Avax Apparels and Ornaments Shares List at a 90% Premium at ₹133 on BSE SME

Avax Apparels and Ornaments Ltd shares debuted on the BSE SME platform at ₹133, a 90% premium to the issue price of ₹70. The company’s market valuation after listing is ₹14.51 crore.

On the listing day of January 14, 2025, Avax Apparels and Ornaments Ltd’s shares experienced significant price movement. The stock touched its upper circuit limit of ₹133.00 shortly after listing. As the trading session progressed, the price continued to climb, reaching a new upper circuit of ₹139.65 at 11:30 AM on BSE SME.

IPO and Subscription Details

The SME IPO, priced at ₹70 per share and totalling ₹1.92 crore, was open for subscription from January 7 to January 9. It offered 2.74 lakh shares through a fresh issue.

The offering received an impressive response, with a total subscription of 260 times. Specifically, the non-institutional investor (NII) category was oversubscribed by 140 times, while the retail segment saw a significant oversubscription of 372 times, according to exchange data.

The company intends to use the net proceeds to support its working capital needs and general corporate purposes.

Issue Management and Retail Investment Details

SKI Capital Services Limited served as the book-running lead manager and market maker for the Avax Apparels and Ornaments IPO, while Skyline Financial Services Private Ltd acted as the registrar for the offering.

Retail investors were required to subscribe for a minimum value of ₹1,40,000, which equates to 2,000 shares per lot.

About Avax Apparels

Avax Apparels and Ornaments Ltd is involved in two main business sectors: wholesale trading of knitted fabric and online retail of silver jewellery. The company sources knitted fabric directly from manufacturers and supplies it to companies and garment producers in Punjab, specialising in fabrics used for creating men’s and women’s jackets.

In addition to this, Avax Apparels also operates in the online silver jewellery market. The company capitalises on the growing demand for affordable silver jewellery in India, with a unique ability to replicate gold jewellery designs in silver.

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