IPO Details
Bidding Dates
25 Oct 24 - 29 Oct 24
Price Range ₹
440 - 463
Total Equity
₹ 4010.50Cr
Lot Size
32
Exchange Status
BSE,NSE
IPO Doc
Subscription Rate
Non-Institutional Investor
0.94×
Qualified Institutional Buyers
3.79×
Employees
1.67×
Retail Investors
0.94×
Total subscription Rate
2.63×
IPO Timeline
Offer start
25 Oct 2024
Offer end
29 Oct 2024
Allotment
30 Oct 2024
Refund initiation
31 Oct 2024
Demat transfer
31 Oct 2024
Listing
04 Nov 2024
Offer start
25 Oct 2024
Offer end
29 Oct 2024
Allotment
30 Oct 2024
Refund initiation
31 Oct 2024
Demat transfer
31 Oct 2024
Listing
04 Nov 2024
About Company
Incorporated in 1959, Afcons Infrastructure Limited is an infrastructure engineering and construction company that is part of the Shapoorji Pallonji group, with over six decades of experience. As of September 30, 2023, the company has successfully completed 76 projects across 15 countries, with a total historic contract value of Rs 522.20 billion. Currently, the company has 67 active projects across 13 countries, with an order book totaling Rs 348.88 billion. Afcons operates globally, with a presence in Asia, Africa, and the Middle East. The company’s operations are organized into five major infrastructure business verticals: Marine and Industrial Projects: This includes ports, harbor jetties, dry docks, wet basins, breakwaters, outfall and intake structures, LNG tanks, and material handling systems. Surface Transport Projects: Involves highways, roads, interchanges, railways, and mining infrastructure. Urban Infrastructure Projects: Includes elevated and underground metro projects, bridges, flyovers, and elevated corridors. Hydro and Underground Projects: Encompasses dams, barrages, tunnels, underground works, water, and irrigation projects. Oil and Gas Projects: Covers both offshore and onshore oil and gas projects.
Year Founded
22-11-1976
Promotor Details
Shapoorji Pallonji Mistry
Promoter Holdings Details
| Particular | Pre-IPO | Post-IPO |
|---|---|---|
| Percentage | 96.63 | 50.17 |
| Share Capital | 329250448 | 184500996 |
Offer to Public
8,66,19,950.00 Cr
Project Details
- Funding long term working capital requirements - 3200cr
- Prepayment or scheduled repayment of a portion of certain outstanding borrowings and acceptances ava - 6000cr
- Capital expenditure towards purchase of construction equipments - 800cr
Objectives
- Capital expenditure towards purchase of construction equipmentsFunding long term working capital requirementsPrepayment or scheduled repayment of a portion of certain outstanding borrowings and acceptances availed by our CompanyGeneral corporate purposes
Highlights
- Strong history of delivering large-scale, complex, and high-value projects on time.
- Extensive portfolio across geographies, clients, and business verticals, along with longstanding relationships with global clients.
- Supported by collaboration among internal teams, JV partners, and a strategic equipment base, contributing to robust execution capabilities.
- Afcons has significantly expanded its international footprint, with 65 active projects across 12 countries and a presence in 17 countries, especially in Asia, Africa, and the Middle East. This broad reach strengthens its brand and market position globally.
- The company’s total order book stood at Rs 31,747 crore as of June 30, 2024, showcasing its capacity to secure and manage large-scale projects and providing a stable revenue pipeline.
Challenges
- A significant portion of Afcons’ order book relies on government or government-led clients, making the company vulnerable to changes in government policies, budget allocations, or infrastructure spending cuts, which could adversely impact its business.
- The top 10 customers contribute over 65% to the order book, indicating a reliance on a limited client base. Any loss of key clients or difficulty in expanding its customer base could negatively affect its revenue stability.
- The company’s trade receivables total Rs 3,974.61 crore as of June 30, 2024. Delays or defaults in collecting these receivables could strain cash flow and harm financial stability.
- Afcons has ongoing legal and arbitration cases involving its contracts, subsidiaries, promoters, and directors. Any unfavorable judgments could have financial and operational repercussions for the company.
- With outstanding debt of Rs 17,732.36 crore, Afcons faces significant financial leverage risk. Failure to meet debt servicing or repayment obligations could adversely affect the company’s financial health and operational capacity.
Financials
| Years | Total Assets | Share Capital | Profit After Tax | Consolidated Net Profit | Adjusted EPS |
|---|---|---|---|---|---|
| 2024 | 1,65,952.81 | 3,407.40 | 77.87 | 78.59 | 11.0964 |
| 2020 | 13,317.46 | 521.97 | 77.87 | 78.59 | 11.0964 |
| 2023 | 1,46,812.30 | 5,219.70 | 234.44 | 240.10 | 33.3542 |
| 2021 | 12,727.92 | 521.97 | 77.87 | 78.59 | 11.0964 |
| 2022 | 1,33,271.97 | 5,219.70 | 5,318.25 | 5,290.24 | 7.3443 |
