Shares of Afcons Infrastructure witnessed a spectacular rise on Friday. Shares of the company closed at Rs 570 on BSE with a gain of over 6%. The surge helped Afcons Infrastructure shares hit a new 52-week high.
The company recently received a mega order worth more than Rs 1000 crore from Defense Research and Development Organization (DRDO), after which the shares gained momentum.
DRDO’s order worth Rs 1084.54 crore
Afcons Infrastructure said in its exchange filing that it has received a letter of intent from DRDO.
- Order Details:
- Expansion of Maritime Theater Command (MTC).
- Creation of SAF.
- Workshop Equipment work for Ship Lift Facility at Visakhapatnam.
- Order cost:
- Rs 1084.54 crore.
- Time Limit:
- It is to be completed in three years.
According to the company, by September 2024, Afcons Infrastructure has received orders worth a total of Rs 19,000 crore.
IPO success and current performance
The IPO of Afcons Infrastructure was launched on 25 October 2024 and remains open till 29 October 2024.
- IPO Details:
- Share price: Rs 463.
- Listing: Happened on 4 November 2024 at Rs 430.05.
- The shares had reached Rs 474.55 on the day of listing itself.
- Subscription statistics:
- Total subscription: 2.77 times.
- Retail investors: 0.99 times.
- Employees: 1.77 times.
- Non-Institutional Investors (NII): 5.31 times.
- Qualified Institutional Buyers (QIB): 3.99 times.
Recent performance of Afcons infrastructure
- Past Performance:
- Shares of the company have reached Rs 570 and made a new highest level of 52 weeks.
- Performance after listing:
- Since the IPO, the company’s shares have seen a continuous positive trend.
- After getting the big order from DRDO, the confidence of investors has strengthened further.
