HVAX Technologies IPO Subscribed Over 10 Times So Far On Day Three

The initial public offering of HVAX Technologies Ltd. has been subscribed over 10 times so far on Tuesday, its final day of bidding. The IPO was subscribed 2.43 times on Monday and 1.13 times on Friday.

The Rs 33.53-crore book-building offer consists of a fresh issue of 7.32 lakh shares. The price band of the offering has been set in the range of Rs 435 to Rs 458 per share. Retail investors need to bid for at least 300 shares in one lot, taking the minimum investment to Rs 1,37,400 for each application.

Following the conclusion of the subscription, the company will finalise the IPO's share allotment status on October 3.

The shares will be credited to the Demat accounts of successful bidders on October 4, along with initiation of refunds for non-allottees. Shares of HVAX Technologies Ltd. are scheduled to list on the NSE SME platform Emerge, tentatively on October 7. 

Kfin Technologies Ltd. is the registrar, while Aftertrade Broking is the market maker for this NSE SME IPO. The company has appointed Fedex Securities Pvt. as the book-running lead manager for the IPO.

The IPO has been subscribed 11.19 times as of 2:53 p.m. on Tuesday.

• Qualified Institutions: 3.70 times

• Non-institutional investors: 14.82 times.

• Retail investors: 13.85 times.

The grey market premium of HVAX Technologies was Rs 0 as of 12:58 p.m. on Tuesday, implying no gains over the IPO price, according to Chittorgarh's unit Investorgain. The estimated listing price based on the GMP is Rs 458 per share.

GMP is not an official price quote for the stock and is based on speculation

HVAX Technologies Ltd. will use the proceeds from the IPO to meet working capital requirements and for general corporate purposes.

Incorporated in 2010, HVAX Technologies Ltd. specialises in the engineering, procurement, and execution of projects. The company offers design, engineering and consultancy services to primarily pharma and healthcare companies.

HVAX Technologies is also involved in the sale and supply of equipment. It has a wide range of customers primarily in the pharmaceutical, healthcare, hospital and biotech sectors across India and internationally.

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