PNN
Mumbai (Maharashtra) [India], March 11: AVP Infracon Limited, one of the leading Infrastructure development company in India, has announced its plan to go public with an Initial Public Offering on March 13, 2024. The company is aiming to raise Rs 52.34 Crore on upper price band through this IPO, with shares set to be listed on the NSE Emerge platform.
The issue size is Up to 69,79,200 equity shares at face value of Rs 10 each.
Equity Share Allocation
- QIB Anchor Portion - Up To 18,70,400 Equity Shares
- Qualified Institutional Buyers (QIB) - Up To 12,48,000 Equity Shares
- Non-Institutional Investors (NII) - Up To 9,39,200 Equity Shares
- Retail Individual Investors (RII) - Up To 21,90,400 Equity Shares
- Market Maker - Up To 7,31,200 Equity Shares
The net proceeds from the IPO will be utilized for purchasing capital equipment, meeting working capital requirements, and addressing general corporate expenses. The bidding for the Anchor portion will open on March 12, 2024, and the issue will close on March 15, 2024.
The Book Running Lead Manager to the Issue is Share India Capital Services Private Limited. The Registrar to the Issue is Purva Sharegistry (India) Private Limited.
D Prasanna, Chairman & Managing Director said, "Our decision to take AVP Infracon Limited public marks a significant step forward in our company's growth journey. AVP Infracon has established itself as a reputable player in the industry, with a focus on safety, timeliness, and quality that has earned us trust nationally. With a robust order book and ongoing projects, we remain committed to delivering excellence.
The net proceeds from the IPO will be directed towards strategic initiatives, including the acquisition of capital equipment, meeting working capital requirements, and addressing general corporate expenses. As we embark on this new chapter, we remain steadfast in our commitment to delivering exceptional infrastructure projects and contributing positively to the industry."
Ronak Jhaveri, Vice President of Share India Capital Services Private Limited said, "We are pleased to be part of AVP Infracon Limited's IPO journey. The company's commitment to safety, quality, and timely execution, along with its experienced team of professionals, positions it favorably in the industry. With a strong track record and robust order book, AVP Infracon Limited is well-placed in the infrastructure development sector. We wish AVP continued success and growth in the future."
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