubscribed at 5.05 times.
Lead Managers
The IPO was managed by ICICI Securities, Dam Capital Advisors Ltd, Jefferies India, Nomura Financial Advisory and Securities (India), Nuvama Wealth Management, and SBI Capital Markets, with Link Intime India serving as the IPO registrar.
As Afcons Infrastructure gears up for its market debut, all eyes will be on the stock’s performance amid the GMP’s indication of a modest start.
