The scrip was listed at 133, at a premium of 90% compared with the initial public offer (IPO) price. The stock was currently frozen at its upper limit of 5% over its listing price.
The counter hit a high of Rs 139.65 and a low of Rs 133. About 1.20 lakh shares of the company changed hands at the counter.
AVAX Apparels and Ornaments' IPO was subscribed 247.16 times. The issue opened for bidding on 7 January 2025, and it closed on 9 January 2025. The price of the IPO was set at Rs 70 per share.
The IPO comprised a fresh issue of 2,74,000 shares. The promoter and promoter group shareholding diluted to 41.97% from 57% pre-IPO.
The company intends to utilize the net proceeds for working capital requirements, general corporate purposes, and issue expenses.
Avax Apparels started a business in two different areas, such as wholesale trading and online retail of silver ornaments. Additionally, it sells large quantities of knitted fabric to other companies and jewelry products such as anklets, bracelets, bangles, bowls, and chains through its website. The company has key advantages in wholesale trading. As of 30 September 2024, the company had 7 full-time employees.
The company recorded revenue from operations of Rs 15 crore and net profit of Rs 0.90 crore for the period as on 30 September 2024.