Avax Apparels and Ornaments shares listed on the stock exchange with a premium of 90 percent over the IPO price on January 14, following a huge demand in the primary market.
The shares of Avax Apparels and Ornaments Ltd were listed at Rs 133 per share on the BSE SME platform, a premium of 90 percent against its issue price. The IPO was priced at Rs 70. The market valuation of the company post listing of shares stood at Rs 14.51 crore.
The maiden public issue of Avax Apparels and Ornaments, the wholesaler of knitted cloth, had attracted overwhelming response from investors, receiving Rs 474.06 crore worth bids during January 7-9 against the IPO size of Rs 1.92-crore.
This knitted fabric wholesaler gets Rs 474 crore worth bids for Rs 1.92-crore IPO
The Avax Apparels IPO was subscribed 247.2 times with investors buying 6.77 crore equity shares compared to the offer size of 2.74 lakh shares via 26,032 applications, the subscription data available on the BSE showed.
The Delhi-based online retailer of silver ornaments intends to utilise IPO proceeds (excluding offer expenses) for its working capital requirements, and general corporate purposes.
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