Mon Oct 28 10:52:38 UTC 2024: ## Afcons Infrastructure IPO Opens to Tepid Response

**Mumbai, India** – The initial public offering (IPO) of Afcons Infrastructure, a leading construction firm under the Shapoorji Pallonji Group, has received a lukewarm response from investors. The IPO, which opened on October 25th and closed on October 29th, aimed to raise Rs 5,430 crore. However, as of October 28th, the issue was subscribed to only 0.42 times.

The IPO included both fresh shares worth Rs 1,250 crore and an offer for sale (OFS) by the promoter worth Rs 4,180 crore. While the price band for the issue was set between Rs 440 to Rs 463 per share, the grey market premium (GMP) has dipped to Rs 18, indicating a possible flat listing on the bourses.

Analysts attribute the weak response to the negative market sentiment and the large proportion of the IPO dedicated to the OFS. However, some remain optimistic about the company’s long-term prospects, citing its strong track record, robust order book, and strategic push into international markets.

The allotment of shares is expected to be finalised on October 30th, with listing expected on November 4th. The retail investors, who were offered 35.35% of the issue, subscribed to it only 0.29 times.

**In other news:** Engineer Rashid, Lok Sabha MP from Jammu and Kashmir, will have his bail plea in a terror funding case heard on November 19th. Rashid has been in Tihar Jail since 2019 and was granted interim bail for assembly elections, which was later extended due to his father’s health concerns. The National Investigation Agency (NIA) did not oppose the extension. Notably, the NC-Congress alliance emerged victorious in the recent Jammu and Kashmir Assembly elections.

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