The company will announce the price band for the IPO next week. Infrastructure firm’s Rs. 5,430-crore IPO raised Rs. 1,250 crore fresh issue of shares and by promoter Goswami Infratech Pvt Ltd Rs. 4,180 crore is a combination of Offer for Sale (OFS).
The offer size has been reduced following pre-IPO fundraising. In March draft papers, the company initially raised Rs. 7,000 crore was planned to be collected.
Currently, promoters and promoter group entities own 99 per cent stake in Maharashtra-based Afcons Infrastructure. The company raised Rs. 80 crore was used to purchase construction equipment, Rs. 320 crore for long-term working capital, Rs. 600 crore to repay debt and the rest for general corporate purposes.
Founded in 1865, the Shapoorji Pallonji Group (SP Group) is a diversified conglomerate and has a leading presence in the engineering and construction, infrastructure, real estate, water, energy and financial services sectors across the globe.
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In terms of listed industry peers, Afcons compares itself with Larsen & Toubro Limited (L&T), KEC International Limited (KEC), Kalpataru Project International Limited (KPIL), and Dilip Buildcon Limited (DBL).
ICICI Securities Ltd, DAM Capital Advisors Ltd, Jefferies India Pvt Ltd, Nomura Financial Advisory & Securities (India) Pvt Ltd, Nuwama Wealth Management Ltd and SBI Capital Markets Ltd are the book-running lead managers to the issue.
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