Afcons Infrastructure to raise Rs 5,000-8,000 crore in IPO

04 Jul 2023 CW Team

In August 2019, Sterling and Wilson Solar became the final Shapoorji Pallonji Group firm to list on a domestic exchange. The sale of a controlling interest in Afcons, which had the potential to raise over $2 billion, was one of the asset sales SP was considering.

Afcons had recently started talking to banks about an initial public offering. The report also mentioned that Middle Eastern investors had been contacted over a potential strategic sale, with both listing and disposal alternatives being considered. The holding company of SP Group, Shapoorji Pallonji and Company (SPCPL), which owns an 18.37 percent share in Tata Sons, is currently in debt to the tune of over Rs 20,000 crore.

Afcons: Gearing up for Dalal Street
Afcons, a $1.25 billion company with a $350 million fleet of key equipment, is one of India's largest infrastructure corporations with the quickest growth. It is a pioneer in maritime, LNG, and metro rail in India and has projects in over 25 countries in Asia, Africa, and the Middle East.

Its business divisions include oil and gas, hydro, underground, surface transportation, maritime and industrial, and urban infra. According to the website, the company is ranked seventh globally for marine and port facilities and sixteenth for bridges.

Shapoor Pallonji Mistry is the chairman of the board of directors, and executive vice-chairman K Subramanian and managing director S Paramasivan served as the company's leaders.

The company reported total revenue of Rs 112.69 billion for the year, up from Rs 95.21 billion the year prior, representing a rise of 18.36%, according to Afcons' 2022 annual report. With an increase of 19.08%, the EBIDTA for the year was Rs 10.68 billion compared to Rs 8.97 billion the year before.

In comparison to the prior year, the consolidated profit after tax (PAT) increased by 110.49% to Rs 3.57 billion from Rs 1.69 billion. As of March 31, 2022, the company had orders of Rs 328.5 billion.

Afcons Infrastructure, a construction and engineering company backed by the diversified conglomerate Shapoorji Pallonji Group, has chosen at least five investment banks from its shortlist as it prepares for an IPO to raise between Rs 50 billion and Rs 80 billion. In August 2019, Sterling and Wilson Solar became the final Shapoorji Pallonji Group firm to list on a domestic exchange. The sale of a controlling interest in Afcons, which had the potential to raise over $2 billion, was one of the asset sales SP was considering. Afcons had recently started talking to banks about an initial public offering. The report also mentioned that Middle Eastern investors had been contacted over a potential strategic sale, with both listing and disposal alternatives being considered. The holding company of SP Group, Shapoorji Pallonji and Company (SPCPL), which owns an 18.37 percent share in Tata Sons, is currently in debt to the tune of over Rs 20,000 crore. Afcons: Gearing up for Dalal Street Afcons, a $1.25 billion company with a $350 million fleet of key equipment, is one of India's largest infrastructure corporations with the quickest growth. It is a pioneer in maritime, LNG, and metro rail in India and has projects in over 25 countries in Asia, Africa, and the Middle East. Its business divisions include oil and gas, hydro, underground, surface transportation, maritime and industrial, and urban infra. According to the website, the company is ranked seventh globally for marine and port facilities and sixteenth for bridges. Shapoor Pallonji Mistry is the chairman of the board of directors, and executive vice-chairman K Subramanian and managing director S Paramasivan served as the company's leaders. The company reported total revenue of Rs 112.69 billion for the year, up from Rs 95.21 billion the year prior, representing a rise of 18.36%, according to Afcons' 2022 annual report. With an increase of 19.08%, the EBIDTA for the year was Rs 10.68 billion compared to Rs 8.97 billion the year before. In comparison to the prior year, the consolidated profit after tax (PAT) increased by 110.49% to Rs 3.57 billion from Rs 1.69 billion. As of March 31, 2022, the company had orders of Rs 328.5 billion. See also: TCR Engineering eyes IPO by 2025, plans expansion Shapoorji Pallonji to raise $2.5 bn via sale of realty and infra stakes

Technology

29 Jul 2026

AI-Enabled Workflows Lift Profitability and Productivity

Organisations modernising frontline workflows with artificial intelligence, automation and real-time data are reporting stronger financial performance, higher productivity and improved employee engagement, according to a global study by Zebra Technologies and Oxford Economics.The research covered 1,000 senior leaders across retail, manufacturing, transportation and logistics in the US, Mexico, the UK, Germany, India, Japan, Australia and New Zealand.In transportation and logistics, 54 per cent of companies that improved picking and packing operations reported faster operational performance, wh..

Real Estate

29 Jul 2026

India Leads Global AI Readiness but Implementation Lags

Indian companies lead global averages across all eight artificial intelligence readiness indicators tracked by JLL, but only 19 per cent have started making changes to their workplaces, according to the JLL 2026 Future of Work Survey.The study found that 77 per cent of Indian business leaders expect AI to change their office requirements, creating a 58-percentage-point gap between awareness and implementation. The survey covered more than 2,200 CEOs, CFOs and real estate leaders across 21 countries during the first quarter of 2026.Despite concerns over automation, 58 per cent of Indian leaders..

Equipment

29 Jul 2026

Three WOLFF Cranes Build Riyadh Cable-Stayed Bridges

Three WOLFF 180 B luffing jib cranes are supporting the construction of two cable-stayed bridges alongside the existing Wadi Laban Bridge in Riyadh, Saudi Arabia. The project is being developed for the Royal Commission for Riyadh City and executed by the ICRC joint venture comprising IC Ictas and Al Rashid Trading & Contracting Company.The cranes are handling lifting operations including formwork, reinforcement, concrete placement, work platforms, surveying equipment and other construction materials. Each crane is fitted with a 40 m jib, reaches a hook height of 157 m and offers a maximum ..