The AVP Infracon Limited IPO, valued at ₹52.34 crore, will be finalized for allotment to subscribers on March 18, 2024. The shares are scheduled to be listed on the NSE SME platform on March 20, 2024.
AVP Infracon Limited’s initial public offer (IPO) opened to subscribers for subscription today. The bidding will close on Friday, i.e. March 15, 2024.
The AVP Infracon IPO, valued at ₹52.34 crore, consists of a completely fresh issue of 69.79 lakh shares, each with a face value of ₹10 per share. This book-built issue does not include any OFS portion.
AVP Infracon IPO Subscription Status
AVP Infracon issue was subscribed 0.15 times till 10.30 am on Wednesday. The public issue was bought 0.27 times in the retail category, 0 times by qualified institutional buyers (QIBs), and 0.09 times in the Non-Institutional Investors (NIIs) category.
The company has reserved up to 50% of shares on offer on a net basis for Qualified Institutional Buyers (QIBs). Retail investors are guaranteed a minimum allocation of 35% of the total offer of the SME issue, while Non-Institutional Investors (NIIs) will receive a minimum allocation of 15% of the total offer.
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All you need to know about the AVP Infracon Limited public issue:
AVP Infracon IPO Price Band and Lot Size:
The AVP Infracon IPO has set the price band in the range of ₹71 to ₹75 per share, with a minimum lot size for an application at 1,600 shares. Retail investors are required to invest a minimum of ₹1,20,000 to bid for one lot. For High Net Worth Individuals (HNIs), the minimum lot size is 2 lots or 3,200 shares, amounting to ₹2,40,000.
AVP Infracon IPO Shares Allotment and Listing:
The allotment for AVP Infracon shares is expected to be finalized on Monday, March 18, 2024. Refunds to non-allotees will be initiated on Tuesday, March 19, with the shares being credited to the Demat accounts of successful bidders the same day. The AVP Infracon shares will be listed on NSE SME, with the tentative listing date fixed as Wednesday, March 20, 2024.
AVP Infracon IPO Objective:
The proceeds raised from the public issue will be used towards purchasing capital equipment, meeting working capital needs, and covering public issue expenses. Additionally, the funds will be allocated to meet general corporate purposes.
Promoters’ Holding Post IPO:
D Prasanna and B Venkateshwarlu are the promoters of AVP Infracon Limited. Currently, the promoter holding in the company stands at 86.5%. However, post-listing of IPO shares, the promoter equity holding will be diluted to 62.34%.
Book-Running Lead Manager and Registrar:
Share India Capital Services Pvt Ltd has been appointed as the book-running lead manager for the IPO. Purva Share Registry India Pvt Ltd will serve as the registrar for the issue, while Share India Securities will act as the market maker for the public issue.
About AVP Infracon Limited:
Established in 2009, AVP Infracon is a leading infrastructure development firm in the country. Over the past 15 years, the company has successfully completed numerous significant projects, including government projects, establishing itself as a reliable construction firm.
Specializing in road construction projects and engineering, procurement, and construction (EPC) works, AVP Infracon boasts a workforce of over 100 skilled employees, including contractors. The company’s expertise extends to construction, renovation, and civil works, with a focus on complex and high-value projects such as expressways, national highways, flyovers, bridges, viaducts, irrigation projects, urban developments, and municipal facilities. Since its inception, AVP Infracon has completed 40 projects.
AVP Infracon financials:
The company’s profit-after-tax has jumped significantly in the last three financial years. In FY2020-21, its PAT stood at ₹1.7 crore. PAT reached ₹12.05 crore in the last fiscal year, FY2022-23. AVP Infracon Limited’s growth trajectory shows its ability to generate profits and also proves that it has potential for further expansion and success in the infrastructure sector.
The financial performance of AVP Infracon Limited reflects a significant growth trajectory over the last three fiscal years. In FY2020-21, the company’s profit-after-tax (PAT) stood at ₹1.7 crore, marking a substantial increase. This growth trend continued in the subsequent fiscal year, FY2022-23, with the PAT reaching ₹12.05 crore. These impressive financial results underscore AVP Infracon Limited’s ability to generate profits and demonstrate its potential for further expansion and success in the infrastructure sector.
