Ahmedabad headquartered infrastructure developer Chavda Infra Limited Files DRHP with NSE Emerge
Ahmedabad; June 22nd, 2023: Chavda Infra Limited, a civil construction company offering a diversified range of construction and allied services across residential, commercial and institutional projects in Gujarat, especially in Ahmedabad and Rajkot, had filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge for its proposed initial public offering (IPO). The IPO comprises the issue of 66.56 lakh Equity Shares (Face Value Rs 10/-) through the book-building route. The company has appointed Beeline Capital Advisors Private Limited as Book Running Lead Manager to the Issue.
The company’s revenue from operations for FY2022-23 stood at Rs. 16,188.57 lakh as against Rs. 10,982.24 lakh for FY2021-22. Its EBITDA for FY2022-23 was Rs. 2,706.43 lakh compared to Rs. 1,563.77 lakh for FY2021-22. The company clocked a PAT of Rs. 1,204.62 lakh in FY2022-23 vs. Rs. 521.46 lakh in FY2021-22. Construction vertical accounted for 99% of the total revenues for the company during FY2022-23.
Headquartered in Ahmedabad, Chavda Infra Limited is an integrated civil construction company offering diversified construction and allied services across residential, commercial, and institutional projects in Gujarat, especially in Ahmedabad and Rajkot. It is led by Mr. Maheshbhai Gunvantlal Chavda, Promoter and Managing Director and an industry veteran with over three decades of experience in the civil construction industry. The company’s services span the construction value chain, ranging from planning and design to construction and post-construction activities for its clients. The company is ISO 9001:2015 certified for quality management systems by BCQ Assessment Private Limited.
As per the DRHP, the company will utilise issue proceeds from the IPO towards meeting its working capital requirements (Rs. 27 crore), general corporate expenses and public issue expenses.
Over the years, Chavda Infra Limited has successfully executed over 100 projects worth Rs. 67,099.45 lakh. Some of its prestigious projects across Ahmedabad include residential projects such as Straft Laxuria, Shivalik Parkview and Shivalik Sharda Harmony; commercial projects such as AAA Corporate House, Sadbhav House, Solitaire Sky, Sandesh Press, Suyash Solitaire and Solitaire Connect; and institutional projects such as AIS Toddler’s Den, Nirma University (old Building) and Zydus School & Excellence. As of May 31, 2023, the company has 26 ongoing projects worth approximately Rs. 60,139 lakhs, indicating a strong order book. Out of 26 ongoing projects, 4 are commercial Projects, 4 are institutional projects, and 18 are residential projects.