Chavda Infra IPO has opened for subscription today (Tuesday, September 12), and will close on Thursday, September 14. Chavda Infra IPO price band has been fixed in the range between ₹60 to ₹65 per equity share of face value of ₹10 each. Chavda Infra IPO lot size is 2,000 equity shares and in multiples of 2,000 equity shares thereafter.
Chavda Infra IPO details
Chavda Infra IPO, which is worth ₹43.26 crore, is completely a fresh issue of 6,656,000 equity share; there is no offer for sale (OFS) component.
The company plans to use the net proceeds from the offering to fund general corporate needs, working capital requirements, and public offering costs.
Mahesh Gunvantlal Chavda, Dharmishtha Maheshkumar Chavda and Johil Maheshbhai Chavda are the promoters of the company.
Chavda Infra IPO has reserved not more than 50% of the shares in the public issue for Qualified Institutional Buyers (QIB), not less than 15% for Non Institutional Investors (NII), and not less than 35% of the offer is reserved for Retail Investors.
The issue’s book-running lead manager is Beeline Capital Advisors Pvt Ltd, while Jiwanram Sheoduttrai Industries IPO registrar is Kfin Technologies Ltd.
The listed industry peers of the company are PSP Projects Ltd and Ahluwalia Contracts (India) Ltd.
Chavda Infra IPO subscription status was 4.66 times on day 1. The issue received positive response from retail investors who’s portion set was subscribed 7.71 times, and non-institutional buyers who’s portion set was subscribed 3.74 times, according to data on chittorgarh.com.
The company has received bids for 2,06,12,000 shares against 6,656,000 shares on offer, at 16:27 IST according to data on chittorgarh.com.
Chavda Infra IPO dates
Chavda Infra IPO share allotment will take place on Wednesday, September 20. Those allotted shares will get them in their Demat accounts on Friday, September 22. The refund process for those who did not get shares will begin on Thursday, September 21. Jiwanram Sheoduttrai Industries IPO shares will be listed on NSE SME on Monday, September 25.
Chavda Infra IPO GMP today
Chavda Infra IPO GMP today or grey market premium is +50 similar to the previous two trading session. This indicates Chavda Infra share price were trading at a premium of ₹50 in the grey market on Tuesday, according to topsharebrokers.com
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Chavda Infra share price is ₹115 apiece, which is 76.92% higher than the IPO price of ₹65.
Today IPO GMP trending upward and expects a strong listing. The lowest GMP is ₹20, while the highest GMP is ₹50, according to topsharebrokers.com
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Chavda Infra IPO review
“The company has been doing well and has a good order book. Based on FY23, the issue is reasonably priced. It has ongoing projects worth Rs. 601 cr. on hand. Investors may consider parking funds for the medium to long-term rewards,” said Dilip Davda, the contributing editor at at Chittorgarh.com.
Also Read: RR Kabel IPO opens tomorrow: Latest GMP, price band, dates and other key details to know
Download The Mint News App to get Daily Market Updates.
Updated: 12 Sep 2023, 04:34 PM IST