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19 Nov 2024
Afcons Infrastructure Limited (AIL), the flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group, has received final approval from the Securities and Exchange Board of India (SEBI) for its upcoming ₹7,000 crore initial public offering (IPO). The company had initially submitted its draft IPO papers to SEBI on March 28, 2024.
The IPO, with a face value of ₹10 per share, includes a fresh issue worth ₹1,250 crore and an offer for sale (OFS) of up to ₹5,750 crore by Goswami Infratech Private Limited. The proceeds from the fresh issue will be allocated as follows: ₹150 crore will be used for purchasing construction equipment, ₹350 crore for long-term working capital needs, and ₹500 crore to repay or prepay certain outstanding loans and acceptances. Any remaining funds will go towards general corporate purposes.
Afcons Infrastructure operates in a variety of sectors, including marine, surface transport, urban infrastructure, hydro, and underground projects, as well as oil and gas. The company’s order book has grown at a compound annual growth rate (CAGR) of 7.6%, increasing from ₹26,248.46 crore in 2021 to ₹30,405.77 crore in 2023. By September 2023, the order book had further expanded to ₹34,888.39 crore.
In terms of financial performance, Afcons’ restated consolidated revenue from operations for FY23 increased by 14.69%, rising to ₹12,637.38 crore from ₹11,018.97 crore in FY22. The company’s profit after tax also grew by 14.89%, reaching ₹410.86 crore in FY23 compared to ₹357.60 crore in FY22. For the first half of FY24, ending on September 30, 2023, Afcons reported revenues of ₹6,505.39 crore and a profit after tax of ₹195.13 crore.
The IPO’s book-running lead managers include ICICI Securities, DAM Capital Advisors, Jefferies India, Nomura Financial Advisory, Nuvama Wealth Management, and SBI Capital Markets. Link Intime India Private Limited will act as the registrar for the offering.
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