Afcons Infrastructure's IPO, which raised Rs 5,430 crore, had a slow start with only 5% subscription on the first day of bidding.
The company, a leading engineering and construction arm of the Shapoorji Pallonji group, has a strong presence in Asia, Africa, and the Middle East, operating in five major infrastructure business verticals.
Retail investors subscribed to 7% of their reserved portion, while non-institutional investors subscribed to 4%. The employee quota received a better response at 20%, but Qualified Institutional Buyers (QIBs) have not yet participated in the offering.
Bids were received for 39.3 lakh shares out of the 8.66 crore shares available.