The AVP Infracon Limited IPO witnessed remarkable success, with non-institutional buyers oversubscribing their share quota by 47 times. Retail investors also displayed significant interest, subscribing to the issue 22.49 times in their category.
AVP Infracon Limited IPO received an overwhelming response from investors, with the issue being oversubscribed 21.62 times on the final day of subscription on March 15.
The ₹52.34 crore public offer, which opened for subscription on March 13, saw bids for 9,46,49,600 shares against 43,77,600 shares on offer.
In the non-institutional buyers (NIBs) category, the issue received bids for 4,40,73,600 shares against 9,39,200 shares set aside, being subscribed 47 times. Retail investors offered bids for 4,92,65,600 shares against 21,90,400 shares reserved for them, subscribing their portion 22.49 times. Qualified institutional buyers (QIBs) placed bids for 13,10,400 shares against 12,48,000 shares reserved, garnering 1.05 times subscription.
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The company raised 14.03 crore from anchor investors by allocating 18,70,400 shares (26.80% of the offer) on March 12, 2024. Additionally, the company offered 7,31,200 shares or 10.48% of the offer to market maker, Share India Securities.
Share India Capital Services Private Limited is the book-running lead manager of the AVP Infracon IPO, while Purva Sharegistry India Pvt Ltd has been appointed the registrar for the issue.
AVP Infracon Limited IPO allotment
The company will finalize the basis of the allotment of shares on Monday, March 18. Non-allottees will receive refunds on Tuesday, March 19, while shares will be allocated to successful bidders in their demat accounts on the same day.
Applicants can check the allotment status online either through the registrar’s website or on the NSE by following certain steps.
AVP Infracon Limited IPO listing
AVP Infracon Limited will list shares on the NSE SME platform on March 20, 2024.
AVP Infracon IPO other details
The company fixed the price band for the AVP Infracon IPO at ₹71 to ₹75 per share. The minimum lot size to apply for the IPO was 1,600 shares, amounting to a minimum investment of ₹1,20,000 for retail investors. High net worth individuals were required to invest in at least 2 lots or 3,200 shares, totaling ₹240,000.
D Prasanna and B Venkateshwarlu are the promoters of the company. Their shareholding in the company pre-public offer stood at 86.5%, which will be lowered to 62.33%.
About AVP Infracon Limited
AVP Infracon Limited was established in 2009. The company was formerly known as AVP Constructions Pvt Ltd. It specializes in the construction of road projects based on Bill of Quantities (BOQ) and Engineering, Procurement, and Construction (EPC) contracts.
The company’s portfolio encompasses various infrastructure development works, including civil works such as expressways, national highways, flyovers, bridges, and viaducts. Additionally, AVP Infracon undertakes irrigation projects and urban development initiatives.
In urban development, the company is involved in projects related to civic amenities, hospitals, warehouses, hotels, and other commercial and residential developments. Operating primarily in Tamil Nadu, AVP Infracon actively bids for a diverse range of construction projects, spanning roads, bridges, irrigation canals, flyovers, and industrial areas.
As of January 2024, AVP Infracon has successfully completed over 40 projects valued at approximately ₹313 crore. The company boasts a dedicated workforce of over 100 individuals.
