Afcons Infrastructure Ltd. was originally incorporated on 27 July 1961. It is an infrastructure engineering and construction company, that designs and executes projects across five major infrastructure business verticals: (i) Marine and Industrial, (ii) Surface Transport, (iii) Urban Infrastructure, (iv) Hydro and Underground, and (v) Oil and Gas. The company has extensive international operations and has delivered projects in 30 countries since its inception.
| Bidding Dates |
|---|
| 25 Oct 2024 - 29 Oct 2024 |
| Subscription |
|---|
| 2.63x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,080 | 1 | 13 | 32 | 117.3 M | ₹440 - ₹463 | 67.18 % | ₹51602.6 M - ₹54300.0 M | RHP DOC |
Afcons Infrastructure Ltd. IPO SUBSCRIPTION STATUS
29 Oct '24Afcons Infrastructure Ltd. IPO overall subscription rate was 2.63 times the total available shares
Afcons Infrastructure Ltd. IPO retail subscription rate was 0.94 times in the retail segment
Afcons Infrastructure Ltd. IPO non-institutional investor subscription rate was 5.05 times in the non-institutional investor category
Afcons Infrastructure Ltd. IPO Qualified Institutional Bidder subscription rate was 3.79 times the available shares for Qualified Institutional Bidder
Afcons Infrastructure Ltd. IPO Employees subscription rate was 1.67 times in the Employees category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 35% | 15% | 50% | - |
29 Oct 2024 (Day 3) | 0.94x | 5.05x | 3.79x | 1.67x |
28 Oct 2024 (Day 2) | 0.36x | 0.72x | 0.08x | 1.01x |
25 Oct 2024 (Day 1) | 0.14x | 0.11x | 0.01x | 0.39x |
Afcons Infrastructure Ltd. FINANCIALS
| Period | Net Profit (Rs in millions) | Revenue from Operations (Rs in millions) | Cash Flow from Operations (Rs in millions) | Free Cash Flow (Rs in millions) | Margins |
| Q1FY25 | 915.9 | 31,543.6 | -5,022.1 | -5,370.7 | 11.6% |
| Q1FY24 | 909.6 | 31,714.1 | -6,233.3 | -9,632.4 | 9.8% |
| FY24 | 4,497.4 | 1,32,675.0 | 7,074.5 | 250.9 | 11.6% |
| FY23 | 4,108.6 | 1,26,373.8 | 12,154.8 | 3,055.5 | 10.7% |
| FY22 | 3,576.1 | 1,10,189.7 | 6,104.5 | 2,585.9 | 9.5% |
Afcons Infrastructure Ltd. IPO SUBSCRIPTION STATUS DETAILS
Afcons Infrastructure Ltd. had 117.3 M shares on offer
Afcons Infrastructure Ltd. IPO offer price was in the range ₹440 - ₹463
Afcons Infrastructure Ltd. IPO minimum Investment was ₹14080
Afcons Infrastructure Ltd. IPO issue size was ₹ 51602.6 M - ₹ 54300.0 M
Afcons Infrastructure Ltd. had a minimum lot size of 32 Shares per application
Afcons Infrastructure Ltd. NUMBER OF SHARES ON OFFER
Afcons Infrastructure Ltd. IPO IMPORTANT DATES
| Issue Open Date | 25 Oct 2024 |
| Issue close Date | 29 Oct 2024 |
| Allotment Date | 30 Oct 2024 |
| Refund Date | 31 Oct 2024 |
| Demat Account Credit Date | 31 Oct 2024 |
| Listing Date | 04 Nov 2024 |
| Listing on Exchange(s) | NSE and BSE |
| Afcons Infrastructure Ltd. Allotment Status | Exchange |
Afcons Infrastructure Ltd. IPO subscription opened on 25 Oct 2024, and closed on 29 Oct 2024
IPO allotment for Afcons Infrastructure Ltd. was finalized on Wednesday, 30 Oct 2024
IPO listing for Afcons Infrastructure Ltd. was on NSE and BSE on Monday, 04 Nov 2024
Afcons Infrastructure Ltd. IPO LISTING GAINS
| Issue Price (adjusted) | 463.0 |
| Listing Open Price | 426.0 |
| Listing Close Price | 474.2 |
| Listing Gain% | -8.0% |
| Current Gain% | -40.8% |
Afcons Infrastructure Ltd. Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Afcons Infrastructure Ltd. | 274.2 | 10085.2 | 69.9 | -1 | 0.9 | 4.6 | 1.3 | 12322.1 | -5.4 | 251.5 | -48.3 | 3.9 | -72.9 |
| Larsen & Toubro Ltd. | 4056 | 570643.6 | 34.4 | 7.6 | 2 | 14.7 | 3.6 | 291635 | 12.2 | 16084 | 7 | 117.9 | 4.5 |
| GMR Airports Ltd. | 107.2 | 113192.2 | 645 | 4.5 | 7.6 | -7.1 | 0.3 | 15200.8 | 40.3 | 175.5 | 144.7 | 0.2 | 144.7 |
| Rail Vikas Nigam Ltd. | 233.4 | 48660.2 | 55.6 | -1.8 | 2.4 | 8.9 | 4 | 21187.4 | 1.3 | 874.7 | -31.7 | 4.2 | -31.7 |
| NBCC (India) Ltd. | 95.3 | 25739.1 | 35.7 | 1.1 | 2 | 23.9 | 4.4 | 13195.9 | 7.5 | 720 | 33.1 | 2.7 | 33.1 |
| Kalpataru Projects International Ltd. | 1317.2 | 22494.2 | 21.6 | 0.3 | 0.8 | 13.4 | 3.8 | 27247.9 | 21.8 | 1040 | 77.6 | 60.9 | 77.5 |
Afcons Infrastructure Ltd. INFORMATION ON IPO ISSUE
About Afcons Infrastructure Ltd.
