Chavda Infra Limited, a civil construction company in Gujarat, has 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 bookbuilding route. The company has appointed Beeline Capital Advisors Private Limited as bookrunning 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,” the company said in a statement.

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 executed over 100 projects worth Rs 67,099.45 lakh. As of May 31, 2023, the company has 26 ongoing projects worth about Rs 60,139 lakh, indicating a strong order book. Out of 26 ongoing projects, 4 are commercial projects, 4 are institutional projects, and 18 are residential projects, according to the statement.