Afcons Infrastructure made its IPO debut on both NSE and BSE today, listing as the first IPO in Samvat 2081. Shares opened in the red, reflecting a weaker-than-expected performance.
On the BSE, Afcons Infrastructure shares settled at ₹430.05 in the pre-open session, down by ₹32.95 or 7.12% from the IPO issue price of ₹463.
On the NSE, shares listed at ₹426, marking a decline of ₹37 or 7.99% below the issue price. The IPO, which was open for subscription from October 25 to October 29, had its allotment finalized last week.
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.
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