Afcons Infrastructure Ltd. was originally incorporated on 27 July 1961. It is an infrastructure engineering and construction company, that designs and executes projects across five major infrastructure business verticals: (i) Marine and Industrial, (ii) Surface Transport, (iii) Urban Infrastructure, (iv) Hydro and Underground, and (v) Oil and Gas. The company has extensive international operations and has delivered projects in 30 countries since its inception.
Object of the Issue
- Capital expenditure towards the purchase of construction equipment.
- Funding long-term working capital requirements.
- Prepayment or scheduled repayment of a portion of certain outstanding borrowings and acceptances availed by the company.
- General corporate purposes.
Afcons Infrastructure Ltd. - PROMOTERS
| Name |
|---|
| Goswami Infratech Private Limited |
| Shapoorji Pallonji and Company Private Limited |
| Floreat Investments Private Limited |
Afcons Infrastructure Ltd. Book running lead manager
Jefferies India Private Limited
afcons.ipo@icicisecurities.com
DAM Capital Advisors Limited
afcons.ipo@damcapital.in
Jefferies India Private Limited
afcons.ipo@jefferies.com
Nomura Financial Advisory and Securities (India) Private Limited
afconsipo@nomura.com
Nuvama Wealth Management Limited
Afcons.Ipo@nuvama.com
SBI Capital Markets Limited
afcons.ipo@sbicaps.com
Afcons Infrastructure Ltd. Registrar to the offer
Link Intime India Private Limited
afconsinfrastructure.ipo@linkintime.co.in
Afcons Infrastructure Ltd. Strengths
Strong track record of timely execution
During the three months ended June 30, 2024, and the financial years 2024, 2023, and 2022, the company successfully completed three, seven, nine, and seven projects, respectively, aggregating to Rs 39,345.6 million, Rs 88,431.1 million, Rs 63,403.9 million, and Rs 75,674.2 million, respectively in contract value. These projects were delivered across 10 countries and were completed on or ahead of schedule.
Knowledge management
The company has received recognition for its knowledge management practices through the MAKE (Most Admired Knowledge Enterprise) and MIKE (Most Innovative Knowledge Enterprise) awards over the last several years, highlighting its commitment to fostering a culture of innovation and problem-solving
Strong risk management
The company's risk management processes span the entire project lifecycle. At the pre-tendering stage, the risks that it evaluates include country risk, client risk, project risk, and joint venture risk (if any). The teams involved in analyzing these risks include business development executives, the tendering team, and the strategy team
Afcons Infrastructure Ltd. Risks
Depends on projects awarded by government
The company's business significantly depends on projects awarded by government and government-owned customers both in India and in other countries, including central or state governments, governmental organizations, and public sector undertakings. As a result, its ability to negotiate the terms of these contracts is limited
Capital intensive
Working capital is required for the mobilization of resources, including construction materials labor, and other work on projects before payment is received from its customers. Further, since the contracts it bids for typically involve a lengthy and complex bidding and selection process, it is difficult to predict whether or when a particular contract will be awarded to the company
Legal proceedings
Some of the company's contracts are the subject of legal and arbitration proceedings. An adverse outcome from any such legal proceedings could adversely affect the business
IPO FAQs
This IPO consists of an offer for sale of up to Rs 4,180.0 crore, of 90,280,777 shares. It also consists of a fresh issue of Rs 1,250.0 crore.
The promoters of the company are Goswami Infratech Private Limited, Shapoorji Pallonji and Company Private Limited and Floreat Investments Private Limited.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 440.0 - 463.0.
The IPO application opens on Oct 25, 2024 and closes on Oct 29, 2024.
The minimum lot size for the IPO is 32. The maximum lot size for the IPO is 416.
For all category investors, the minimum application amount for this IPO is Rs. 14,080.0, the maximum value for this IPO is Rs 192,608.0.
This IPO will be allotted on Oct 30, 2024.
The refund will be credited to your account on Oct 31, 2024.
The allotted shares will be credited to your demat on Oct 31, 2024.
Afcons Infrastructure Ltd.’s shares listed on the stock exchanges on Nov 04, 2024.