Chavda Infra IPO Day 3: Subscription Status, GMP & Other Details
The Chavda Infra IPO, which kicked off on Tuesday, September 12, is rapidly approaching its closing date on Thursday, September 14. Investors have eagerly awaited this opportunity, with the IPO’s price band set between ₹60 to ₹65 per equity share, each with a face value of ₹10. The lot size for Chavda Infra IPO is fixed at 2,000 equity shares, with multiples available thereafter.
Chavda Infra IPO Highlights:
Chavda Infra IPO, valued at ₹43.26 crore, exclusively comprises a fresh issue of 6,656,000 equity shares, with no offer for sale (OFS) component. The company intends to utilize the net proceeds from the offering to meet general corporate requirements, working capital needs, and public offering expenses.
The driving forces behind Chavda Infra are its promoters: Mahesh Gunvantlal Chavda, Dharmishtha Maheshkumar Chavda, and Johil Maheshbhai Chavda.
In a commitment to fairness, Chavda Infra IPO has allocated no more than 50% of shares to Qualified Institutional Buyers (QIBs), a minimum of 15% to Non-Institutional Investors (NIIs), and at least 35% is reserved for Retail Investors.
Beeline Capital Advisors Pvt Ltd serves as the issue’s book-running lead manager, while Kfin Technologies Ltd takes on the role of Jiwanram Sheoduttrai Industries IPO registrar. The company’s listed industry peers include PSP Projects Ltd and Ahluwalia Contracts (India) Ltd.
Chavda IPO Subscription Status:
As of day 3, Chavda Infra IPO boasts an impressive subscription status of 61.06 times. Retail investors enthusiastically subscribed to their portion, at 90.78 times, while non-institutional buyers followed closely at 49.91 times. QIBs exhibited their interest, with a subscription rate of 17.41 times, as of 12:27 IST, according to data sourced from chittorgarh.com.
The company received bids for 27,01,34,000 shares against the 6,656,000 shares on offer, also as of 12:27 IST, as reported on chittorgarh.com.
The journey to this remarkable subscription status saw the IPO at 21.50 times on day 2 and 6.55 times on day 1.
Chavda Infra IPO Dates:
The much-awaited Chavda Infra IPO share allotment is scheduled for Wednesday, September 20. Shareholders fortunate enough to receive allocations will find them in their Demat accounts by Friday, September 22. The refund process for those not receiving shares begins on Thursday, September 21. Finally, Chavda Infra IPO shares are set to debut on NSE SME on Monday, September 25.
Chavda Infra IPO Grey Market Premium Today:
Today’s Chavda Infra IPO Grey Market Premium Today stands at +58, mirroring the previous trading session. This suggests that Chavda Infra shares are trading at a premium of ₹58 in the grey market on Thursday, according to data from topsharebrokers.com.
Considering the upper end of the IPO price band and the current premium in the grey market, Chavda Infra shares are estimated to debut at ₹123 apiece, marking an impressive 89.23% increase over the IPO price of ₹65.
The GMP trend indicates an upward trajectory for today, and the IPO is poised for a strong listing. The GMP range spans from ₹20 to ₹58, according to topsharebrokers.com.
Chavda Infra IPO Review:
Dilip Davda, contributing editor at Chittorgarh.com, offered insight into Chavda Infra’s prospects: “The company has been performing admirably and maintains a robust order book. Based on FY23 data, the issue is reasonably priced. With ongoing projects worth Rs. 601 crore, investors may consider this as a medium to long-term investment opportunity.”
About Chavda Infra:
Founded in 2012, Chavda Infra Limited is a company that excels in construction and associated services across a diverse range of projects within Gujarat. These projects span residential, commercial, and institutional developments.
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