The issue is entirely a fresh issue of 68.36 lakh shares. Afcom Holdings IPO is a book built issue of Rs 73.83 crores.
Afcom Holdings IPO bidding opened for subscription on August 2, 2024 and will close on August 6, 2024. The allotment for the Afcom Holdings IPO is expected to be finalized on Wednesday, August 7, 2024. Afcom Holdings IPO will list on BSE SME with tentative listing date fixed as Friday, August 9, 2024.
Afcom Holdings IPO price band is set at ₹102 to ₹108 per share. The minimum lot size for an application is 1200 Shares. The minimum amount of investment required by retail investors is ₹129,600. The minimum lot size investment for HNI is 2 lots (2,400 shares) amounting to ₹259,200.
GYR Capital Advisors Private Limited is the book running lead manager of the Afcom Holdings IPO, while Link Intime India Private Ltd is the registrar for the issue. The market maker for Afcom Holdings IPO is Giriraj Stock Broking.
About Afcom Holdings Limited
Incorporated in Feburary 2013, Afcom Holdings Limited is involved in transporting cargo on an airport-to-airport basis. The company has General Sales and Service Agents (GSSAs) in India, Hong Kong, Singapore, Thailand, Japan, South Korea, China, and Taiwan.
The company operates cargo flights to the ASEAN (Association of Southeast Asian Nations) countries, including Singapore, Indonesia, and Brunei, with a focus on Singapore.
The company signed an agreement on 24 September 2021 with the Air Logistics Group, a division of World Freight Company, a global leader in the cargo sales and service business. The Air Logistics group will act as the Company’s General Sales and Service Agent (GSSA) in far-eastern countries. Additionally, on 13 October 2022, the company agreed with Taylor Logistics Private Limited, a part of the TTK Group, to serve as the GSSA in India.
As of February 29, 2024, the company has 47 employees, including 21 crews. Among them, they have 10 captains, 6 first officers, 3 Transition Captains, and 2 Trainee First Officers.
Refer to Afcom Holdings IPO RHP for detailed information.
Afcom Holdings IPO Details
| IPO Date | August 2, 2024 to August 6, 2024 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Price Band | ₹102 to ₹108 per share |
| Lot Size | 1200 Shares |
| Total Issue Size | 6,836,400 shares(aggregating up to ₹73.83 Cr) |
| Fresh Issue | 6,836,400 shares(aggregating up to ₹73.83 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE SME |
| Share holding pre issue | 18,021,306 |
| Share holding post issue | 24,857,706 |
| Market Maker portion | 354,000 shares |
Afcom Holdings IPO Reservation
Afcom Holdings IPO offers 6,836,400 shares. 1,338,000 (19.57%) to QIB, 973,200 (14.24%) to NII, 2,275,200 (33.28%) to RII and 1,896,000 (27.73%) to Anchor investors.| Investor Category | Shares Offered |
|---|---|
| Anchor Investor Shares Offered | 1,896,000 (27.73%) |
| Market Maker Shares Offered | 354,000 (5.18%) |
| QIB Shares Offered | 1,338,000 (19.57%) |
| NII (HNI) Shares Offered | 973,200 (14.24%) |
| Retail Shares Offered | 2,275,200 (33.28%) |
| Total Shares Offered | 6,836,400 (100%) |
Afcom Holdings IPO Anchor Investors Details
Afcom Holdings IPO raises Rs 20.48 crore from anchor investors. Afcom Holdings IPO Anchor bid date is July 1, 2024. Afcom Holdings IPO Anchor Investors list| Bid Date | July 1, 2024 |
| Shares Offered | 1,896,000 |
| Anchor Portion Size (In Cr.) | 20.48 |
| Anchor lock-in period end date for 50% shares (30 Days) | September 6, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | November 5, 2024 |
Afcom Holdings IPO Timeline (Tentative Schedule)
Afcom Holdings IPO opens on August 2, 2024, and closes on August 6, 2024.| IPO Open Date | Friday, August 2, 2024 |
| IPO Close Date | Tuesday, August 6, 2024 |
| Basis of Allotment | Wednesday, August 7, 2024 |
| Initiation of Refunds | Thursday, August 8, 2024 |
| Credit of Shares to Demat | Thursday, August 8, 2024 |
| Listing Date | Friday, August 9, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 6, 2024 |
Afcom Holdings IPO Lot Size
Investors can bid for a minimum of 1200 shares and in multiples thereof. The below table depicts the minimum and maximum investment by retail investors and HNI in terms of shares and amount.| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 1200 | ₹129,600 |
| Retail (Max) | 1 | 1200 | ₹129,600 |
| HNI (Min) | 2 | 2,400 | ₹259,200 |
Afcom Holdings IPO Promoter Holding
The promoter of the company are Capt. Deepak Parasuraman, Mr. Kannan Ramakrishnan, Wg. Cdr. Jaganmohan Mathena (Retd) and Mrs. Manjula Annamalai.| Share Holding Pre Issue | 58.94% |
| Share Holding Post Issue |
Afcom Holdings Limited Financial Information (Restated)
| Period Ended | 29 Feb 2024 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 12,929.75 | 8,285.40 | 2,514.51 | 899.92 |
| Revenue | 13,416.38 | 8,490.12 | 4,866.97 | 1,388.72 |
| Profit After Tax | 2,310.37 | 1,358.62 | 514.80 | -420.31 |
| Net Worth | 10,087.71 | 7,330.56 | 2,181.65 | -337.19 |
| Reserves and Surplus | 8,285.58 | 5,570.19 | 1,931.78 | -549.95 |
| Total Borrowing | 1,547.50 | 47.60 | 3.83 | 1,471.32 |
Key Performance Indicator
The market capitalization of Afcom Holdings IPO is Rs 268.46 Cr.KPI as of February 29, 2024.
| KPI | Values |
|---|---|
| ROE | 26.53% |
| ROCE | 28.30% |
| Debt/Equity | 0.15 |
| RoNW | 22.90% |
| P/BV | 1.93 |
| PAT Margin (%) | 17.28 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 7.54 | 10.14 |
| P/E (x) | 14.33 | 10.65 |
- The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2023 that is available in RHP.
- The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of February 29, 2024 that is available in RHP.
Objects of the Issue (Afcom Holdings IPO Objectives)
The objects of the Issue are: –
- Funding 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
- Funding of working capital requirement
- General Corporate Purposes
- To meet the Issue Expenses
Afcom Holdings Limited Contact Details
2, LIC Colony Dr. Radhakrishnan Nagar
Thiruvanmiyur
Chennai-600041
Phone: +91-9841019204;
Email: corporate@afcomcargo.com
Website: https://afcomcargo.com/
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