Afcons Infrastructure, part of the Shapoorji Pallonji Group, has launched an Initial Public Offering (IPO) featuring both an offer for sale and a primary fundraise. The company boasts a strong track record in executing large, complex projects and has a robust, well-diversified order book, although it faces challenges due to significant promoter debt. While valuations are not inexpensive, the medium-term outlook appears promising, supported by improved quarterly performance and favorable market conditions.
