Strong Institutional Demand Drives Afcons Infrastructure IPO To 17.8× Subscription

Heavy participation from qualified institutional buyers propelled Afcons Infrastructure’s ₹1,340 crore IPO to 17.8 times overall subscription, collecting ₹23,850 crore in bids by close. The institutional book was oversubscribed 31 times and the retail portion 4.2 times. Analysts attributed the response to India’s infrastructure-spending momentum, solid order book visibility, and stable financials. Proceeds will fund debt reduction and equipment upgrades. The stock lists October 29 on NSE and BSE, where early indicators suggest a premium opening supported by sector confidence and capital-expenditure tailwinds.