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