Afcons Infrastructure IPO subscribed 2.63 times on last day of share sale

initial public offer of Shapoorji Pallonji Group's flagship infrastructure engineering and construction firm Afcons Infrastructure got fully subscribed on last day of share sale on Tuesday and ended with 2.63 times subscription.

Rs 5,430-crore initial share sale received bids for 22,78,13,728 shares against 8,66,19,950 shares on offer, as per NSE data.

category for non-institutional investors received 5.05 times subscription while quota for Qualified Institutional Buyers (QIBs) got subscribed 3.79 times. portion meant for Retail Individual Investors (RIIs) got 94 per cent subscription.

Afcons Infrastructure Ltd (AIL) on Thursday said it has mopped up Rs 1,621 crore from anchor investors.

price band has been fixed at Rs 440-463 per share.

IPO is a combination of a fresh issue of shares worth Rs 1,250 crore and an offer for sale (OFS) of up to Rs 4,180 crore by promoter Goswami Infratech Pvt Ltd.

Maharashtra-based company will utilise Rs 80 crore from fresh issue proceeds to buy construction equipment, Rs 320 crore for long-term working capital, Rs 600 crore to repay debt, and rest for general corporate purposes.

Founded in 1865, Shapoorji Pallonji Group (SP Group) is a diversified institution and has a leing presence in engineering & construction, infrastructure, real estate, water, energy and financial services sectors across globe.

ICICI Securities Ltd, DAM Capital visors Ltd, Jefferies India Pvt Ltd, Nomura Financial visory and Securities (India) Pvt Ltd, Nuvama Wealth Management Ltd, and SBI Capital Markets Ltd are book-running le managers to issue.