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

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

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


Your next big infra connection is waiting at RAHSTA 2025 – Asia’s Biggest Roads & Highways Expo, Jio World Convention Centre, Mumbai. Don’t miss out!

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

Next Story
Real Estate

Vitizen Hotels Signs Deal at Manyata Tech Park

Vikram Kamats Hospitality, as part of its ongoing expansion in key metropolitan markets, announced that its material subsidiary, Vitizen Hotels, has signed a long-term lease agreement for a 45-key hotel property at Manyata Tech Park, Bengaluru.Strategically located in the city’s prominent IT hub, the property is well-positioned to serve corporate travelers, business professionals, and long-stay guests. The addition aligns with the company’s asset-light growth model, leveraging long-term leases to expand its footprint in high-demand urban markets.The hotel is expected to strengthen the comp..

Next Story
Infrastructure Transport

CONCOR Signs MoU with BPIPL to Operate Container Terminal at Bhavnagar Port

Container Corporation of India (CONCOR) has signed a Memorandum of Understanding (MoU) with Bhavnagar Port Infrastructure (BPIPL) on September 4, 2025, in New Delhi to operate and maintain the upcoming container terminal at the northside of Bhavnagar Port, Gujarat.BPIPL had earlier entered into an agreement with the Gujarat Maritime Board (GMB) in September 2024 for the port’s development. Under this arrangement, 235 hectares of land has been leased to BPIPL for 30 years, with provision for expansion by an additional 250 hectares.The new terminal is expected to significantly enhance logistic..

Next Story
Infrastructure Transport

Concord Launches India’s First Indigenous Zero-Emission Rail Propulsion

Concord Control Systems (CCSL), a leader in embedded electronics and critical rail technologies, has announced the development of India’s first fully indigenous zero-emission propulsion system, marking a significant step toward the country’s railway electrification and net-zero goals for 2030.Powered by Lithium Iron Phosphate (LFP) batteries and featuring a DC chopper-based drive, the propulsion system eliminates idling losses common in diesel engines, offering higher efficiency, lower costs, and zero emissions.What sets this innovation apart is its completely indigenous design. Except for..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?