look news india
New Delhi, 04 November (HS). Afcons Infra, the construction company of Shapoorji Palunji Group, entered the domestic stock market through listing on Monday. The company's shares were listed in the stock market today with a discount of about 8 percent. Under the IPO, the company had issued shares at a price of Rs 463, but today its listing on BSE was at Rs 430.05 and on NSE it was listed at Rs 426. With this listing, the investors of this company suffered a loss of about 8 percent.
The IPO investors of this company had not even recovered from the shock of listing at a discount when they got the shock of strong selling. Due to all-round selling that started in the early trade itself, it fell to the level of Rs 420.25. However, after this buyers started buying, due to which the stock recovered from the lower level. With the support of continuous buying, this share jumped by Rs 3 to reach Rs 465. Amid continuous buying and selling, at 12 noon, shares of Afcons Infra were trading at Rs 462.70 with a weakness of 30 paise.
Afcons Infra's Rs 5,430 crore IPO was open for subscription between October 25 and 29. This IPO received a good response from investors, due to which it was subscribed 2.77 times overall. In this, the reserve portion for Qualified Institutional Buyers (QIB) was subscribed 3.99 times. Similarly, the reserve portion for Non-Institutional Investors (NIIs) was subscribed 5.31 times, while the reserve portion for retail investors was subscribed 0.99 times.
New shares worth Rs 1,250 crore have been issued under this IPO. Apart from this, 9,02,80,778 shares with face value of Rs 10 have been sold under the Offer for Sale (OFS) window. The funds raised through the IPO will be used to purchase construction equipment, purchase new machinery, meet long-term working capital requirements and repay old loans.
