About Afcons Infrastructure Limited
Incorporated in 1959, Afcons Infrastructure Limited is an infrastructure engineering and construction company of the Shapoorji Pallonji group, with a legacy of over six decades.
As of September 30 2023, the company has completed 76 projects across 15 countries with a total historic executed contract value of Rs 522.20 billion.
As of September 30, 2023, the company has 67 active projects across 13 countries, totaling an order book of Rs 348.88 billion.
The company is globally present in Asia, Africa and Middle East.
The company has five major infrastructure business verticals
- Marine and industrial projects include covering ports, harbor jetties, dry docks, wet basins, breakwaters, outfall and intake structures, liquefied natural gas tanks, and material handling systems.
- Surface transport projects cover highways, roads, interchanges, mining-related infrastructure, and railways.
- Urban infrastructure projects include elevated and underground metro works, bridges, flyovers, and elevated corridors.
- Hydro and underground projects cover dams, barrages, tunnels (including large road tunnels), and underground works, water, and irrigation.
- Oil and gas projects cover both offshore and onshore oil and gas projects.
Competitive Strength
- Strong Track Record of Timely Execution of Large-Scale, Complex and High-Value Projects
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Diversified Order Book across Geographies, Clients, and Business Verticals, Longstanding Relationships with Clients Globally, and Strong Financial Performance.
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Collaboration among internal teams, JV counterparties, and a strategic equipment base, leading to strong execution capabilities.
Company Financials
Afcons Infrastructure Limited Financial Information (Restated Consolidated)
Afcons Infrastructure Limited’s revenue increased by 6% and profit after tax (PAT) rose by 9% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 30 Jun 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | ||||||||||||||||||||||||||||||||||||
| Assets | 17,184.58 | 16,233.64 | 14,301.25 | 12,973.77 | ||||||||||||||||||||||||||||||||||||
| Revenue | 3,213.47 | 13,646.88 | 12,844.09 | 11,269.55 | ||||||||||||||||||||||||||||||||||||
| Profit After Tax | 91.59 | 449.76 | 410.86 | 357.61 | ||||||||||||||||||||||||||||||||||||
| Net Worth | 3,662.25 | 3,575.05 | 3,155.06 | 2,691.03 | ||||||||||||||||||||||||||||||||||||
| Reserves and Surplus | 3,342.52 | 3,255.22 | 2,653.75 | 2,190.11 | ||||||||||||||||||||||||||||||||||||
| Total Borrowing | 3,365.1 | 2,455 | 1,562.82 | 1,555.2 | ||||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Objects of the Issue (Afcons Infrastructure IPO Objectives)
- Capital expenditure towards purchase of construction equipment
- Funding long term working capital requirements
- Prepayment or scheduled repayment of a portion of certain outstanding borrowings and acceptances availed by the Company
- General corporate purpose
Afcons Infrastructure IPO Details
| IPO Date | October 25, 2024 to October 29, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹440 to ₹463 per share |
| Lot Size | 32 Shares |
| Total Issue Size | 117,278,618 shares (aggregating up to ₹5,430.00 Cr) |
| Fresh Issue | 26,997,840 shares (aggregating up to ₹1,250.00 Cr) |
| Offer for Sale | 90,280,778 shares of ₹10 (aggregating up to ₹4,180.00 Cr) |
| Employee Discount | Rs 44 per share |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 340,738,269 |
| Share holding post issue | 367,736,109 |
Afcons Infrastructure IPO Timeline (Tentative Schedule)
Afcons Infrastructure IPO opens on October 25, 2024, and closes on October 29, 2024.
| IPO Open Date | Friday, October 25, 2024 |
| IPO Close Date | Tuesday, October 29, 2024 |
| Basis of Allotment | Wednesday, October 30, 2024 |
| Initiation of Refunds | Thursday, October 31, 2024 |
| Credit of Shares to Demat | Thursday, October 31, 2024 |
| Listing Date | Monday, November 4, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 29, 2024 |
Afcons Infrastructure IPO Lot Size
Investors can bid for a minimum of 32 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 32 | ₹14,816 |
| Retail (Max) | 13 | 416 | ₹192,608 |
| S-HNI (Min) | 14 | 448 | ₹207,424 |
| S-HNI (Max) | 67 | 2,144 | ₹992,672 |
| B-HNI (Min) | 68 | 2,176 | ₹1,007,488 |
| Lot Size Calculator | |||
Afcons Infrastructure IPO Promoter Holding
| Share Holding Pre Issue | 99.48% |
| Share Holding Post Issue |
Afcons Infrastructure IPO Reservation
Afcons Infrastructure IPO offers 9,63,35,319 shares. 23,47,733 (2.44%) to QIB, 1,75,10,799 (18.18%) to NII, 4,08,58,531 (42.41%) to RII, 5,96,659 (0.62%) to employees and 3,50,21,597 (36.35%) to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| Anchor Investor Shares Offered | 3,50,21,597 (36.35%) | NA |
| QIB Shares Offered | 23,47,733 (2.44%) | NA |
| NII (HNI) Shares Offered | 1,75,10,799 (18.18%) | |
| bNII > ₹10L | 1,16,73,866 (12.12%) | 26,057 |
| sNII < ₹10L | 58,36,933 (6.06%) | 13,028 |
| Retail Shares Offered | 4,08,58,531 (42.41%) | 12,76,829 |
| Employee Shares Offered | 5,96,659 (0.62%) | NA |
| Total Shares Offered | 9,63,35,319 (100%) |
Afcons Infrastructure IPO Anchor Investors Details
Afcons Infrastructure IPO raises Rs 1,621.50 crore from anchor investors. Afcons Infrastructure IPO Anchor bid date is October 24, 2024. Afcons Infrastructure IPO Anchor Investors list
| Bid Date | October 24, 2024 |
| Shares Offered | 35,021,597 |
| Anchor Portion Size (In Cr.) | 1,621.50 |
| Anchor lock-in period end date for 50% shares (30 Days) | November 29, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | January 28, 2025 |
Key Performance Indicator
The market capitalization of Afcons Infrastructure IPO is Rs 17026.18 Cr.
KPI as of June 30, 2024.
| KPI | Values |
|---|---|
| ROE | 10.55% |
| ROCE | 14.89% |
| Debt/Equity | 0.91 |
| RoNW | 2.50% |
| P/BV | 4.31 |
| PAT Margin (%) | 2.85 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 13.2 | 9.96 |
| P/E (x) | 35.08 | 46.48 |
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2024 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of June 30, 2024 that is available in RHP.
