Gujarat based civil construction company Chavda Infra Ltd. has set a price band of Rs 60-65 per share for its upcoming IPO. The issue will open for subscription on September 12 and close on September 14. The anchor position will open on September 11, 2023. The share expected to be listed on NSE Emerge by the last week of this month.
Chavda Infra aims to raise over Rs 43 crore from the initial public offer that consists of a fresh issue of 66.56 lakh Equity Shares with a Face Value Rs 10/- through the book-building route. Beeline Capital Advisors Private Limited is the Book Running Lead Manager to the Issue.
The company will utilize the entire issue proceeds for working capital requirements totalling Rs 27 crore, with the balance being used for general corporate purposes and issue expenses.
Over the years, Chavda Infra Limited has executed over 100 projects worth Rs 67,099.45 lakh. As of May 31, 2023, the company has 26 ongoing projects worth about Rs 60,139 lakh, indicating a strong order book. Out of 26 ongoing projects, 4 are commercial projects, 4 are institutional projects, and 18 are residential projects.
The company's revenue from operations for FY2022-23 stood at Rs 16,188.57 lakh as against Rs 10,982.24 lakh for FY2021-22. Its EBITDA for FY2022-23 was Rs. 2,706.43 lakh compared to Rs. 1,563.77 lakh for FY2021-22. The company clocked a PAT of Rs. 1,204.62 lakh in FY2022-23 vs. Rs. 521.46 lakh in FY2021-22. Construction vertical accounted for 99% of the total revenues for the company during FY2022-23.
The Chavda Infra is an ISO 9001:2015 certified company.