Infrastructure construction company AVP Infracon is set to launch its initial public offering (IPO) on March 13, targeting Small and Medium Enterprises (SMEs). The company has disclosed the price range for its IPO, which will be open for public subscription from March 13 to March 15. The IPO allotment process is expected to be completed by March 18, 2024.
AVP Infracon has set the IPO price band at ₹71 to ₹75 per share, with plans to raise ₹52.34 crore at the upper end of the price range. The entire issue consists of a fresh offering of 69.79 lakh equity shares. The IPO lot size is 1,600 shares, requiring a minimum investment of ₹120,000 for retail investors.
The listing of AVP Infracon’s equity shares is scheduled on the NSE Emerge platform, with a tentative listing date on March 20. The company intends to use the funds from the IPO to purchase capital equipment, meet working capital requirements, and for general corporate purposes.
Share India Capital Services Private Limited serves as the book-running lead manager for the AVP Infracon IPO, while Purva Sharegistry India Pvt Ltd acts as the IPO registrar.
The IPO distribution is structured with 50% of shares reserved for Qualified Institutional Bidders (QIB), 35% for retail investors, and the remaining 15% for Non-Institutional Investors (NII).
About AVP Infracon:
AVP Infracon specializes in constructing road projects through Bill of Quantities (BOQ) and Engineering, Procurement, and Construction (EPC) methods. The company engages in various infrastructure development projects, including expressways, national highways, flyovers, bridges, viaducts, irrigation projects, and urban development initiatives such as civic amenities, hospitals, warehouses, hotels, and residential projects.
The company actively bids for construction projects in Tamil Nadu, focusing on Roads, Bridges, Irrigation and Canal Projects, Flyovers, and Industrial Areas.
As of January 2024, AVP Infracon has successfully completed over 40 projects, totaling approximately ₹31,321.03 lakhs in value, and employs a workforce of over 100 people.
Promoted by D Prasanna and B Venkateshwarlu, AVP Infracon’s promoter shareholding is expected to decrease to 62.34% after the IPO, down from the current 86.5%.
In the financial year ending March 2023, AVP Infracon reported a net profit of ₹12.05 crore with revenue reaching ₹115.50 crore. Additionally, for the period ending October 2023, the company posted a profit of ₹8.55 crore and revenue of ₹74.11 crore.
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