 "IPO")
Gujarat-based civil construction company Chavda Infra Ltd has set a price band of Rs 60-65 per share for its initial public offering (IPO).
The IPO will open for public subscription on September 12 and will conclude on September 14, while the bidding for the anchor investors will open on September 11, the company said in a statement on Tuesday.
The shares of the company will be listed on NSE Emerge, a platform for small and medium enterprises, it added.
The IPO comprises of a fresh issue of 66.56 lakh equity shares with a face value of Rs 10 through the book-building route.
The company intends to utilise the proceeds from the issue of up to Rs 27 crore for working capital requirements and the balance being used for general corporate purposes and issue expenses.
Beeline Capital Advisors is the book-running lead manager to the issue.
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Chavda Infra has executed over 100 projects worth Rs 671 crore. As of May 31, 2023, the company has 26 ongoing projects worth Rs 601.39 crore, comprising four commercial and institutional projects each and 18 residential projects.
For FY23, the company's revenue from operations rose to Rs 161.88 crore from Rs 109.82 crore a year ago, while it posted a profit after tax of Rs 12.04 crore, against Rs 5.21 crore in the previous fiscal.
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