Afcons Infrastructure Ltd made a disappointing debut on the stock exchanges on November 4, 2024, listing at ₹426 on the National Stock Exchange (NSE) and ₹430.05 on the Bombay Stock Exchange (BSE). These prices fall below the originally targeted price band of ₹440 to ₹463 per equity share, reflecting investor hesitancy.
The listing price on the NSE represents a 7.99% discount from the upper end and a 3.1% discount from the lower end of the price band. Similarly, the BSE listing marks a 7.6% discount from the upper end and a 2.31% discount from the lower end, indicating a lack of investor confidence.
Also Read: Sensex Plummets: Key Stocks Take Major Hits in Latest Market Downturn
Afcons Infrastructure, part of the Shapoorji Pallonji Group, sought to raise ₹5,430 crore through its IPO from October 25 to 29.
The IPO included both fresh shares and an offer for sale, with share allotment finalized on October 30. Employees of the company received a reservation of 596,659 shares at a ₹44 discount to the issue price. Meanwhile, retail investors were required to bid for a minimum of 32 shares, resulting in a minimum investment of between ₹14,080 and ₹14,816 based on the targeted price band. Non-Institutional Investors (NIIs) faced varying lot sizes, ranging from ₹2,00,000 to ₹10,07,488.
The IPO’s lead managers included ICICI Securities, DAM Capital, Jefferies, Nomura, Nuvama Wealth, and SBI Capital, with Link Intime as registrar.
As the market responds to this lackluster debut, analysts are closely monitoring investor sentiment and the future performance of Afcons Infrastructure.
