MSME IPO: Gujarat-based civil construction company Chavda Infra is set to roll out its initial public offering of 66.56 lakh equity shares at a face value of Rs 10 each through the book-building route on September 12 on ‘Emerge’, the small and medium-sized enterprises dedicated platform of the National Stock Exchange, the company shared in a release on Wednesday. The anchor position will be open on Monday, September 11, and the issue will close on September 14.
Chavda has set a price band of Rs 60-65 per share for its upcoming IPO.
The company has appointed Beeline Capital Advisors as the book-running lead manager for the issue. Operational primarily in the Ahmedabad-Gandhinagar and GIFT City (Tri-city region), Chavda Infra aims to raise approximately Rs 43 crores from the issue on the NSE Emerge.
The company registered Rs 161.89 crore in FY2022-23 revenue from operations, higher than Rs 109.82 crore in FY 2021-22 and Rs 91.24 crore in FY 2020-21. The company’s profit stood at Rs 12.05 crore in FY 2022-23, more than doubled from Rs 5.21 crore in FY 2021-22.
Also read: Democratizing Capital: How IPOs empower SMEs to scale up
According to the release, Chavda Infra has executed over 100 projects, valuing over Rs 670.99 crore, including residential projects across Ahmedabad 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.
Also read: Institutional play, higher risk appetite spurs SME listings
The company has at present 26 ongoing projects worth Rs 601.39 crore. The company’s share capital as of March 31 2023, 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 FY 2022-23, Rs. 10.20 for FY21-22 and Rs. 7.30 for FY20-21, according to the release.
Found in 2012 by Mahesh Gunvantilal Chavda, the company’s services span the construction process from planning and designing to construction and post-construction activities. Chavda Infra is an ISO 9001:2015 certified company.