Afcons infrastructure plans Rs 70 billion IPO

Shapoorji Pallonji Group’s flagship infrastructure company Afcons Infrastructure Limited (AIL) has filed draft papers with SEBI to raise Rs 70 billion through an initial public offering (IPO). The company’s mega IPO is a combination of fresh issue of shares worth Rs 12.50 billion and an offer for sale (OFS) of up to Rs 57.50 billion by promoter Goswami Infratech Private Limited. The offer also includes a reservation for subscriptions by eligible employees. Moreover, the company may consider raising up to Rs 2.50 billion in the “pre-IPO placement” round.