Avax Apparels Services IPO subscribed overall 260.42 times on the last day, while A retail quota was subscribed 372.35 times, and NII quota subscribed 140.46 times respectively.
Details About Avax Apparels
Avax Apparels got approval from SEBI for an IPO of ₹1.92 crores via IPO that comprises a fresh issue of ₹1.92 crores to raise funds and maintain financial stability. The face value of each share was Rs 10. Moreover, the company has set up a price band between ₹70 per share. In this IPO total of 2000 shares were available in 1 lot size for the minimum Retail category and for the maximum retail category 2000 shares in 1 lot size, while S-HNI (Min) total of 4000 shares in 2 lot size.
To invest in this IPO, each investor category has specific investment amounts:
- Retail Investors: Minimum investment of ₹1,40,000 and maximum investment of ₹1,40,000.
- Small HNI (S-HNI): Minimum investment of ₹2,80,000.
Subscription duration of Avax Apparels
The opening date of Avax Apparels Services IPO subscription was January 7, 2025, and the closing date was January 9, 2025. The Avax Apparels Services IPO allotment was finalized on January 10, 2025, and the IPO listing is on January 14, 2025.
Funds Deployment of This Company
The company plans to use the money raised from the new shares for the following purposes:
- To fulfill the company’s working capital needs
- To cover general corporate purposes.
About Avax Apparels Services IPO
Founded in 2005, Avax Apparels ventured into two distinct areas: wholesale trading and online retail of silver jewelry. In addition, the company sells large volumes of knitted fabric to other businesses and offers jewelry items such as anklets, bracelets, bangles, bowls, and chains through its website. The company has key advantages in wholesale trading. Its location in a major cloth manufacturing area gives it an edge. Moreover, they have good strategies regarding their business such as expanded business relationships, available resources, improved operating efficiency, and building up a professional organization. Financially, the revenue portion is increased by 50% (2,205 lakhs) in 2024 respectively. Mr. Harinderpal Singh Sodhi is the Managing Director and Mr. Harish Kumar is the main member of the leading company. Notably, this company’s majority of work has been completed by skilled women.
Avax Apparels Services IPO Financial Background
The company reported revenue of ₹22.06 crore in 2024 against ₹14.70 crore in 2023. The company reported a profit of ₹1.38 crores in 2024 against a Profit of ₹0.69 crores in 2023.
