Gujarat-based construction company Chavda Infra has raised Rs 12.32 crore via anchor book on September 11, ahead of initial public offering.
Marquee investors like Morgan Stanley Asia (Singpore), NAV Capital VCC - NAV Capital Emerging Star Fund, Acintyo Investment Fund PCC - Cell I, and Neomile Growth Fund - Series I made an investment in the company via anchor book.
Other anchor investors were Moneywise Financial Services, Rajasthan Global Securities, and LRSD Securities.
The company in its exchange filing said it has finalised allocation of 18.96 lakh equity shares to anchor investors, at a price of Rs 65 per share.
NAV Capital and Morgan Stanley were the biggest investors amongst them, buying Rs 3.32 crore and Rs 2.99 crore worth shares respectively.
The public issue of Rs 43.26 crore will be opening for subscription on September 12, with a price band of Rs 60-65 per share.
The IPO comprises only a fresh issue of 66.56 lakh equity shares by the company that provides construction and allied services across residential and commercial projects in Gujarat.
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It will utilise net issue proceeds for working capital requirements amounting to Rs 27 crore, and the remaining for general corporate purposes and issue expenses.
The total issue will constitute 27 percent of the post-issue paid-up equity capital. The offer will close on September 14.
Chavda Infra has 26 on-going projects worth approximately Rs 601.39 crore comprising four commercial projects, four institutional projects and 18 residential projects, as of May 2023.
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The trading in equity shares will commence on the NSE Emerge with effect from September 25, as per the IPO schedule.
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