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  1. Avax Apparels and Ornaments makes a strong debut listing at 90% premium; check how much return investors made

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Avax Apparels and Ornaments makes a strong debut listing at 90% premium; check how much return investors made

Upstox

3 min read | Updated on January 14, 2025, 10:58 IST

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SUMMARY

The stock rose further by 5% to hit the upper circuit limit of ₹139.65 per share, nearly doubling the IPO investors’ money. At the listing price, the IPO investors would have made gains of ₹1,26,000 against the minimum investment of ₹1,40,000 (₹70 x 2,000) for a single lot.

Avax Apparels And Ornaments.webp

Avax Apparels And Ornaments makes dream debut as shares list at 90% premium on BSE SME

Knitted fabric wholesaler Avax Apparels And Ornaments made a dream debut on the BSE SME platform on Tuesday, January 14. Its shares listed at a premium of 90% over the issue price.

Shares of the company were listed at ₹133 apiece against the issue price of ₹70 per share. The stock rose further by 5% to hit the upper circuit limit of ₹139.65 per share, nearly doubling the IPO investors’ money.

Over 1 lakh shares changed hands on the stock exchange in the first few minutes of trade. The turnover stood at ₹1.48 crore. The company’s market capitalisation reached ₹14.51 crore.

At the listing price of ₹133 per share, the value of a single lot of shares bagged by investors in the IPO share allotment stood at ₹2,66,000 (₹133 x 2,000).

The IPO investors would have made gains of ₹1,26,000 against the minimum investment of ₹1,40,000 (₹70 x 2,000) for at least a single lot of shares.

Avax Apparels and Ornaments raises ₹1.92 crore via IPO

Avax Apparels and Ornaments raised ₹1.92 crore through its fixed price issue, which was open for subscription on the BSE SME platform from January 7 to January 9. The IPO comprised a fresh issue of 2.74 lakh shares. The IPO price was ₹70 per share. The minimum lot size was 2,000 shares.

According to exchange data, applications for over 6.77 crore shares were received against the net issue size of 2,60,001 equity shares. The issue was booked over 260 times.

Retail Individual Investors applied for 4.84 crore equity shares against 1.30 lakh equity shares on offer. The retail investor category was booked 372 times.

The non-retail segment was booked more than 148 times, as bids for 1.93 crore shares were received against 1.3 lakh set aside for the category.

Non-institutional investors have applied for more than 1.82 crore shares, and Qualified Institutional Buyers placed bids for 10,44,000 shares.

Avax Apparels and Ornaments is primarily engaged in wholesale trading of knitted cloth and online retail of silver ornaments.

The company sources high-quality knitted fabrics from manufacturers. These fabrics are used in the manufacturing of jackets. Avax is a key supplier to garment manufacturers.

Avax has taken steps for backward integration and invested in machinery to manufacture knitted cloth. The company looks to reduce reliance on outsourcing and increase profits by improving margins.

The company is also an online retailer of silver ornaments. It offers a range of silver jewellery, including rings, bracelets, plates, and unique Punjabi ethnic designs.

Avax Apparels and Ornaments has proposed using the IPO proceeds to fund the working capital requirements and meet general corporate purposes.

To know more about IPOs listing, schedule and upcoming IPOs, click here.
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Upstox
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