Afcons Infrastructure, an arm of Shapoorji Pallonji Group on Monday (November 4) made it debut on the Stock market at a discounted price.
Modest Start on Dalal Street
The stocks of the company, after its IPO, launched on October 25 and closed on October 29, listed its shares on the stock exchange today with slightly rocky start. The stock opened at Rs 426 on the National Stock Exchange (NSE), an 8 per cent discount from its issue price of Rs 463 apiece.
However, by 12:14 PM IST, shares were trading at Rs 460.60 on the NSE, an 8.12 per cent surge from the opening price. Similarly, on the Bombay Stock Exchange (BSE), shares rose to Rs 464.05, up 7.64 per cent in early afternoon trading.
Afcons Infrastructure share performance on NSE |
The IPO in Numbers
The Afcons Infrastructure IPO raised Rs 5,430 crore through fresh shares and an offer for sale. The price band for the public issue was set between Rs 440 to Rs 463 per share.
On the final day of subscription, the IPO on October 29 was subscribed 2.63 times overall.
Qualified Institutional Buyers (QIBs) - 3.79 times subscription
Non-Institutional Investors (NIIs) - 5.05 times subscription
Image used for representational purposes only |
Retail Investors - 94 per cent subscription
Employees - 1.67 times subscription
Through anchor investor partcipationm the Afcon Infrastructure public issue raised Rs 1,621.5 crore ahead of the public offering by allotting 3.5 crore shares at Rs 463 each.
Bhopal metro project line
Furthermore, the company in a recent BSE exchange filing announced that, "it was declared as the lowest bidder for construction Package BH-05 of Bhopal Metro Phase 1 project’s 12.915 km Blue Line (Line-2) which will connect Bhadbhada Chauraha – Ratnagiri Tiraha via 13 elevated stations. Afcons’ bid of Rs. 1006.74 crore was declared the lowest - L1."
"This package by Madhya Pradesh Metro Rail Corporation Ltd (MPMRCL) includes the construction of the entire Blue Line’s viaduct, 13 stations, and a ramp leading to Subhash Nagar Depot which will be shared with Orange Line (Karond Circle – AIIMS) for maintaining and stabling," added the company in the regulator filing on November 4.
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