Chavda Infra IPO: GMP, subscription status on day 1, other key details
₹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, 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 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
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