Avax Apparels and Ornaments IPO Opens Today — Check Price, Issue Size And Other Details

The initial public offering (IPO) of Avax Apparels and Ornaments Limited is opened for bidding on September 20. The IPO is a fixed price issue of Rs 1.92 crore consisting entirely fresh issue of 2.74 lakh shares.

Here's all you need to know about the SME IPO of vax Apparels and Ornaments Limited.

The Avax Apparels and Ornaments IPO will be open for subscription till September 24. Avax Apparels and Ornaments IPO is a fixed price issue, offering shares at Rs 70 apiece. Retail investors can bid in the IPO with a minimum lot size of 2,000 shares, requiring an investment of Rs 1,40,000. 

Skyline Financial Services Private Limited is the registrar for the Avax Apparels and Ornaments IPO. The company has appointed SKI Capital Services Limited as the book-running lead manager and the market maker for its IPO.

The allotment of shares is likely to be finalised on September 25. The company will initiate refunds for the non-allottees and credit shares into the demat account of successful bidders on September 26. Shares of Avax Apparels and Ornaments Ltd. are tentatively scheduled to be listed on the BSE SME, on  September 27.

Founded in June 2005, Avax Apparels and Ornaments Limited operates in two key areas – wholesale trading of fabric and online retail of silver ornaments. The company deals in knitted fabric– acquiring directly from manufacturers and supplying it in bulk to businesses and garment manufacturers in Punjab. 

Avax Apparels and Ornaments Ltd. plans to use the proceeds from the IPO to meet its working capital requirement and general corporate purposes.  

Financial Performance

Avax Apparels and Ornaments Ltd. recorded consolidated revenue from operations of Rs 22.05 crore in FY24 against Rs 14.70 crore in the previous fiscal. The company reported a net profit of Rs 1.38 crore in FY24, a 98% year-on-year spike from Rs 69.44 lakh in FY23.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.