Afcons Infrastructure Ltd is one of the prominent infrastructure firms in the Shapoorji Pallonji group. On Monday, November 4, 2024, this company is supposed to flag off its journey in the Indian stock markets following a Rs 5,430 crore. The response to this company was, however, a bit lukewarm from the investors.
Afcons Infrastructure Ltd equity shares will be listed on both BSE and NSE. A BSE notice read, “Trading Members of the Exchange are hereby informed that effective from Monday, November 4, 2024, the equity shares of Afcons Infrastructure Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities.” According to reports, Afcons Infrastructure shares will form a part of Special Pre-open Session on November 4. Trading has begun from 10 in the morning.
Afcons Infrastructure listing price, poor GMP
On the morning of November 4, the Afcons Infrastructure listing price was recorded at Rs 426 per share, that marks a 7.99% discount when compared to the IPO price of Rs 463 for each equity share. The listing performance is not surprising considering the Grey Market Premium, or GMP of Afcons Infrastructure IPO which was quite listless. Experts, too, didn’t expect any high listing gains from the shares. According to investorgain, the GMP of Afcons Infrastructure stood at a poor Rs 15 on November 3, 2024, which indicated a listing gain of only 3.24%, considering the price of the shares at Rs 463.
In fact, the GMP was at Rs 225 on October 19, and has been falling continuously afterwards. It cam down to Rs 45 on October 22 and then inched its way to Rs 75 on October 23 and then began falling again.
Afcons Infrastructure IPO price
The price of an equity share of Afcons Infrastructure was fixed at Rs 440-463 and had a lot size of 32 shares. Bidding for the subscription was open between October 25 and October 29. The IPO contained fresh sale of shares worth Rs 1,250 crore and OFS (offer-for-sale) of Rs 4,180 crore. The IPO commanded an oversubscription of 2.63 times. What’s most important is that the portion earmarked for retail investors failed to mop up 100% subscription.
The company is based in Mumbai and was incorporated in 1959. Brokerages, however, had a favourable view of the IPO and advocated investing due to long-term prospects of the firm.
Afcons Infrastructure, the flagship infrastructure company of the Mumbai-based Shapoorji Pallonji Group flagged off its stock market journey with a listing loss of nearly 8% to the IPO price. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
