Afcons Infrastructure IPO: The initial public offering (IPO) of Afcons Infrastructure Limited opened today. tender for the Afcons Infrastructure IPO will start at 10:00 am during Friday sales. The flagship infrastructure engineering and construction company of the diversified conglomerate Shapoorji Pallonji has set the standard Afcons Infrastructure IPO date from October 25, 2024 to October 29, 2024. The company has set the Afcons Infrastructure IPO price band in $440 a $463 per share. The book edition is proposed to be published on the BSE and NSE. Meanwhile, the company’s shares are available today on the gray market before the opening of subscription. According to stock market watchers, shares of Afcons Infrastructure Limited are available at a premium of $76 on the gray market today.
Afcons Infrastructure IPO Details
1] Afcons Infrastructure IPO GMP: According to market watchers, the company’s shares are available at a premium of $76 on the current gray market.
2]Afcons Infrastructure IPO Price: The infrastructure engineering and construction company has a fixed price band for public issuance, $440 a $463 per share.
3]Afcons Infrastructure IPO date: The book edition opens on October 25, 2024 and will remain open until October 29, 2024.
4]Afcons Infrastructure IPO Size: The company aims to increase $5,430 crore from this public issue, which will combine new issues and OFS.
5]Afcons Infrastructure IPO Lot Size: A bidder can apply in lots, and one book issue lot comprises 32 shares of the company.
6]Afcons Infrastructure IPO award date: The most likely date for share allocation is October 30, 2024.
7]Afcons Infrastructure IPO Registrar: Link Intime India Private Limited has been appointed as the official registrar of the public issue.
8]Afcons Infrastructure IPO Lead Managers: ICICI Securities, Dam Capital Advisors, Jefferies India, Nomura Financial Advisory and Securities (India), Nuvama Wealth Management and SBI Capital Markets have been appointed as lead managers of the bookbuilding offer.
9]Afcons Infrastructure IPO listing: The public offer is proposed to be listed on the BSE and NSE. The most likely date for Afcons Infrastructure’s IPO is November 4, 2024, as November 1 is a stock market holiday for Diwali 2024.
Afcons Infrastructure IPO: Buy or not?
10]Afcons Infrastructure IPO Review: Assigning a ‘buy’ tag to the public issue, Mahesh M Ojha, Assistant Vice President – Research at Hensex Securities, said, “Afcons Infrastructure Ltd. (AIL), a prominent entity of the Shapoorji Pallonji group, has been set to execute of complex EPC projects worldwide. As of June 24, AIL’s order book stands at $31,747 cr in 12 countries and 65 projects, with a ratio between order book and sales of 2.52 times. The company has secured recent orders worth $5,936.7 cr and is L1 for $10,732.4 cr. For 11 years, AIL has executed 79 projects in 17 countries, for a total $56,305 cr. Its diversified operations span maritime, industrial, surface transportation, urban infrastructure, hydroelectric and underground, and oil and gas. AIL’s leadership, backed by the Shapoorji Pallonji group’s 150 years of experience, drives growth. Valuation is a P/E multiple of 36.1x/37.9x of FY24 consolidated earnings at price bands of $440 and $463. With a strong brand entity and a strong, diversified order book, we recommend that you apply for a medium to long-term investment in an initial public offering (IPO).
Giving an ‘subscription’ tag to the public offering, Sagar Shetty, Research Analyst at StoxBox, said, “The company reported strong financial growth in FY22-24, at a CAGR of 9.7%. in revenue, 20.8% in EBITDA and 12.1%”. in PAT for FY24, EBITDA and PAT margins were 10.3% and 3.4%, respectively, while Q1FY25 saw margins of 11.2% and 2.9% , respectively. The company maintained a strong ROE of 12.5% and ROCE of 13.7% in FY24. The company is valued at a P/E ratio of 35.1 times in the upper price band based on FY24 earnings. FY24, which is lower than the industry’s average P/E. Given its strong market position, the company is poised to capitalize. on emerging market opportunities, therefore, we recommend a “SUBSCRIBE” rating for the issue from a medium to long-term perspective.”
Before the opening of subscription, the public question raised $1,621 crore from anchor investors.
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