Chavda Infra
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 12 Sep 2023 – 14 Sep 2023
- Listing date
- 25 Sep 2023
- Face value
- ₹10 per share
- Issue price
- ₹65 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹43.26 Cr
- Market cap at offer price
- ₹160 Cr
- Promoter holding
- 100.00% → 73.00% pre-issue → post-issue
- ISIN
- INE0PT101017
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- 304 to 307, 406, 407 B Square I, Near Neptune House, IsconAmbali BRTS Road, Gujarat
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 18,96,000 | — | — |
| Market maker | 3,36,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹65
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,30,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,60,000 |
| S-HNI (max) | 7 | 14,000 | ₹9,10,000 |
| B-HNI (min) | 8 | 16,000 | ₹10,40,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.69 | — |
| P/E (×) | 9.72 | — |
| Market cap | — | ₹160 Cr |
Key performance indicators
- Return on net worth
- 39.62%
- ROCE
- 43.62%
- Debt / equity
- 1.75
- PAT margin
- 7.44%
- NAV per share
- ₹16.89
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Chavda Infra
Chavda Infra Limited was incorporated on October 08, 2012 as 'Chavda Infra Private Limited' and converted into a public limited company (renamed 'Chavda Infra Limited') effective May 26, 2023. Based at Ahmedabad and part of the Chavda group, it was founded by Promoter and Managing Director Mr. Mahesh Gunvantlal Chavda, who has over 18 years of experience in the civil construction industry; the promoters started as contractors for repair works. The company provides services across the construction value chain—from planning and design to construction and post-construction activities—for residential, commercial, industrial and institutional projects in Gujarat, especially Ahmedabad and Rajkot, and is ISO 9001:2015 certified for quality management. It has successfully executed more than 100 projects worth ₹ 67,099.45 Lakhs and, as of May 31, 2023, had 26 on-going projects worth approximately ₹ 60,139 Lakhs (18 residential, 4 commercial, 4 institutional). In FY 2022-23 it reported revenue from operations of ₹ 16,188.57 Lakhs and profit after tax of ₹ 1,204.62 Lakhs, with 100% of revenues generated from the State of Gujarat. It makes money primarily through construction contracts executed as contractor for builders, its first real-estate redevelopment project (Manali Apartment, 42 residential flats), and rental income from owned residential/commercial properties and construction equipment rented to related entity Chavda RMC LLP.
Company Analysis
from RHPChavda Infra Limited is an integrated civil construction company offering contracting, development and commercial renting services across residential, commercial and institutional projects in Gujarat, India.
Chavda Infra Limited was incorporated on October 08, 2012 as 'Chavda Infra Private Limited' and converted into a public limited company (renamed 'Chavda Infra Limited') effective May 26, 2023. Based at Ahmedabad and part of the Chavda group, it was founded by Promoter and Managing Director Mr. Mahesh Gunvantlal Chavda, who has over 18 years of experience in the civil construction industry; the promoters started as contractors for repair works. The company provides services across the construction value chain—from planning and design to construction and post-construction activities—for residential, commercial, industrial and institutional projects in Gujarat, especially Ahmedabad and Rajkot, and is ISO 9001:2015 certified for quality management. It has successfully executed more than 100 projects worth ₹ 67,099.45 Lakhs and, as of May 31, 2023, had 26 on-going projects worth approximately ₹ 60,139 Lakhs (18 residential, 4 commercial, 4 institutional). In FY 2022-23 it reported revenue from operations of ₹ 16,188.57 Lakhs and profit after tax of ₹ 1,204.62 Lakhs, with 100% of revenues generated from the State of Gujarat. It makes money primarily through construction contracts executed as contractor for builders, its first real-estate redevelopment project (Manali Apartment, 42 residential flats), and rental income from owned residential/commercial properties and construction equipment rented to related entity Chavda RMC LLP.
Objects of the Issue
- To Meet Working Capital Requirements ₹ 2,700.00 Lakhs p.88
- General corporate purposes p.90
- To meet Public Issue Expenses p.90
Issue Structure
- Total Issue
- 6656000 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- 6656000 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Nil
- Face Value
- ₹ 10/- each
Business Model
Revenue is derived from three business verticals: (a) Contracting Services—civil construction executed as contractor for renowned builders in Gujarat (Construction Income of ₹ 14,882.05 Lakhs in FY 2022-23); (b) Development Services—income as a real estate developer/re-developer (Developer Income of ₹ 1,165.67 Lakhs in FY 2022-23); and (c) Commercial Renting Services—rental income from renting out owned residential and commercial properties and construction equipment to related entity Chavda RMC LLP (Rent Income of ₹ 140.85 Lakhs in FY 2022-23).
Business Segments
SWOT Analysis
- • Experienced promoters and management team(p.119)
- • End-to-end in-house execution capabilities (design, engineering, procurement, construction, QA)(p.119)
- • Robust order book of 26 ongoing projects worth ~₹60,139 lakhs(p.119)
- • Long-standing relationships with customers built on timely, quality delivery(p.119)
- • Optimal utilization of resources via process improvement and equipment modernization(p.119)
- • Proven track record of 100+ completed projects worth ₹67,099.45 Lakhs(p.116)
- • ISO 9001:2015 certified quality management system(p.116)
- • 100% revenue concentration in the state of Gujarat(p.25)
- • High customer concentration — top 10 customers contribute ~74–81% of sales(p.26)
- • Substantial indebtedness of ₹5,328.95 Lakhs(p.29)
- • Unsecured loans of ₹534.98 lakhs from directors repayable on demand(p.29)
- • Secured debt of ₹4,793.97 Lakhs with lenders' charge over movable and immovable properties(p.29)
- • Outstanding litigation against the company and promoters(p.26)
- • Qualified audit opinions from statutory auditors for FY2021 and FY2022(p.37)
- • 56.87% of trade receivables outstanding beyond six months from due dates(p.31)
- • Geographical expansion of business beyond Gujarat(p.120)
- • Enhancing project execution capabilities to improve operating margins(p.119)
- • Government infrastructure capex push — Budget 2023-24 outlay increased 33% to Rs.10 lakh crore(p.108)
- • National Infrastructure Pipeline with Rs.108 trillion of projects at various stages(p.109)
- • Exponential growth in commercial real estate demand across Tier II & III cities(p.113)
- • Housing market recovery — inventory overhang declined to 33 months in Q3 FY23 from 42 months(p.107)
- • Venture into new re-development business vertical(p.117)
- • Dependence on timely supply and prices of key raw materials (steel, cement, concrete, bricks)(p.34)
- • Intense price competition in acquisition and bidding of projects(p.34)
- • COVID-19 or any future pandemic / public health emergency(p.40)
- • Interest rate fluctuations increasing cost of servicing debt(p.42)
- • Adverse changes in taxes and levies imposed by Central/State Governments(p.42)
- • Seasonal reduction in construction efficiency during monsoon and summer(p.27)
- • Natural calamities and uncontrollable events interrupting business(p.42)
- • Increasing stringency of environmental laws and regulations(p.41)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Mahesh Gunvantlal Chavda | Promoter | 66.67% | 48.67% |
| Mrs. Dharmishtha Mahesh Chavda | Promoter | 16.67% | 12.17% |
| Mr. Johil Maheshbhai Chavda | Promoter | 16.66% | 12.17% |
| Mr. Jeet Mahesh Chavda | Promoter Group | Negligible | Negligible |
| Mrs. Sejalben Chavda | Promoter Group | Negligible | Negligible |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.