Afcom Holdings Ltd IPO

AFCOM HOLDINGS LIMITED was originally incorporated as `AFCOM HOLDINGS PRIVATE LIMITED' a private limited company under the Companies Act, 1956 with the Registrar of Companies (ROC), Tamil Nadu, Chennai, Andaman and Nicobar Islands pursuant to Certificate of Incorporation dated 15th February, 2013. The name of the company was changed from `AFCOM HOLDINGS PRIVATE LIMITED' to `AFCOM HOLDINGS LIMITED', consequent to conversion of the company from private limited company to public limited company, pursuant to Special Resolution passed by the shareholders of the Company in the Extra-ordinary General Meeting held on 27th March, 2023, and a fresh certificate of incorporation consequent to change of name was issued by ROC, Chennai on 11th July, 2023. The corporate identification number of the company is U51201TN2013PLC089652.

India was the 6th largest economy globally, with a GDP of US$2.7 trillion in 2020. India's GDP grew at 7% annually between 2015 and 2019, making it one of the fastest-growing large economies globally. Strong economic growth in the first quarter of FY23 helped India overcome the UK to become the fifth-largest economy after it recovered from the COVID-19 pandemic shock. Real GDP at constant prices (2011-12) in the first quarter of 2023-24 is estimated at Rs. 40.37 trillion (US$ 484.94 billion), showing a growth of 7.8% as compared to the first quarter of 2022-23 estimated at Rs. 37.44 trillion (US$ 449.74 billion). Given the release of pent-up demand and the widespread vaccination coverage, the contactintensive services sector will probably be the main driver of development in 2022-2023. In 2023-24 (April- September), India's service exports stood at US$ 164.89 billion. Furthermore, India's overall exports (services and merchandise) in 2023-24 (April-September) were estimated at US$ 376.29 billion. Rising employment and substantially increasing private consumption, supported by rising consumer sentiment, will support GDP growth in the coming months.

Afcom Holdings Limited (Company) in the year 2013 by Capt. Deepak Parasuraman, an aviation industry veteran with a vision to start cargo airline business. The Company applied for airline license to the Ministry of Civil Aviation, India and after due compliances in the year 2017, the Company obtained the NOC from the Ministry of Civil Aviation, India to function and operate cargo airlines. The Company has been operating Cargo Flights to the ASEAN countries like Singapore, Indonesia and Brunei, particularly to Singapore