Afcons Infrastructure is scheduled to finalize the basis of allotment of its shares on Wednesday, October 30. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Friday, October 31. The Mumbai-based infra player saw a muted response from the investors.
The IPO of Afcons Infrastructure was open for bidding between October 25 and October 29. It had offered its shares in the fixed price band of Rs 440-463 per share with a lot size of 32 shares. The company raised a total of Rs 5,430 crore from its IPO, which included a fresh share sale of Rs 1,250 crore and offer-for-sale (OFS) of up to 4,180 equity shares.
The issue was overall subscribed merely 2.63 times, thanks to the last minute interest from qualified institutional bidders (QIBs), whose quota was booked 3.79 times. The allocation for non-institutional investors (NIIs) was booked 5.05 times. The portion for retail investors was undersubscribed at 94 per cent, while the employee portion was booked 1.67 times.
Grey market premium (GMP) of Afcons Infrastructure has seen a sharp correction following a muted response from investors. Last heard, the company was commanding no premium of Rs 5 in the unofficial market, suggesting a negligible listing pop for the investors. The GMP stood at Rs 40 on the last day of the bidding.
Incorporated in 1959, Mumbai-based Afcons Infrastructure is an infrastructure engineering and construction company of the Shapoorji Pallonji group, with a legacy of over six decades. It has verticals like marine and industrial projects; surface transport projects; urban infrastructure projects; Hydro and underground projects; and oil & gas projects.
Brokerages mostly have a positive view on the issue and suggest subscribing for a long term citing its sound financial record, extensive order book in India and across the globe and experience management. However, fully priced valuations and capital intensive nature of business are major concerns.
ICICI Securities, Jefferies India, DAM Capital Advisors, Nuvama Wealth Management, Nomura Financial Advisory and Securities (India) and SBI Capital Markets are the book running lead managers of the Afcons Infra IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on Monday, November 4 on both BSE and NSE.
Investors, who bade for the issue of Afcons Infrastructure, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Afcons Infrastructure Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit search button
Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue. 1) Go to the web portal of Link Intime Limited
2) Select the IPO/FPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.