Afcons Infrastructure IPO: GMP jumps as Anand Rathi, other brokerages assign buy tag. Subscription status, other details | Stock Market News

Afcons Infrastructure IPO: Bidding for the initial public offering (IPO) began on 25th October 2024. According to Afcons Infrastructure’s IPO subscription status, the public issue subscribed 10% after day one of bidding. However, despite weak secondary market bias, the grey market is dropping positive signals. According to stock market observers, shares of the company are available at a premium of ₹59 in the grey market today. On Thursday, Afcons Infrastructure’s share price was trading at par in today’s grey market. This means Afcons Infrastructure IPO GMP (grey market sentiment) has risen after day one of bidding.

Leading brokerages like Anand Rathi, Arihant Capital Markets, BP Equities, Canara Bank Securities, Geojit Securities, GEPL Capital, KR Choksey Securities, Marwadi Shares and Finance, Mehta Equities, SMIFS, and Swastika Investment have assigned a ‘subscribe’ tag to the public issue.

Afcons Infrastructure IPO GMP today

Ahead of the Afcons Infrastructure IPO subscription opening date, the company’s shares were at par in the grey market today. However, after the bidding opened on Friday last week, company shares became available in the grey market. Afcons Infrastructure IPO GMP today is ₹59, which is praiseworthy if we look at the negative sentiments on Dalal Street.

Afcons Infrastructure IPO review

Leading brokerage Anand Rathi has assigned a ‘subscribe’ tag to Afcons Infrastructure IPO, saying, “At the upper band, the company is valuing at 37.9x its FY24 earnings along with being valued at 46.3x if we annualize FY25 earnings. Following the issuance of equity shares, the company’s market capitalization stands at ₹1,70,261.8 million, with a market cap-to-sales ratio of 1.34 based on its FY24 earnings. We believe the issue is fully priced and recommend a “Subscribe – Long Term” rating to the IPO.”

BP Equities has also assigned a ‘buy’ tag to the book build issue, saying, “The company is valued at a P/E ratio of 35.1x on the upper price band based on FY24 earnings, which is lower than the industry average P/E. Given its strong position in the market, the company is poised to capitalize on emerging market opportunities. Therefore, we recommend a “SUBSCRIBE” rating for the issue from a medium to long-term perspective.”

Geojit Securities has also given a ‘subscribe’ tag to the public issue, saying, “At the upper price band of ₹463, AIL is trading at a P/E ratio of 38x for FY24, which is in line with its peers. With the government’s initiatives aimed at infrastructure development, including increased budgetary allocations and rapid urbanization, AIL is strategically positioned for substantial growth. Considering its extensive experience in completing high-value and complex projects that offer better margins. Geographical diversification with operations across multiple sectors broadens their revenue base and mitigates risks. With a robust order book and a successful track record of project completion, we assign a “Subscribe” rating for medium- to long-term investment.”

Afcons Infrastructure IPO subscription status

After day one of bidding, the public issue had been subscribed 0.10 times, the retail portion had been booked 0.14 times, and the NII segment had been subscribed 0.11 times.

Most likely Afcons Infrastructure IPO allotment date is 30th October 2024 whereas most likely Afcons Infrastructure IPO listing date is 4th November 2024.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.