Wed Oct 30 02:53:42 UTC 2024: ## Afcons Infrastructure IPO Receives Tepid Response Despite Brokerage Support

**MUMBAI, INDIA – October 28, 2024** – Afcons Infrastructure Limited’s initial public offering (IPO) opened on October 25th, 2024, and will close on October 29th. Despite a ‘subscribe’ rating from leading brokerages, the IPO has seen a lukewarm response from Indian primary market investors.

The infrastructure engineering company has priced its IPO between ₹440 and ₹463 per share. While the IPO garnered a positive grey market premium (GMP) of ₹18 on October 28th, this was significantly lower than the ₹59 GMP seen over the weekend. The decline is attributed to weak secondary market sentiments, as the Nifty 50 index has been experiencing downward pressure.

By day two of bidding, the IPO had been subscribed only 0.29 times, with the retail portion subscribed 0.35 times, NII segment 0.48 times, and QIB segment 0.03 times.

Despite the lackluster subscription rate, brokerages like KR Choksey Securities and Mehta Equities remain optimistic about the company’s future prospects. KR Choksey Securities highlighted Afcons Infrastructure’s strategic positioning within the infrastructure sector, extensive experience, robust capabilities, and geographic diversification. Mehta Equities, while acknowledging the significant offer for sale (OFS) component of the IPO, praised the company’s financial performance, strong execution capabilities, and strategic market position.

The Afcons Infrastructure IPO allotment date is expected on October 30th, 2024, with the listing date anticipated for November 4th, 2024. Investors are advised to consult with financial advisors before making any investment decisions.

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