The company has fixed the price band between Rs. 440 to Rs. 463 per equity share. Investors can bid for one lot of 32 shares and then in multiples of 32.

At the upper end of the price band, the company intends to raise Rs. 5,430 crore, which includes a fresh issue of 2.7 crore shares worth Rs. 1,250 crore, along with an offer for sale (OFS) component of 9.03 crore shares aggregating to Rs. 4,180 crore.

The proceeds from the OFS will be received by the selling shareholder and Afcons will not receive any proceeds from it. Goswami Infratech, a promoter group company, is selling shares via the OFS.

Of the total fresh issue proceeds, Afcons has proposed to utilise Rs. 80 crore for capital expenditure towards the purchase of construction equipment. It will use Rs. 320 crore towards funding long-term working capital requirements.

Around Rs. 600 crore will be used for prepayment or scheduled repayment of a portion of certain outstanding borrowings. The remaining funds will be for general corporate purposes.

Afcons Infrastructure will have a post-listing market capitalisation of Rs.17,029 crore at the upper end of the price band.

The Afcons Infrastructure Initial Public Offer will close for subscription on October 29, and the company will raise funds from anchor investors on Thursday, October 24.

About 50% of the issue has been reserved for institutional investors, while 15% of the issue is reserved for non-institutional investors. The remaining 35% of the offer has been kept aside for retail investors.

The company has already raised Rs. 2,967 crore from a number of investors. The pre-IPO book included names such as GIC Singapore, Enam Holdings (Akash Bhanshali), Synergy Capital, 360 One, M&G Investments, Think Investments, Discovery Capital Management, Artian Investment from ArcelorMittal, Madhusudan Kela, White Oak and more.

Established in 1959, Shapoorji Pallonji group firm Afcons Infrastructure has a legacy of over six decades. Afcons operates across five major infrastructure business verticals: 1) Marine and Industrial, encompassing projects such as ports, harbors, dry docks, LNG tanks, and material handling systems.

2) Surface transport, including highways, interchanges, mining infrastructure, and railways.

3) Urban infrastructure, covering metro works, bridges, flyovers, and elevated corridors.

4) Hydro and Underground, comprising dams, tunnels, and water-related projects.

5) Oil and Gas, involving offshore and onshore projects in the oil and gas sector.

The company has a strong international presence across various infrastructure sectors, as highlighted in the 2023 ENR rankings. Afcons ranks among the top international contractors globally in marine and port facilities, bridges, transportation, and transmission line segments based on international revenue for the financial year 2023, according to the Fitch Report.

Afcons has a history of completing projects ahead of schedule, including notable ones like the Jammu Udhampur Highway Project, Nagpur Metro Reach 3, and Agra Lucknow Expressway. As of June 30, 2024, Afcons is actively involved in 79 active projects across 17 countries. The allotment of shares for the Afcons Infrastructure Initial Public Offer is expected to be finalised on October 30, while the company will be listed on both BSE and NSE on November 4.

For the June quarter, Afcons has reported a net profit of Rs. 91.59 crore with a revenue of Rs. 3,213 crore. The company posted a net profit of Rs. 449.76 crore with a revenue of Rs. 13,646.88 crore for the financial year ended on March 31, 2024.

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 book running lead managers (BRLM) and Link Intime India Private Limited is the registrar of the issue.