Shares of HVAX Technologies were off to a rather weak start on its stock market debut on October 7 after listing at Rs 486, a premium of just 6.1 percent over the issue price of Rs 458 per share on the NSE SME platform.
The listing gains are broadly in line with grey market estimates where shares were trading at a premium of 5 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
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The HVAX public offer is a book built issue of Rs 33.52 crore, a fresh issue of 7.32 lakh shares. The offer was subscribed to 34 times with non-institutional investors subscribing 78 times the portion reserved for them. Retail investors and qualified institutional buyers purchasing 27 and 14 times the allotted quota.
Founded in 2010, HVAX Technologies Limited specializes in providing turnkey engineering, procurement, and execution services for controlled environments and cleanroom infrastructure. The company also offers design, engineering, and consulting services, catering primarily to the pharmaceutical and healthcare sectors.
HVAX supplies a range of products manufactured by third parties, including cleanroom wall and ceiling panels, doors, flooring systems, air handling units, and building management systems (BMS) equipment.
The proceeds from the issue are intended to support the company’s working capital needs and for general corporate purposes.
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