HVAX Technologies’ IPO opened for subscription on September 27, aiming to raise ₹34 crore by issuing 7.32 lakh fresh shares. The price range for this SME IPO is set between ₹435 and ₹458 per share, with investors needing to buy in lots of 300 shares. HVAX Technologies, which specializes in cleanroom infrastructure for industries like pharmaceuticals and healthcare, will have its IPO open until October 1, with the shares expected to list on October 7.
Day 1 Subscription Status:
As of 10:43 a.m. on September 27, retail investors showed the highest interest with 116 applications for 34,800 shares. Out of these, 24,600 shares were requested at the cut-off price, and 10,200 were price bids. Non-institutional investors (NIIs) submitted 4 applications for 2,400 shares. So far, there has been no participation from qualified institutional buyers (QIBs).
IPO Investment Details:
The total issue size is ₹33.53 crore, all from fresh equity shares. Retail investors can apply with a minimum investment of ₹1,37,400 for one lot (300 shares). High net-worth individuals (HNIs) need to invest in at least two lots, requiring ₹2,74,800.
Fedex Securities is the lead manager for the issue, and Kfin Technologies is the registrar. Aftertrade Broking will act as the market maker.
GMP Update:
The Grey Market Premium (GMP) for HVAX Technologies IPO is currently at par, meaning the shares are neither trading at a premium nor a discount.
HVAX Technologies reported a revenue of ₹106 crore and a net profit of ₹9.39 crore for the fiscal year ending March 2024. The funds raised will mainly support working capital needs and other corporate purposes.
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