HVAX Technologies IPO Opens Today — Check GMP, Price Band And More

The initial public offering of HVAX Technologies Ltd. is opened for subscription on September 27. The Rs 33.53-crore book-building offer consists of a fresh issue of 7.32 lakh shares. Investors can send in their bids till October 1. 

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.  

HVAX Technologies IPO grey market premium stood at NIL as of 10:01 a.m. on September 27, hinting at a possible flat listing.

However, once the issue opens for bidding, this number may change.

Investors should note that GMP is not an official listing price and can be highly speculative.

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.

The company has completed around 200 projects so far, in India and across 15 countries. It generates a significant portion of its revenues from markets including India, Africa, Asia-Pacific and the Middle East.

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

HVAX Technologies Ltd. reported a revenue of Rs 107.47 crore in fiscal 2024, an 11.79% year-on-year gain from Rs 96.13 crore in the previous fiscal year.

The company’s profit after tax also saw a strong increase of 80.46% to Rs 9.29 crore in fiscal 2024 from Rs 5.2 crore in the previous year.