Chavda Infra has appointed Beeline Capital Advisors Private Limited as bookrunning lead manager for the offering.
Chavda Infra will use the IPO proceeds to meet its working capital requirements (Rs 27 crore), general operating expenses and public offering expenses
Chavda Infra Limited, a civil construction company in Gujarat, has filed its draft red herring prospectus (DRHP) with NSE Emerge for its proposed initial public offering (IPO). The IPO involves the issuance of 66.56 lakh shares (par value Rs 10) through the bookbuilding route. The company has appointed Beeline Capital Advisors Private Limited as bookrunning lead manager for the offering.
“The operating income of the company for FY2022-23 was Rs 16,188.57 lakh as against Rs 10,982.24 lakh for FY2021-22. The EBITDA for FY2022-23 was Rs. 2,706.43 lakh as compared to Rs. 1,563.77 lakh for fiscal year 2021-22. The company clocked a PAT of Rs. 1,204.62 lakh in FY2022-23 vs Rs. 521.46 lakh in FY 2021-22. Vertical construction accounted for 99% of the company’s total revenue in fiscal year 2022-23,” the company said in a statement.
According to the DRHP, the company will use the IPO issue proceeds to meet its working capital requirements (Rs 27 crore), general operating expenses and public offering expenses.
Over the years, Chavda Infra Limited has carried out more than 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. Of the 26 ongoing projects, 4 are commercial projects, 4 are institutional projects and 18 are residential projects, the statement said.
