For the initial public offering (IPO), Gujarat-based civil construction business Chavda Infra Ltd. has established a price range of Rs. 60-65 per share.
On Tuesday the company said in a statement that 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 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 plans to use up to Rs 27 crore of the proceeds from the offer for working capital needs, with the remaining funds going toward issue costs and general corporate expenses.
Beeline Capital Advisors is the book-running lead manager to the issue.
Over 100 projects worth Rs 671 crore were executed by the Chanda Infra. The company has 26 ongoing projects worth Rs 601.39 crore, comprising four commercial and institutional projects each and 18 residential projects as of May 31, 2023.
For FY23, the company’s revenue from operations increased to Rs 161.88 crore from Rs 109.82 crore a year ago, while it posted a PAT of Rs 12.04 crore, against Rs 5.21 crore in the previous fiscal.
