BackChavda Infra shares hit 5% lower circuit after listing at 40% premium on NSE SME
Chavda Infra share price listed on NSE SME at a premium of 40% and later locked at a 5% lower circuit.
PremiumChavda Infra listing date: Chavda Infra share price listed on NSE SME at a premium on Monday. On NSE SME, Chavda Infra share price today was listed at ₹91 per share, 40% higher than the issue price of ₹65.
However, after a strong debut the Chavda Infra shares were locked at 5% lower circuit.
Chavda Infra IPO opened for subscription on Tuesday, September 12, and closed on Thursday, September 14. Chavda Infra IPO price band was fixed in the range between ₹60 to ₹65 per equity share of face value of ₹10 each.
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Chavda Infra IPO details
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 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 Chavda Infra IPO registrar is Kfin Technologies Ltd.
The listed industry peers of the company are PSP Projects Ltd and Ahluwalia Contracts (India) Ltd.
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Chavda Infra IPO GMP today
Chavda Infra IPO GMP today or grey market premium is +60 similar to previous eleven trading session. This indicated Chavda Infra share price were trading at a premium of ₹60 in the grey market on Monday, according to topsharebrokers.com
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Chavda Infra share price is ₹125 apiece, which is 92.31% higher than the IPO price of ₹65
'Grey market premium' indicates investors' readiness to pay more than the issue price.
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