Afcons Infrastructure IPO
Afcons Infrastructure IPO — date, price band, lot size & details 2024
Afcons Infrastructure listed on 4 Nov 2024 at ₹426, 8% below the ₹463 issue price.
Afcons Infrastructure is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group, building complex EPC projects in India and abroad. Its total income was Rs 13,646.88 crore in FY2024.
Stock price
Afcons Infrastructure is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 25 Oct 2024
- Close 29 Oct 2024
- Allotment 30 Oct 2024
- Refund/credit 31 Oct 2024
- Listing 04 Nov 2024
Issue summary
The terms of the offer, as filed.
| IPO Dates | 25 to 29 Oct, 2024 |
|---|---|
| Price Band | ₹440 – ₹463 |
| Face Value | ₹10 |
| Lot Size | 32 Shares |
| Issue Size | ₹5430 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Employee Discount | Rs 44.00 per share |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,816 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 32 shares at the ₹463 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 32 | ₹14,816 |
| Retail (max) | 13 | 416 | ₹1,92,608 |
| S-HNI (min) | 14 | 448 | ₹2,07,424 |
| S-HNI (max) | 67 | 2,144 | ₹9,92,672 |
| B-HNI (min) | 68 | 2,176 | ₹10,07,488 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 11,269.55 crore in FY2022 to Rs 13,646.88 crore in FY2024.
- 02Profit after tax rose from Rs 357.61 crore in FY2022 to Rs 449.74 crore in FY2024.
- 03It is one of India's largest international infrastructure construction companies, as per the 2023 Fitch report.
- 04Net worth grew from Rs 2,691.03 crore on 31 March 2022 to Rs 3,662.25 crore on 30 June 2024.
- 05Rs 1,251.73 crore of the issue was fresh capital.
Risks · 5
- 01Rs 4,178.27 crore of the Rs 5,430 crore issue was offer for sale by a promoter.
- 02The pre-issue P/E was 35.08 at the upper band of Rs 463, based on EPS of Rs 13.20.
- 03Margins are thin, and the source puts the PAT margin at 2.85%.
- 04Total borrowing rose from Rs 1,555.20 crore on 31 March 2022 to Rs 3,365.10 crore on 30 June 2024.
- 05Promoters and the promoter group held 80.64% before the offer, after pre-IPO sales, and 50.17% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Afcons Infrastructure offer document.
| Metric | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 17,184.58 | 16,233.64 | 14,301.25 | 12,973.77 |
| Total Income | 3,213.47 | 13,646.88 | 12,844.09 | 11,269.55 |
| Profit After Tax | 91.59 | 449.74 | 410.86 | 357.61 |
| NET Worth | 3,662.25 | 3,575.05 | 3,155.06 | 2,691.03 |
| Reserves and Surplus | 3,342.52 | 3,255.22 | 2,653.75 | 2,190.11 |
| Total Borrowing | 3,365.10 | 2,455.00 | 1,562.82 | 1,555.20 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Afcons Infrastructure RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Afcons Infrastructure IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹13.20 | ₹9.96 |
| P/E Ratio (x) | 35.08 | 46.48 |
| Market Cap at Offer Price (₹ Cr) | ₹3,212.59 | ₹4,257.65 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹463 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹1,396.44 Cr of the issue is earmarked to named objects.
About the company
It has a strong record of executing technologically complex EPC projects in India and internationally. As per the Fitch report, it is one of India's largest international infrastructure construction companies.
Its promoters are Goswami Infratech, Shapoorji Pallonji and Company, Floreat Investments, Shapoorji Pallonji Mistry, Firoz Cyrus Mistry and Zahan Cyrus Mistry. Before the offer, Goswami Infratech sold 62,548,264 shares through pre-IPO deals.
The IPO was Rs 5,430 crore, with Rs 1,251.73 crore of fresh issue and Rs 4,178.27 crore of offer for sale by Goswami Infratech. Fresh money was planned for equipment, working capital and repaying borrowings.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Afcons Infrastructure IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Nuvama Wealth Management Ltd.
42 issues handledBest listing: Gandhar Oil Refinery (India) (+76.3%). Weakest: ACME Solar Holdings (-13.1%).
SBI Capital Markets Ltd.
70 issues handledBest listing: Bajaj Housing Finance (+114.3%). Weakest: Kalyan Jewellers India (-15.0%).
ICICI Securities
133 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Jefferies India Private Limited
34 issues handledBest listing: Nazara Technologies (+80.7%). Weakest: Turtlemint Fintech Solutions (-10.4%).
Dam Capital Advisors Ltd
44 issues handledBest listing: Go Colors (+89.9%). Weakest: Metro Brands (-12.6%).
Nomura Financial Advisory & Securities (India) Pvt. Ltd
24 issues handledBest listing: Happiest Minds Technologies (+110.8%). Weakest: Shriram Properties (-23.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Afcons Infrastructure?
The current Grey Market Premium is ₹0.
What is the Afcons Infrastructure IPO price band?
₹440 to ₹463, on a face value of ₹10.
When is the allotment?
The basis of allotment is 30 October 2024, with listing on 4 November 2024.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
