May 13, 2025 12:29 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
US, China agree to pause tariff war for 90 days, will slash reciprocal duties by 115 percent | India struck Malir Cantonment in Karachi: IAF's big revelation on Operation Sindoor | Nuclear blackmailing will not be tolerated, Operation Sindoor not over: PM Modi in address to nation | Military bases, equipment, systems operational, ready for next mission if required: Armed Forces on Operation Sindoor | India's cricket icon Virat Kohli retires from Test cricket | Secretary of State Marco Rubio says US position on Russia-Ukraine war remains on reaching 'immediate ceasefire' | Trade war de-escalation: US, China decide to roll back most tariffs for 90 days | India and Pakistan agreed to stop military actions: Govt confirms Trump's ceasefire claim | India, Pakistan have reached full and immediate ceasefire: Donald Trump announces on Truth Social | 'Frivolous allegation': India dismisses Pakistan's 'Indian missiles hit Afghanistan' disinformation
Shapoorji Pallonji

Shapoorji Pallonji Group likely to upsize Afcons Infrastructure IPO plan to Rs 8,500 crore: Report

| @indiablooms | Oct 01, 2024, at 07:50 pm

Mumbai/IBNS: The Shapoorji Pallonji (SP) Group is considering increasing the size of the initial public offering (IPO) for Afcons Infrastructure Ltd, with the aim of raising between Rs 8,000 and Rs 8,500 crore due to strong interest from institutional investors, Moneycontrol reported, citing people familiar with the matter.

Sources told Moneycontrol under the condition of anonymity that under the revised plan, the SP Group may raise Rs 3,500 to Rs 4,000 crore in a pre-IPO round through a secondary share sale to foreign and domestic institutional investors, as well as family offices and high-net-worth individuals.

Initially, the group had set a fundraising target of Rs 7,000 crore, which included a Rs 5,750-crore secondary share sale by SP Group’s Goswami Infratech and a primary fundraising of Rs 1,250 crore.

"Afcons has garnered considerable interest from global and domestic institutional investors for its upcoming IPO. Some feedback from investors suggested increasing the offering size to meet the strong demand," one of the sources was quoted as saying by Moneycontrol.

To address this interest, the company may conduct a pre-IPO round, which could lead to a larger overall deal, though the IPO size itself might be smaller than initially expected, according to the report.

The offer size could be reduced to approximately Rs 4,000 to Rs 4,500 crore, depending on the pre-IPO round's outcome, reports Moneycontrol.

Afcons Infrastructure, however, has not officially commented on the matter so far.

This move to adjust the offer size comes as the SP Group is in discussions with several lenders to refinance its debt, Moneycontrol reported.

A larger fundraising through Afcons would provide the SP Group with additional capital to manage its debt, offering reassurance to its lenders, as per the report.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Videos
FM Nirmala Sitharaman presents Budget 2025 Feb 01, 2025, at 03:45 pm
Nirmala Sitharaman on Budget 2024 Jul 23, 2024, at 09:30 pm
PM Modi on Budget 2024 Jul 23, 2024, at 09:30 pm
Close menu