Chavda Infra’s IPO involves only a new issuance of 66.56 lakh shares by the construction company.
Gujarat based Chavda Infra has decided to launch the IPO on September 12th at Rs.43.26 crore for subscription with a price range of Rs.60-65 per share.
The IPO involves only a new issue of 66.56 lakh shares by the construction company.
This means that all proceeds from the issue will be used by the firm for working capital needs of Rs. 27 crore and the remainder will be used for general corporate purposes and issuing costs.
The company, which provides construction and related services for residential and commercial projects in Gujarat, has reserved 3.36 lakh equity shares for the market maker and the remaining 63.2 lakh equity shares is the net issue.
Half of the net issue size, 31.6 lakh shares, is reserved for qualified institutional buyers, 15 percent (9.48 lakh shares) for high net worth individuals and the remaining 35 percent (22.12 lakh shares) for retail investors.
For Ratnaveer Precision’s latest IPO subscription numbers, click here
The total issue will represent 27 percent of the equity paid up after the issue. Offer ends September 14th.
Established in 2012, the contract construction company has completed more than 100 projects valued at Rs. 670.99 crore. As of May 2023, the Company has 26 ongoing projects valued at approximately Rs.601.39 crore, including four commercial projects, four institutional projects and 18 residential projects.
The Ahmedabad-based Chavda Group company will set the basis for allotment of the IPO shares by September 20 and the shares will be credited to the Demat accounts of successful investors by September 22.
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According to the IPO schedule, the shares will be listed on the NSE Emerge on September 25th.
Beeline Capital Advisors is the merchant banker and Kfin Technologies is the registrar of the offering.
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