Afcons Infrastructure plans to raise up to Rs 80 billion via IPO

Afcons Infrastructure, construction arm of the SP group, intends to raise up to Rs 80 billion via an IPO. The proceeds from the sale of shares will be used by the group to repay promoter-level debt. The group is in talks with SBI Capital and ICICI Securities to initiate the share sale during 2023-24.
The SP group is also looking at the option to sell the entire stake in Afcons but there are no takers. The group also intends to sell Gopalpur Port to raise up to $2 billion, however, the transaction has not materialised yet.