Afcons Infra shares made a weak stock market debut on November 4 to list at nearly 8 percent discount against its offer price.
On the NSE, the shares of Shapoorji Pallonji Group's flagship infrastructure engineering and construction firm were listed at Rs 426 per share against its offer price of Rs 463 apiece, a discount of 7.99 percent.
Afcons Infra IPO GMP turns negative; here's analyst-recommended listing day strategy
On the BSE, the shares listed at Rs 430.05 per share at a discount of 7.11 percent.
According to Investorgain that track the grey market premium activities, the shares of Afcons Infra were commanding a GMP of over 3 percent on the listing day on Monday, however, the shares got listed at a discount on the bourses.
Afcons Infrastructure garnered healthy response from the participants during its three-day subscription period to conclude its initial share sale with 2.63 times subscription. The price band for the issue was fixed at Rs 440-463 per share.
The Maharashtra-based company plans to utilise Rs 80 crore from the fresh issue proceeds to buy construction equipment, Rs 320 crore for long-term working capital, Rs 600 crore to repay debt, and the rest for general corporate purposes.
Founded in 1865, Shapoorji Pallonji Group (SP Group) is a diversified institution and has a leading presence in engineering & construction, infrastructure, real estate, water, energy and financial services sectors across the globe.
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