Afcons infra is a new listing today when the market has tanked so badly. As against the IPO price of Rs.463, the stock got listed at Rs.430.05 and rose to Rs.453.75 and is currently trading at Rs.450 levels.

The IPO had met with a muted response, overall subscribing 2.63x, with HNIs portion at 5.05x, Retail at 0.94x and QIBs at 3.79x.

A part of the Shapoorji Pallonji group, Afcons Infrastructure is an engineering and construction company, building infrastructure (such as metro, highway and bridges, dam, tunnel etc.) in India and overseas. Company counts some marque projects like Atal Tunnel, Mumbai Ahmedabad high speed rail.

We had concluded in our IPO Analysis - Future growth appears priced-in, while promoter-level stress and poor IPO track record make Afcons a no-go. Hence, we recommend skipping the IPO.