On October 25, the first day of bidding, Afcons Infrastructure’s Rs 5,430 crore IPO got off to a poor start, with barely 8% of the offer subscribed for by the afternoon. According to consolidated bid statistics, 71.47 lakh shares were bid on during the public offering, while 8.66 crore shares were offered.
According to consolidated bid data on the NSE, retail investors took the lead, reserving 12% of the portion for them. Only 7% of the non-institutional investor part was recorded, compared to 33% of the employee quota. Qualified institutional buyers, or QIBs, bid for 2,880 of the 2.45 crore shares allotted for them.
The public selling is expected to cost between Rs 440 and Rs 463. Each equity share will carry a face value of Rs 10. The company wants to raise Rs 5,430 crore by combining an offer for sale (OFS) of up to Rs 4,180 crore and a fresh issue of up to Rs 1,250 crore. Investors can bid on 32 shares at a time. Qualified employees would receive a discount of Rs 44 per share.
The company reported operating revenue of Rs 13,267.50 crore for fiscal year 2024, up from Rs 12,637.38 crore in fiscal year 2023.
Additionally, profit after tax (PAT) rose from Rs 410.86 crore in FY23 to Rs 449.74 crore in FY24. For the first quarter of FY25 (April to June 2024), the company recorded revenue of Rs 3,154.36 crore and profit after tax of Rs 91.59 crore.
Source: The Free Press Journal
