HVAX Technologies Debuts On NSE With 6.11% Premium

New Delhi, Oct 7 (KNN) HVAX Technologies' shares debuted on the National Stock Exchange (NSE) SME at Rs 486, reflecting a 6.11 per cent premium over the initial public offering (IPO) price of Rs 458.

The stock was trading at Rs 480, marking a 4.80 per cent premium compared to the issue price, although it showed a slight decrease of 1.23 per cent from its listing price.

The share price fluctuated, reaching a high of Rs 508 and a low of Rs 461.70, with approximately 2.46 lakh shares traded on the counter.

The IPO of HVAX Technologies was met with significant interest, being oversubscribed 22.82 times.

The issue, which opened for bidding on September 27 and closed on October 1, 2024, was priced between Rs 435 and Rs 458 per share.

Through the offering, the company issued 7,32,000 new shares, leading to a dilution of promoter shareholding from 90.50 per cent to 66.65 per cent. HVAX plans to allocate the IPO proceeds towards working capital requirements and general corporate purposes.

Prior to the IPO, HVAX Technologies raised Rs 9.48 crore from anchor investors on September 26, 2024, with the board allotting 2.07 lakh shares at the upper end of the price band, Rs 458 per share, to three anchor investors.

Based in Mumbai, HVAX Technologies specialises in engineering, procurement, and construction of controlled environments and cleanroom infrastructure, offering tailored design and consulting services, especially for the pharmaceutical and healthcare sectors.

The company provides third-party cleanroom solutions such as wall and ceiling panels, doors, and flooring systems, serving a diverse client base that includes pharmaceutical firms, hospitals, chemical companies, and fast-moving consumer goods (FMCG) businesses. As of August 31, 2024, HVAX employed 125 permanent staff and 21 temporary employees.

For the financial year ending March 31, 2024, HVAX Technologies reported revenue from operations of Rs 106.06 crore and a net profit of Rs 9.39 crore.

(KNN Bureau)