Afcons Infrastructure Ltd, a Shapoorji Pallonji Group company, has announced a price band of Rs 440-463 per share for its Rs 54.3 billion Initial Public Offering (IPO). The IPO will open for subscription on October 25 and close on October 29.

The offering includes a fresh issue of shares worth up to Rs 12.5 billion, along with an offer for sale of shares worth Rs 41.8 billion. Investors can bid for a minimum of 32 shares and in multiples of 32 thereafter.

The company stated that Rs 800 million from the fresh issue will go towards capital expenditure for purchasing construction equipment, Rs 3.2 billion will be allocated to fund long-term working capital needs, and Rs 6 billion will be used for prepayment or repayment of outstanding loans.

Several prominent investors, including GIC Singapore, Enam Holdings (Akash Bhanshali), Synergy Capital, 360 One, M&G Investments, Think Investments, Discovery Capital Management, Artian Investment (ArcelorMittal), Madhusudan Kela, and White Oak, participated in the company’s pre-IPO round.

Afcons Infrastructure operates across five key verticals: marine and industrial projects, surface transport, urban infrastructure, hydro and underground works, and oil and gas infrastructure. (ET)