India's Afcons Infra drops 9% in trading debut

Afcons Infrastructure

04/11/2024 05:11

** Afcons Infrastructure  AFCN.NS  slips as much as 9.2% to
420.25 rupees on its first day of trading 
    ** Stock opened at 426 rupees, 8% lower than its IPO price
of 463 rupees 
    ** Listing performance reflects cautious market outlook -
Shivani Nyati, head of wealth at Swastika Investmart
    ** Indian benchmarks  .NSEI   .BSESN  down 1.4% each on the
day  .BO 
    ** Shapoorji Pallonji group-owned firm raised 12.5 bln
rupees ($148.7 mln) via new share sales, while investors sold
shares worth 41.8 bln rupees
    ** Afcons to use proceeds to buy equipment, fund long term
working capital needs and repay debt
    ** IPO was oversubscribed by 2.63 times, per exchange data
    ** Stock last down 2.6%
 
 ($1 = 84.0740 Indian rupees)

 (Reporting by Hritam Mukherjee and Bharath Rajeswaran in
Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))