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HVAX Technologies Ltd IPO

Status: Closed

Overview

IPO date
27 Sept 2024 to 01 Oct 2024
Face value
₹ 10 per share
Price
₹ 435 to ₹458 per share
Issue Size
732,000 shares
(aggregating up to ₹ 33.53 Cr)
Allotment Date
03 Oct 2024
Listing at
NSE
Issue type
Book Building - SME
Sector
Engineering

Objectives of HVAX Technologies Ltd IPO

Initial public issue of upto 7,32,000* equity shares of face value of Rs. 10/- each of HVAX Technologies Limited ("HVAX" or the "Company" or the "Issuer") for cash at a price of Rs. 458/- per equity share including a share premium of Rs. 448/- per equity share (the "Issue Price") aggregating to Rs. 33.53 crores ("The Issue"), of which 37,200 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 458/- per equity share including a share premium of Rs. 448/- per equity share aggregating to Rs. 1.70 crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. net issue of 6,94,800 equity shares of face value of Rs. 10/- each at a price of Rs. 458/- per equity share including a share premium of Rs. 448/- per equity share aggregating to Rs. 31.82 crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 26.36 % and 25.02 %, respectively, of the post issue paid up equity share capital of the company. The face value of the equity shares is Rs. 10/- each. *Subject to finalization of the basis of allotment

HVAX Technologies Ltd IPO Strategy

  • Continue to enhance our project execution capabilities and increase our turnkey business.
  • Maximizing Opportunities in Existing Markets and Expanding Footprint in Overseas Markets.
  • Selectively Pursue Large Value and Complex Projects.

About HVAX Technologies Ltd

HVAX Technologies Limited was originally incorporated as 'HVAX Technologies Private Limited' as a Private Limited Company vide Certificate of Incorporation dated November 26, 2010 issued by Deputy Registrar of Companies, Maharashtra, Mumbai. Further, Company was converted to Public Limited Company and the name was changed to 'HVAX Technologies Limited' and a fresh Certificate of Incorporation dated January 8, 2024 was issued to the Company by the Registrar of Companies, Mumbai. The Company is founded by visionary promoters Nirbhaynarayan Singh and Prayagdatt Mishra for nearly 20 years in executing HVAC projects and turnkey projects. Established in 2010, HVAX began operations in Mumbai, Maharashtra. Since then, the Company evolved from the origins of acting as a HVAC project contractor and developed expertise in undertaking turnkey projects on engineering, procurement and execution of controlled environment infrastructure and cleanrooms; design, engineering and consultancy services for pharma and healthcare companies; and sale and supply of equipment. As a turnkey solution company, HVAX Technologies are a 'design-to-delivery' controlled environment infrastructure and cleanroom solutions provider to provide end to end solution in designing, engineering, procurement, installation, testing, commissioning, management and operational support for customers in pharmaceutical, healthcare, hospital and biotech sector across India and internationally. Under the design, engineering and consultancy service vertical, the Company offer engineering consultancy, GAP analysis and validation, containment consultancy, technology transfer and project feasibility studies for customers in the pharma space. The Company is proposing the Public Issue of 7.50,000 Equity Shares through Fresh Issue.

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T&C*

Strengths vs Risks of HVAX Technologies Ltd

Know the pros & cons

Strengths

  • arrowExperienced Promoters and Management Team.
  • arrowEnd-to-end execution capabilities.
  • arrowVisible growth through a robust order book.
  • arrowScalable Business Model.

