Avax Apparels and Ornaments Limited recently concluded its Initial Public Offering (IPO) on the BSE SME platform. Here are the key details:

IPO Details:

• Issue Period: January 7 to January 9, 2025.
• Issue Size: ₹1.92 crore, comprising a fresh issue of 2.74 lakh equity shares.
• Issue Price: Fixed at ₹70 per equity share.
• Lot Size: 2,000 shares, requiring a minimum investment of ₹140,000.
• Listing Date: Expected on January 14, 2025, on the BSE SME platform.

Subscription Details:

The IPO received a strong response, being oversubscribed 260.39 times. The breakdown is as follows:

• Retail Individual Investors (RIIs): Subscribed 372.29 times.
• Non-Institutional Investors (NIIs): Subscribed 140.46 times.

Allotment and Listing:

• Allotment Finalization: January 10, 2025.
• Initiation of Refunds: January 13, 2025.
• Shares Credited to Demat Accounts: By January 13, 2025.
• Listing Date: January 14, 2025.

Company Overview:

Established in June 2005, Avax Apparels and Ornaments Limited operates in two distinct business segments: wholesale trading of knitted cloth and online retail of silver ornaments. The company sources knitted fabrics directly from manufacturers and supplies them wholesale to companies and garment manufacturers, primarily in Punjab. Additionally, through its online platform, the company offers a diverse range of silver ornaments, including rings, payals, kadas, bangles, chains, and other jewelry items.

Financial Highlights:

• Revenue (FY 2024): ₹20 crore.Net Profit (FY 2024): ₹1 crore.

Utilization of Funds:

Proceeds from the IPO are planned for:

• Working Capital Requirements: To support the company’s operational needs.
• General Corporate Purposes.

For more detailed information, you may refer to the official prospectus and financial reports of Avax Apparels and Ornaments Limited.