Afcons Infrastructure IPO disappoints, listed at an 8% discount on NSE: Details

Afcons Infrastructure Ltd was listed at ₹426 on the National Stock Exchange (NSE) and at ₹430.05 on the Bombay Stock Exchange (BSE), both of which are lower than the originally set price band of ₹440-463 per equity share.
The NSE listing has a 7.99% discount from the upper end of the price band and a 3.1% discount from the lower end of the price band while the BSE listing has a 7.6% discount from the upper end and a 2.31% discount from the lower end.
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Afcons Infrastructure Ltd is a 65-year-old infrastructure engineering and construction firm belonging to the Shapoorji Pallonji group, having done 76 projects across 15 countries in Asia, Africa, and West Asia.
The company’s IPO was between October 25 and 29, raising ₹5,430 crore through fresh shares as well as an offer for sale.
Share allotment was finalised on October 30.
Company employees were given a reservation of 596,659 shares at a discount of ₹44 to the issue price.
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However, retail investors had to bid for a minimum of 32 shares. This could have amounted to a minimum investment amount between ₹14,080-14,816 as per the targeted price band.
There were also multiple lot sizes for all Non-Institutional Investors (NIIs) ranging from ₹2,00,000 to ₹10,07,488.
ICICI Securities, DAM Capital Advisors (formerly IDFC Securities), Jefferies India, Nomura Financial Advisory and Securities (India), Nuvama Wealth Management, and SBI Capital Markets were the book-running lead managers of the IPO while Link Intime India was the registrar for the issue.
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