Afcons Infrastructure’s shares have surged dramatically, with a notable increase of over 7% on Monday, reaching ₹564.40 on the Bombay Stock Exchange (BSE). The company’s shares also touched a new 52-week high during the day. This sharp rally in the stock price comes after the company secured a significant order for the Bhopal Metro Rail Project, receiving a Letter of Acceptance (LoA) from the Madhya Pradesh Metro Rail Corporation.
Project Worth ₹1,006.74 Crore
The project awarded to Afcons Infrastructure is valued at ₹1,006.74 crore and involves the design and construction of an elevated viaduct and 13 elevated metro stations. The project is expected to be completed in 36 months. This new win follows another major project that Afcons secured in November, where it received an LoA worth ₹1,274 crore from the Uttarakhand Project Development and Construction Corporation (UPDCC) for civil and hydro-mechanical works.
Afcons IPO and Stock Performance
Afcons Infrastructure’s IPO opened on October 25, 2024, and closed on October 29. The IPO price was set at ₹463 per share. However, the shares listed on November 4, 2024, at a discount, opening at ₹430.05 on the BSE. Despite this, they quickly surged, closing at ₹474.55 on listing day. The IPO was oversubscribed 2.77 times, with the retail investor segment being subscribed 0.99 times, and the non-institutional investor (NII) category seeing a 5.31 times subscription.
Afcons Infrastructure is part of the Shapoorji Pallonji Group and has been a key player in the infrastructure engineering and construction sector since its inception in 1959.
