The counter hit a high of Rs 215.45 and a low of Rs 205.20. About 18.22 lakh shares of the company changed hands at the counter.
The issue opened for bidding on 2 August 2024 and it closed on 6 August 2024. The price band of the IPO was set at Rs 102 to Rs 108 per share. The issue was subscribed 203.35 times.
The IPO comprised fresh issue of 68,36,400 equity shares. The company intends to utilize the net proceeds to meet working capital requirement, capital expenditure towards taking of two new aircraft on lease basis, prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company, issue expenses and general corporate purpose.
Ahead of the Afcom Holdings on 1 August 2024, raised Rs 20.47 crore from anchor investors. The board allotted 18.96 lakh shares at Rs 108 per share to 5 anchor investors.
Afcom Holdings engaged in carriage of cargo on airport-to-airport basis. It has been operating Cargo Flights to the ASEAN countries like Singapore, Indonesia and Brunei, particularly to Singapore. The company were led by a management team that has extensive industry experience. It has committed senior management team that has extensive experience in the Cargo logistics. As on 29 February 2024, the company has 47 employees.
The company recorded revenue from operations of Rs 133.69 crore and net profit of Rs 23.10 crore for the period as on 29 February 2024.