Shares of Shapoorji Pallonji Group's flagship infrastructure engineering and construction firm Afcons Infrastructure Ltd on Monday listed with a discount of 8 per cent against the issue price of Rs 463.
The stock made its debut at Rs 430.05, a discount of 7.11 per cent from the issue price on the BSE. It further declined 9.31 per cent to Rs 419.85.
At the NSE, it listed at Rs 426, registering a decline of 7.99 per cent.
The company's market valuation stood at Rs 16,680.87 crore.
The initial public offer of Afcons Infrastructure got fully subscribed on the last day of share sale on Tuesday and ended with 2.63 times subscription.
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The Rs 5,430-crore initial share sale had a price band of Rs 440-463 per share.
The IPO had a combination of a fresh issue of shares worth Rs 1,250 crore and an Offer-for-Sale (OFS) of up to Rs 4,180 crore by promoter Goswami Infratech Pvt Ltd.
The Maharashtra-based company will utilise Rs 80 crore from the fresh issue proceeds to buy construction equipment, Rs 320 crore for long-term working capital, Rs 600 crore to repay debt, and the rest for general corporate purposes.
Founded in 1865, Shapoorji Pallonji Group (SP Group) is a diversified institution and has a leading presence in engineering & construction, infrastructure, real estate, water, energy and financial services sectors across the globe.
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