- Anchor book opens on 11th September 2023, while the issue closes on 14th September 2023
- IPO comprises the issue of 66.56 lakh Equity Shares (Face Value Rs 10 each) through the book-building route
- Lot size is 2,000 shares
- Incorporated in 2012, the contract construction services provider has executed more than 121 projects worth Rs 670.99 crore.
- As of May 2023, it has 26 on-going projects worth approximately Rs 601.39 crore comprising four commercial projects, four institutional projects and 18 residential projects
- The company’s Profit after tax more than doubled at Rs. 12.05 crore in FY22-23 as compared to Rs. 5.21 crore in FY21-22
- Beeline Capital Advisors Private Limited is the Book Running Lead Manager to the Issue
NE BUSINESS BUREAU
AHMEDABAD, SEPT 6
Chavda Infra Limited, a civil construction company offering a diversified range of construction and allied services across residential, commercial and institutional projects in Gujarat (especially in Ahmedabad and Rajkot), on Monday announced that its Initial Public Offer will open on Tuesday 12th September 2023. The Anchor position will be open on Monday, 11th September 2023, and the issue will close on Thursday, 14th September 2023.
Focused on TRI-City (Ahmedabad, Gandhinagar and GIFT City) region, the company is looking to raise around Rs 43 crores (approximately) from the issue and aims to be listed with NSE Emerge, the small and medium-sized enterprises dedicated platform of the National Stock Exchange, by the last week of this month. The price band is Rs 60-65 per share
The IPO comprises only a fresh issue of 66.56 lakh equity shares by the construction company.
This means the entire issue proceeds will be utilised by the firm for working capital requirements amounting to Rs 27 crore, and the remaining for general corporate purposes and issue expenses.
The company that provides construction and allied services across residential and commercial projects in Gujarat has reserved 3.36 lakh equity shares for the market maker and remaining 63.2 lakh equity shares portion is the net issue.
Half of the net issue size, i.e. 31.6 lakh shares, is reserved for qualified institutional buyers, 15 percent (9.48 lakh shares) for high networth individuals and the remaining 35 percent (22.12 lakh shares) for retail investors.
The total issue will constitute 27 percent of the post issue paid-up equity capital.
Incorporated in 2012, the contract construction services provider has executed more than 121 projects worth Rs 670.99 crore. As of May 2023, it has 26 on-going projects worth approximately Rs 601.39 crore comprising four commercial projects, four institutional projects and 18 residential projects.
It is led by Maheshbhai Gunvantlal Chavda, Promoter and Managing Director and an industry veteran with over three decades of experience in the civil construction industry. The company’s services span the construction value chain, ranging from planning and design to construction and post-construction activities for its clients. The company is ISO 9001:2015 certified for quality management systems by BCQ Assessment Private Limited.
Some of its prestigious projects across Ahmedabad include residential projects such as Straft Laxuria, Shivalik Parkview and Shivalik Sharda Harmony; commercial projects such as AAA Corporate House, Sadbhav House, Solitaire Sky, Sandesh Press, Suyash Solitaire and Solitaire Connect; and institutional projects such as AIS Toddler’s Den, Nirma University (old Building) and Zydus School & Excellence.
The Ahmedabad-based Chavda group company will finalise the basis of allotment of IPO shares by September 20 and the equity shares will be credited to demat accounts of successful investors by September 22.
Equity shares will be listed on the NSE Emerge on September 25, as per the IPO schedule.
Beeline Capital Advisors is the merchant banker, and Kfin Technologies is the registrar to the offer.
The company clocked Revenue from Operations of Rs. 161.89 crore in FY22-23 against Rs. 109.82 crore and Rs. 91.24 crore in FY21-22 and FY20-21, respectively. The company’s Profit after tax stood at Rs. 12.05 crore in FY22-23 as compared to Rs. 5.21 crore in FY21-22 and Rs. 4.44 crore in FY20-21.
