Afcons Infrastructure IPO listing date today. Experts, GMP signal muted debut of shares on BSE, NSE

Afcons Infrastructure IPO Listing: Afcons Infrastructure Ltd, the flagship infrastructure company of Shapoorji Pallonji group, is set to make its stock market debut today after its initial public offering (IPO) saw a lukewarm demand from retail investors.

Afcons Infrastructure IPO listing date is today, November 4, 2024. The equity shares of Afcons Infrastructure Ltd will be listed on both the stock exchanges, BSE and NSE.

“Trading Members of the Exchange are hereby informed that effective from Monday, November 4, 2024, the equity shares of Afcons Infrastructure Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities,” a notice on BSE said.

Afcons Infrastructure shares will be a part of Special Pre-open Session (SPOS) on Monday, and will be available for trading from 10:00 AM.

Stock market analysts and the trends in Afcons Infrastructure IPO grey market premium (GMP) ahead of share listing indicate a flat debut of shares today. Here’s what Afcons Infrastructure IPO GMP signals.

Afcons Infrastructure IPO GMP Today

Afcons Infrastructure shares are showing a muted trend in the grey market. According to stock market observers, Afcons Infrastructure IPO GMP today is ₹15 per share. This indicates that in the grey market, Afcons Infrastructure shares are trading higher by ₹15 than their issue price.

Afcons Infrastructure IPO Listing Price

Considering the Afcons Infrastructure IPO GMP today and the issue price, the estimated listing price of Afcons Infrastructure shares is ₹478 apiece, which is at a premium of 3.24% to the IPO price of ₹463 per share.

Analysts also expect Afcons Infrastructure IPO listing today to be flat or with minor gains.

“Afcons Infrastructure Ltd garnered decent demand from the participants during its subscription period, being subscribed over 2.77 times. The low subscription rate can be attributed to the weak listing gains the participants expect from the issue. Currently, the issue’s GMP is trading flat. We believe the muted gains are likely an effect of weak market sentiment. Overall, we believe the pricing is fair compared to its peers, justifying its growth potential,” said Sagar Shetty, Research Analyst, StoxBox.

According to him, owing to the company’s strong presence in the market, strong parentage, a wide array of solutions and a higher concentration of government projects, the company is well-positioned to benefit from the economic tailwinds.

“Given its strong market position, we believe the company is poised to capitalize on emerging market opportunities. Thus, we advise investors who will be allocated the shares to hold them from a medium- to long-term perspective,” Shetty said.

Prashanth Tapse, Sr VP Research – Research Analyst at Mehta Equities Ltd also expects Afcons Infrastructure IPO listing to be flat or even at a discount.

“Considering all the parameters, lower than expected subscription figures and parent credit weightage followed by ongoing subdued market mood, Afcons Infrastructure IPO listing would be flat 5% + or – to its issue price. There is a high possibility of a negative listing, which can be an opportunity for long term investors to accumulate more on day one of listings,” Tapse said.

For allotted investors, he recommends holding it for the long term as he believes long term growth is intact with government focus on infrastructure growth.

Afcons Infrastructure IPO Details

The subscription period of Afcons Infrastructure IPO commenced on Friday, October 25, and concluded on Tuesday, October 29. The IPO allotment was finalised on October 30 and the Afcons Infrastructure IPO listing date is today, November 4. Afcons Infrastructure shares are set to be listed on both the stock exchanges, BSE and NSE.

Afcons Infrastructure IPO price band was fixed at ₹440 to ₹463 per equity share. At the upper-end of the price band, the company raised ₹5,430 crore from the book-built issue which was a combination of fresh issue of 2.7 crore equity shares worth ₹1,250 crore and offer for sale of 9.03 crore shares amounting to ₹4,180 crore.

Afcons Infrastructure IPO was subscribed 2.63 times in total. The public issue received 94% subscription in the retail category, and 3.79 times in the Qualified Institutional Buyers (QIBs) category. The Non Institutional Investors (NII) category was booked 5.05 times, subscription data available on NSE showed.

ICICI Securities, Dam Capital Advisors Ltd, Jefferies India, Nomura Financial Advisory And Securities (India), Nuvama Wealth Management and SBI Capital Markets are the book running lead managers of the Afcons Infrastructure IPO, while Link Intime India is the IPO registrar.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.