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Chavda Infra IPO to open on 12th September, looks to raise around Rs. 43 crore

Posted On : 2023-09-04 21:41:22( TIMEZONE : IST )

Chavda Infra IPO to open on 12th September, looks to raise around Rs. 43 crore

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), today 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. The company is looking to raise around Rs. 43 crores (approximately) from the issue and aims to be listed with NSE Emerge by the last week of this month. The price band will be announced by Tuesday, 5th September 2023.

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. The company's Share Capital as of 31.03.23 stood at Rs. 18 crore (as compared to Rs. 1.50 crore - both in FY21-22 and FY20-21) while the EPS stood at Rs. 6.69 (as compared to Rs. 2.90 in FY21-22 and Rs. 2.47 in FY20-21). The Net Asset Value per share stood at Rs. 16.89 for FY22-23, Rs. 10.20 for FY21-22 and Rs. 7.30 for FY20-21.

Focused on TRI-City (Ahmedabad, Gandhinagar and GIFT City) region, the company's IPO will comprise a fresh issue of 66.56 lakh Equity Shares (Face Value Rs 10/-) through the book-building route. The company has appointed Beeline Capital Advisors Private Limited as Book Running Lead Manager to the Issue.

Headquartered in Ahmedabad, Chavda Infra Limited is an integrated civil construction company offering diversified construction and allied services across residential, commercial, and institutional projects in Gujarat, especially in Ahmedabad and Rajkot. It is led by Mr. 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.

Chavda Infra Limited has successfully executed over 100 projects worth Rs. 67,099.45 lakh. 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.

As of May 31, 2023, the company has 26 ongoing projects worth approximately Rs. 60,139 lakhs, indicating a strong order book. Out of 26 on-going projects 4 are commercial Projects, 4 are institutional projects and 18 are residential projects.

Source : Equity Bulls


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