Chavda Infra IPO Subscription Details

Chavda Infra IPO opened for subscription from September 12 and closed on September 14, 2023. The IPO offered shares in the price band of ₹60 to ₹65 per equity share with a face value of ₹10 each.

Chavda Infra IPO Overview

Chavda Infra IPO, valued at ₹43.26 crore, consisted solely of a fresh issue of 6,656,000 equity shares, with no offer for sale (OFS) component. The proceeds from the offering were earmarked for general corporate requirements, working capital needs, and public offering expenses. The company’s promoters are Mahesh Gunvantlal Chavda, Dharmishtha Maheshkumar Chavda, and Johil Maheshbhai Chavda.

Chavda Infra IPO Allocation

The IPO allocated up to 50% of shares for Qualified Institutional Buyers (QIBs), a minimum of 15% for Non-Institutional Investors (NIIs), and at least 35% for Retail Investors.

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Key Market Players

Chavda Infra’s listed industry peers include PSP Projects Ltd and Ahluwalia Contracts (India) Ltd.

Chavda Infra IPO GMP

As of today, Chavda Infra IPO’s grey market premium (GMP) stands at +60, consistent with the trend observed over the past eleven trading sessions. This indicates that Chavda Infra shares are trading at a premium of ₹60 in the grey market, as reported by topsharebrokers.com.

Estimated Listing Price

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Chavda Infra shares is ₹125 apiece. This represents a significant increase of 92.31% over the IPO price of ₹65.

Grey market premium reflects investors’ willingness to pay more than the IPO price, suggesting strong demand for Chavda Infra shares in the secondary market.

Chavda Infra’s IPO has generated considerable interest in the market, with potential for substantial gains upon listing. Investors will be closely watching its performance as it debuts on the stock exchange.