The maiden public issue of Avax Apparels and Ornaments, the wholesaler of knitted cloth, has 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 is even much bigger than the company asking for the valuation of Rs 7.27 crore at the issue price of Rs 70 per share.
The fixed price issue closed on January 9.
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.
Retail investors bid 372.35 times their allocated quota, while the part set aside for institutional and non-institutional investors was subscribed 148.6 times.
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The company will finalise IPO share allotment by January 10, while the trading in Avax Apparels shares will commence on the BSE SME effective January 14.
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.
SKI Capital Services is acting as the merchant banker to the issue.
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