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AZB & Partners is advising Afcons, one of India’s largest international infrastructure construction companies, on its upcoming initial public offering worth $645 million. S&R Associates is acting for the bookrunning lead managers. 

The issue comprises a fresh issue of $149 million and an offer for sale worth $496 million by Afcons’ holding company Goswami Infratech. 

Afcons, which is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group, will not receive any of the proceeds from the offer for sale. 

The BRLMs to the issue are ICICI Securities, DAM Capital Advisors, Jefferies India, Nomura Financial Advisory and Securities (India), Nuvama Wealth Management and SBI Capital Markets. 

The Indian construction industry was valued at $792.1 billion as of 2023 and is projected to be the fastest-growing construction market in the world, growing at a CAGR of 9.5 percent to 10 percent between 2023 and 2028. 

The S&R team on the deal is being led by partners Sandip Bhagat and Jitesh Shahani, and includes associates Mohnish Mathew, Ayushi Shrivastava and Sudipta Choudhury.

 

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