Diversified conglomerate Shapoorji Pallonji Group-backed construction and engineering player Afcons Infrastructure Ltd has filed draft red herring prospectus (DRHP) with Securities Exchange Board of India (Sebi) to raise Rs 7,000 crore through an initial public offer (IPO).
The firm will raise Rs 1,250 crore through a fresh issue and Rs 5,750 crore through offer for sale. Goswami Infratech Pvt Ltd will sell around Rs 5,750 crore worth of stake in the OFS, according to the DRHP.
As of December 2023, Goswami Infratech Pvt Ltd has 72.35 percent stake while Shapoorji Pallonji and Company 16.64 percent stake in the firm.
Shapoorji Pallonji Group
Proceeds worth Rs 150 crore from the issue will be used for capital expenditure, Rs 350 crore will be used to fund long term working capital requirement and Rs 500 crore will be used for repayment of portion of certain outstanding borrowings and acceptance availed by the company. As of December 2023, its outstanding borrowings stood at Rs 2887.59 crore.
The IPO will be launched at a valuation of Rs 19,000-20,000 crore for Afcons Infra, according to CNBC-TV18.
Raise Rs 7,000 crore via IPO
Additionally, they maintain a strategic equipment base, including a wide range of heavy machinery and specialised equipment, enabling them to secure complex projects such as the Atal tunnel, High-Speed Railway Project, Delhi – Meerut regional rapid transit system, Delhi Metro Phase IV projects, and the second liquid cargo berth at Dahej, Gujarat for Gujarat Chemical Port Limited.
For six month ended September 2023, the firm's total income was at Rs 6,655.35 crore from Rs 12,844 crore in FY23. The net profit for the period was Rs 195.13 crore, compared to Rs 410.86 crore in FY23.
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