Avax Apparels and Ornaments, a wholesaler of knitted fabrics and an online retailer of silver ornaments, has seen an overwhelming response to its Initial Public Offering (IPO). The public issue, which aimed to raise Rs 1.92 crore, garnered bids worth Rs 474.06 crore during its subscription period from January 7-9.
The IPO, priced at Rs 70 per share, sought a valuation of Rs 7.27 crore. The issue received bids for 6.77 crore equity shares, significantly exceeding the offer size of 2.74 lakh shares, according to BSE data.
- Retail investors showed massive interest, oversubscribing their portion by 372.35 times.
- The institutional and non-institutional investor quotas were subscribed 148.6 times.
The fixed-price IPO issue closed on January 9, and the share allotments will be finalized on January 10. Trading in shares of Avax Apparels will commence on January 14 on the BSE SME platform.
The Delhi-based company proposes to deploy the net proceeds of the IPO, excluding issue expenses, for meeting working capital requirement and general corporate purpose. SKI Capital Services was the merchant banker for the issue.
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Source: Moneycontrol
News Desk
