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Afcons Infrastructure Limited (AIL), a prominent infrastructure engineering and construction company under the Shapoorji Pallonji group, is set to launch its initial public offering (IPO) on India's primary market. The IPO, slated to open for subscription on October 25, 2024, and close on October 29, 2024, aims to raise ₹5,430 crore. The Mumbai-based multinational company, established in 1959, boasts a rich history of over six decades in various infrastructure sectors including marine, surface transport, urban infrastructure, hydro, underground projects, and oil and gas initiatives.
Afcons Infrastructure's IPO comes as a testament to the company's strong financial performance and its commitment to expanding its presence both within India and internationally. The company, in its red herring prospectus (RHP), highlighted its impressive track record of executing complex and challenging engineering, procurement, and construction (EPC) projects. As of June 30, 2024, Afcons Infrastructure had 65 active projects spanning 12 countries in Asia, Africa, and the Middle East, accumulating an order book of ₹34,888 crore.
The IPO timeline is as follows: the subscription period will run from October 25th to October 29th, with allotment expected to be finalized on October 30th. The listing on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) is tentatively scheduled for November 4th. This IPO offers potential investors a chance to invest in a company with a proven track record and a promising future in the burgeoning infrastructure sector.