Ahmedabad: Afcons Infrastructure Limited, the flagship infrastructure, engineering and construction company of the Shapoorji Pallonji group, has fixed the price band of Rs 440/- to Rs 463/- per Equity Share of face value Rs 10/- each for its maiden initial public offer. Last week, Afcons Infrastructure raised Rs 2,967 crore from the company’s management, individual and institutional investors in a pre-IPO placement. The pre-IPO book included names like GIC Singapore, Enam Holdings (Akash Bhanshali), Synergy Capital, 360 One, M&G Investments, Think Investments, Discovery Capital Management, Artian Investment from ArcelorMittal, Madhusudan Kela, White Oak and more, a press statement said.

The release stated, “The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Friday, October 25, 2024, for subscription and close on Tuesday, October 29, 2024. Investors can bid for a minimum of 32 Equity Shares and in multiples of 32 Equity Shares thereafter. A discount of Rs 44 per equity share is being offered to eligible employees bidding in the employee reservation portion.”

“The IPO is a mix of fresh issue of up to Rs 1250 crore and an offer of sale up to Rs 4180 crore. The proceeds from its fresh issuance will be utilized to the extent of Rs 80 crore for capital expenditure towards purchase of construction equipment; Rs 320 crore for funding long term working capital requirements; Rs 600 crore for prepayment or scheduled repayment of a portion of certain outstanding borrowings and acceptances availed by the company; and general corporate purposes.”

ICICI Securities Limited, DAM Capital Advisors Limited, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Private Limited, Nuvama Wealth Management Limited, and SBI Capital Markets Limited are book running lead managers, and Link Intime India Private Limited is the registrar of the issue, the statement further stated.