The initial public offering (IPO) of Afcons Infrastructure, a Shapoorji Pallonji company, was subscribed 4% so far on the first day of the bidding process on Friday.

At 12:12 pm, the issue attracted bids for 32,07,136 shares, or 4% against the issue size of 8,66,19,950 shares. The retail portion was subscribed at 6%, while there were no bids from qualified institutional buyers. The portion for non-institutional investors (NII) was booked at 3%.

According to market analysts, the current GMP of Afcons Infrastructure is Rs 45-50 (10%) in the unlisted market.

The issue, which closes on October 29, is a combination of a fresh issue of shares worth Rs 1,250 crore and an offer for sale (OFS) of up to Rs 4,180 crore by promoter Goswami…