Established in June 2005, Avax Apparels and Ornaments Limited operates in two distinct business segments — wholesale trading and online retail of silver ornaments. The allotment for the company's IPO is likely to be finalized today, Friday, January 10, 2025.
Avax Apparels and Ornaments has launched a fixed-price IPO worth ₹1.92 crore, consisting entirely of a fresh issue of 2.74 lakh shares at a price of ₹70 per share. The bidding for the IPO took place from January 7 to January 9, 2025, with the allotment likely to be finalized today, Friday, January 10, 2025. The company's shares are set to be listed on the BSE SME platform, with the tentative listing date scheduled for January 14, 2025. SKI Capital Services Limited is acting as the book-running lead manager and market maker for the IPO, while Skyline Financial Services Private Ltd has been appointed as the registrar for the issue.
The company plans to utilize the net proceeds from the issue to address its working capital requirements and support general corporate purposes, ensuring smooth business operations and future growth.
(January 9, 2025, End of the Day)
On the third day of bidding, the Avax Apparels and Ornaments IPO was subscribed 259.81 times the total shares offered. Non-Institutional Investors (NIIs) subscribed to 140.4 times their allotted share portion. Retail Investors subscribed to 371.2 times the shares reserved for them.
Established in June 2005, Avax Apparels and Ornaments Limited operates across two distinct business segments: wholesale trading and online retail of silver ornaments. The company deals in knitted fabric through its wholesale trading division and offers a wide range of silver jewellery online, including rings, anklets, bracelets, bangles, chains, bowls, and plate sets, catering to customers across major cities in India. Leveraging its strategic location in a key textile manufacturing hub, the company enjoys a competitive edge in the wholesale market.
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