Avax Apparels Debuts On Stock Market With 90 Pc Premium On BSE SME

(MENAFN- KNN India) New Delhi, Jan 14 (KNN) Avax Apparels and Ornaments Ltd, a Delhi-based wholesaler of knitted fabric and silver ornaments, made a remarkable stock market debut on January 14.

The shares were listed at Rs 133 on the BSE SME platform, representing a 90 percent premium over its initial public offering (IPO) price of Rs 70. The successful listing has propelled the company's market valuation to Rs 14.51 crore.

The company's maiden public offering witnessed unprecedented investor enthusiasm during its subscription period from January 7-9.

The IPO attracted bids worth Rs 474.06 crore against an offering size of merely Rs 1.92 crore, marking one of the most significant oversubscription rates in recent SME listings.

The issue garnered substantial interest from investors, with 26,032 applications submitting bids for 6.77 crore equity shares compared to the available offer size of 2.74 lakh shares, resulting in a remarkable subscription ratio of 247.2 times.

The robust response to Avax Apparels' public offering underscores growing investor confidence in the SME sector.

The company has outlined plans to utilise the IPO proceeds primarily for working capital requirements and general corporate purposes, excluding offer expenses.

As an online retailer specialising in silver ornaments and a wholesaler of knitted cloth, Avax Apparels' successful market debut reflects the strong growth potential investors see in India's textile and ornaments sector.

(KNN Bureau)

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