Afcons Infrastructure Limited IPO
Afcons Infrastructure Limited IPO
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Afcons Infrastructure Limited's successfully completed its Initial Public Offering and commenced trading on 04-11-2024 at the NSE, BSE exchange. The company raised 11,73,27,139 Shares through this public offering, comprising 2,70,46,362 Shares in fresh capital and ₹4178.27 Cr through the Offer for Sale mechanism.
The IPO was priced within the band of ₹440 to ₹463, with minimum application lots of 32 shares. The offering attracted significant investor interest during its subscription period from 25-10-2024 to 29-10-2024.
Share allotment was finalized on 31-10-2024, distributing equity to successful applicants. The stock's subsequent listing marked a significant milestone in the company's corporate history, providing public market liquidity to shareholders.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Afcons Infrastructure IPO About Company
Afcons Infrastructure Limited, incorporated in 1959 and part of the Shapoorji Pallonji group, is a leading infrastructure engineering and construction company with over six decades of experience. As of September 30, 2023, the company has successfully completed 76 projects across 15 countries, amounting to a total executed contract value of Rs 522.20 billion, and currently manages 67 active projects in 13 countries with an order book of Rs 348.88 billion. Afcons operates through five key business verticals: Marine and Industrial Projects (ports, harbor jetties, dry docks, LNG tanks), Surface Transport Projects (highways, roads, railways), Urban Infrastructure (metro works, flyovers), Hydro and Underground Projects (dams, tunnels, irrigation systems), and Oil & Gas Projects (offshore and onshore). With a strong global presence, the company delivers critical infrastructure solutions across diverse sectors, establishing itself as a trusted partner in complex engineering and construction projects.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Afcons Infrastructure IPO Strength Factors
- Diverse Expertise: Strong capabilities across marine, industrial, surface transport, and urban infrastructure projects.
- Global Presence: Completed and ongoing projects in multiple countries across Asia, Africa, and the Middle East.
- Robust Order Book: Order book of ₹348.88 billion as of Sept 30, 2023, indicating strong demand and project pipeline.
Afcons Infrastructure IPO Risk Factors
- Contract Dependency: Financial performance is sensitive to winning new contracts and qualifying for key projects.
- Government Reliance: Heavy dependence on government projects exposes the company to policy changes, delays, and funding risks.
- Capital-Intensive Operations: High capital requirements and potential cash flow or financing constraints may impact operations and stability.
Afcons Infrastructure IPO Lead Manager(s)
- Dam Capital Advisors Limited
- ICICI Securities Limited
- Jefferies India Private Limited
- Nomura Financial Advisory And Securities (India) Private Limited
- Nuvama Wealth Management Limited
- SBI Capital Markets Limited
Afcons Infrastructure IPO Promoter(s)
- Goswami Infratech Private Limited
- Shapoorji Pallonji and Company Private Limited
- Floreat Investments Private Limited
Afcons Infrastructure IPO FAQs
Afcons Infrastructure Limited IPO subscribed 2.77 times. The public issue subscribed 0.99 times in the retail category,3.99times in QIB, and 6.63 times in the HNI (10+) category byNovember 18, 2025 12:12:18 PM (Day 18).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Afcons Infrastructure IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Afcons Infrastructure IPO FAQs
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