Afcons Infrastructure – the flagship infrastructure, engineering and construction company of the Shapoorji Pallonji group – has garnered INR 1,621 crore from anchor investors ahead of its initial public offering (IPO) that opens for public subscription on Friday, October 25, 2024. Afcons Infrastructure anchor investors include several prominent mutual fund houses, private equity investors and even central banks. The company informed the bourses that it allocated 35,021,597 equity shares at INR 463 per share on Thursday, October 24, 2024, to anchor investors.
Table of Contents
Afcons Infrastructure Anchor Investors – Who’s Who of Industry
Foreign and Domestic Institutions who participated in the anchor were Monetary Authority of Singapore, GIC, HDFC MF, ICICI Pru AMC, BlackRock, Fidelity Investments, Goldman Sachs, HSBC Group, Nomura AM, Nippon MF, Fullerton, Enam Holdings, Birla MF, Mirae MF, Quant MF, Invesco MF, Eastbridge, Amundi, Invesco HK, Loomis & Sayles, HDFC Life, 360One AIF, Manulife, Mirae Global, WhiteOak (MF), WhiteOak, BNP Baroda MF, LIC MF, BCI, Jupiter AM, NS Partners, ICICI Pru Life, Abakkus, Oaktree.
In addition, Think Investment, Helios MF, Mahindra, Trust MF, Edelweiss Life, Carnelian, Allspring, Birla Offshore, MK Ventures, Jain Global, Jane Street, PIMCO, SBI General Insurance, Nuvama Crossover fund, GAM Investment UK, Neuberger, Taurus MF, ITI MF, Nippon Life, Verition, Zeta Global Funds (OEIC) PCC Limited – Zeta Series B Fund PC were also among Afcons Infrastructure anchor investors.
Out of the total allocation of 35,021,597 equity shares to Afcons Infrastructure anchor investors, 11,710,136 equity shares were allocated to 15 domestic mutual funds through a total of 31 schemes amounting to INR 542.2 crore i.e. 33.44% of the total anchor book size.
The update of Afcons Infrastructure anchor investors comes on the heels of the company raising INR 2,967 crore at a price of INR 463 per share through a pre-IPO round.
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 lead managers, and Link Intime India Private Limited is the registrar of the issue.
Afcons Infrastructure IPO Details
The upcoming IPO is a mix of fresh issue of up to INR 1,250 crore and an offer of sale up to INR 4,180 crore by Promoter. The public offer opens on Friday, October 25, 2024, and closes on Tuesday, October 29, 2024. The price band for the offer has been determined at INR 440 – 463 per equity share. Afcons Infrastructure IPO will fetch INR 5,430 crore at the upper end of the price band.
Investors can bid for a minimum of 32 equity shares and in multiples of 32 equity shares thereafter. A discount of INR 44 per equity share is offered to eligible employees.
The offer is being made through the book-building process, wherein not more than 50% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional bidders, and not less than 35% of the offer shall be available for allocation to retail individual bidders.
Read Also: Waaree Energies IPO Allotment – Effective Ways to Check Allocation Status
Afcons Infrastructure Capabilities
Afcons Infrastructure operates across five key sectors in the infrastructure space: Marine and Industrial, Surface Transport, Urban Infrastructure, Hydro and Underground, and Oil and Gas.
As of June 30, 2024, the company has successfully completed 79 projects in 17 countries, with a total contract value of INR 56,305 crore. Currently, it is managing 65 ongoing projects across 12 countries, amounting to an order book worth INR 31,747 crore.
By the same date, Afcons‘ fleet included 11 marine barges, 153 cranes, 16 tunnel boring machines, eight large-capacity jackups, and 21 piling rigs. The company’s workforce stood at 3,972 permanent employees.
While a strong list of Afcons Infrastructure anchor investors is positive for the public offer, it also helps that the company commands a healthy premium in IPO grey market which indicates a potentially higher listing.
