AVP Infracon IPO subscribed 22 times on final day, check key details here

AVP Infracon Limited IPO received a strong response from investors, with the public issue being oversubscribed nearly 22 times on the final day of subscription on Friday, March 15.

The ₹52.34-crore public offer, which opened for subscription on March 13, received bids for 9,46,49,600 shares as against 43,77,600 shares on offer, according to NSE data.

In the non-institutional buyers’ (NIBs) category, the issue received bids for 4,40,73,600 shares against 9,39,200 shares on offer, translating to a subscription of 47 times. Retail investors submitted bids for 4,92,65,600 shares against 21,90,400 shares reserved for them, subscribing the portion 22.49 times.

Qualified institutional buyers (QIBs) was fully subscribed as the bidders applied for 13,10,400 shares against 12,48,000 shares reserved for the segment.

The company raised 14.03 crore from anchor investors by allocating 18,70,400 shares (26.80% of the offer) on March 12.

The company also offered 7,31,200 shares or 10.48% of the offer to market maker, Share India Securities.

Share India Capital Services Private Limited is the book-running lead manager of the AVP Infracon IPO. Purva Sharegistry India Pvt Ltd has been appointed the registrar for the issue.

AVP Infracon Limited IPO allotment, listing and other details

The company is expected to finalise the basis of the allotment of shares on Monday, March 18. Non-allottees will get refunds on Tuesday, March 19, and shares will be allocated to successful bidders in their Demat accounts on the same day.

Applicants can check the allotment status online either through the registrar's website or on the NSE.

The company’s shares are expected to be listed on the NSE SME platform on March 20.

The initial public offer comprises fresh issue of 69.79 crore shares of a face value of ₹10 each. The total issue size includes a market maker portion of 7,31,200 equity shares and anchor allocation 18,70,400 shares.

AVP Infracon IPO price band was fixed at ₹71 to ₹75 per share. The minimum lot size to apply for IPO was 1,600 shares, amounting to a minimum investment of ₹1,20,000 by retail investors.

About AVP Infracon Limited

Established in 2009, AVP Infracon Limited was formerly known as AVP Constructions Pvt Ltd. The company is into the construction of road projects based on Bill of Quantities (BOQ) and Engineering, Procurement, and Construction (EPC) contracts.

The company's businesses span various infrastructure development works, including civil works. The AVP Infracon is engaged in projects like expressways, national highways, flyovers, bridges and viaducts. It also takes irrigation projects and urban development projects.

Among its urban development projects, some of them are related to civic amenities, hospitals, warehouses, hotels, and other commercial and residential projects. The company primarily operates in Tamil Nadu.

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