Shapoorji Pallonji’s Afcons gets Sebi nod for Rs 7,000 crore IPO

AIL's order book has increased at an annual rate of 7.6% from Rs 26,248.46 crore in the financial year 2021 to Rs 30,405.77 crore in the financial year 2023. As of September 30, 2023, it stood at Rs 34,888.39 crore.

Goswami Infratech is an investment company within the Shapoorji Pallonji group under billionaire Shapoor Mistry, brother of late Cyrus Mistry, former Chairman of Tata Sons. (File Photo)

After Bajaj Housing Finance, another big initial public offering (IPO) is set to hit the market soon. Shapoorji Pallonji group’s flagship firm, Afcons Infrastructure Limited (AIL), has received approval from market regulator Securities and Exchange Board of India (SEBI) to raise Rs 7,000 crore through an initial public offering (IPO).

However, a major chunk IPO proceeds will go to the promoters’ group company.

The IPO, with a face value of Rs 10 per equity share, is a mix of fresh issue of shares of Rs 1,250 crore and an offer for sale of up to Rs 5,750 crore by Goswami Infratech Pvt Ltd, according to a statement.

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Goswami Infratech is an investment company within the Shapoorji Pallonji group under billionaire Shapoor Mistry, brother of late Cyrus Mistry, former Chairman of Tata Sons.

Proceeds from the fresh issue to the extent of Rs 150 crore will be used for capital expenditure towards purchase of construction equipment, Rs 350 crore for funding long-term working capital requirements, Rs 500 crore for prepayment or scheduled repayment of a portion of certain outstanding borrowings and acceptances availed by the company and general corporate purposes.

AIL’s order book has increased at an annual rate of 7.6% from Rs 26,248.46 crore in the financial year 2021 to Rs 30,405.77 crore in the financial year 2023. As of September 30, 2023, it stood at Rs 34,888.39 crore.

Afcon’s restated consolidated revenue from operations during the fiscal year 2023 increased 14.69% to Rs 12,637.38 crore from Rs 11,018.97 crore in the previous year. Profit after tax grew 14.89% from Rs 357.60 crore for the financial year 2022 to Rs 410.86 crore for the financial year 2023.

Israel Prime Minister Benjamin Netanyahu addresses the 80th session of the United Nations General Assembly, Friday, Sept. 26, 2025. (AP Photo/Richard Drew)

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