Risks

  • arrowThe Company is dependent on few numbers of customers for sales. The loss of any of this large customer may affect its revenues and profitability.
  • arrowThe Company is dependent on few suppliers for purchase of product. Loss of any of these large suppliers may affect its business operations.
  • arrowSignificant portion of its supply are from the company related parties being HVAX Engineering and Isovax Technologies.
  • arrowThe company has experienced significant working capital requirements in past and may continue to experience in future also. If the company experience insufficient cash flows from its operations or are unable to borrow to meet the company working capital requirements, it may materially and adversely affect its business, cash flows and results of operations.
  • arrowThe company source a large part of its new orders from the company relationships with customers, both present and past. Any failures to maintain its long-standing relationships with the company existing customers or forge similar relationships with new ones would have a material adverse effect on its business operations and profitability.
  • arrowIts current Order Book does not guarantee full realization of future income. Some orders may be subject to modifications, cancellations, delays, holds, or partial payments by customers, which could have adverse effects on its operational results.
  • arrowThe company appoint contract labour for carrying out its operations and the company may be held responsible for payment of wages of such workers, if the independent contractors through whom such workers are hired default on their payment obligations. Such obligations could have an adverse impact on its results of operations, cash flows and financial condition.
  • arrowThe Company has reported certain negative cash flows from its operating activity, investing activity and financing activity, details of which are given below. Sustained negative cash flow could impact its growth and business.
  • arrowIts Promoters, Directors and Key Managerial Personnel may have interests other than reimbursement of expenses incurred and receipt of remuneration or benefits from the Company. Certain of its Promoters and Directors may have interests in entities, which are in businesses similar to its and this may result in conflict of interest with the company.
  • arrowIts historical performance is not indicative of the company future growth or financial results and its may not be able to sustain its historical growth rates or effectively execute the company strategies, which may adversely affect its business and financial results.
  • arrowThe Company has entered into related party transactions in the past and may continue to do so in future. There can be no assurance that such transactions will not have an adverse effect on its results of operations, and financial condition.
  • arrowIts global operations expose the company to numerous and sometimes conflicting legal and regulatory requirements, and violation of these regulations could harm its business.
  • arrowIts warehouse, from where the company operates is not owned by it but taken on leave and license basis. Its inability to renew the leave and license agreements or any adverse impact on the title or ownership rights of its landlords / owners in relation to these premises may impede its operations.
  • arrowIts adherence to strict quality requirements is essential as any failures to comply with these standards could result in the cancellation of existing and future orders. Moreover, unsatisfied clientele can significantly impact its business operations and future prospects.
  • arrowIts business requires it to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failures to obtain and renew them in a timely manner may adversely affect its business operations. The company requires a number of approvals, NOCs, licenses, registrations and permits in the ordinary course of its business. Some of the approvals are required to be obtained by its Issuer Company and any failures or delay in obtaining the same in a timely manner may adversely affect its operations.
  • arrowAs the company continue to grow, its may not be able to effectively manage the company's growth and the increased complexity of its business, which could negatively impact the company brand and financial performance.
  • arrowIf the company is unable to identify consumer demand, project timeline accurately and maintain an optimal level of inventory, its business, results of operations, cash flows and financial condition may be adversely affected.
  • arrowNone of its Directors have prior experience of being a Director of a listed company.
  • arrowThe company faces foreign exchange risks that could adversely affect its results of operations and cash flows.
  • arrowSome of its Group Companies and the company Promoter Group Entities/other ventures of its Promoter are engaged in similar line of business. Any conflict of interest in future may occur between its group company or the company promoter group entities/other ventures of its Promoter and us may adversely affect the company's business, prospects, results of operations and financial condition.
  • arrowIf the company is unable to service its debt obligations in a timely manner or to comply with various financial and other covenants and other terms and conditions of its financing agreements, it may adversely affect the compamy's business, prospects, results of operations and financial condition.
  • arrowThe Company has availed unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may adversely affect its cash flows.
  • arrowIts lenders have charge over the company movable and immovable properties in respect of finance availed by the company.
  • arrowSignificant disruptions of information technology systems or breaches of data security could adversely affect its business.
  • arrowIts inability to collect receivables from customers or default in payment by them could result in reduction of its profits and affect our cash flows.
  • arrowThe company is dependent on its Promoters, its senior management and other key personnel, and the loss of, or its inability to attract or retain, such persons could affect the company's business, results of operations, financial condition and cash flows.
  • arrowIts Promoters and Directors have provided personal guarantees for financing facilities availed by the Company and may in the future provide additional guarantees and any failures or default by the Company to repay such facilities in accordance with the terms and conditions of the financing agreements could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as its Promoters and Directors and thereby, adversely impact its business and operations.
  • arrowThe average cost of acquisition of Equity shares by its Promoters is lower than the Issue price.
  • arrowThe Company has issued Equity Shares during the preceding one year at a price that may be below the Issue Price.
  • arrowThe company could be adversely affected due to misconduct or errors of its employees that are difficult to detect and any such incidents could adversely affect its financial condition, results of operations and reputation.
  • arrowFraud, theft, employee negligence or similar incidents may adversely affect its results of operations and financial condition.
  • arrowThe company is subject to anti-bribery, anti-corruption and sanctions laws and regulations.
  • arrowThere are outstanding legal proceedings involving the Company, Promoters and Directors. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial conditions.
  • arrowCompliance with, and changes in, environmental, health and safety laws and regulations or stringent enforcement of existing environmental, health and safety laws and regulations may result in increased liabilities and increased capital expenditures and may adversely affect its cash flows, business results of operations and financial condition.
  • arrowIts international operations and the company strategy to further grow these operations expose it to complex management, legal, tax, operational and economic risks, and exchange rate fluctuations, which could adversely affect its business, financial condition and results of operations.
  • arrowAny variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
  • arrowIts actual cost incurred in completing a project may vary substantially from the assumptions underlying its bid. The company may be unable to recover all or some of the additional expenses incurred, which could adversely affect its financial condition, results of operation and cash flows.
  • arrowThe company relies on third parties, including sub-contractors, to complete certain projects and any failures arising from non-performance, delayed performance or inadequate quality in the performance of work by such third parties, or a failure by third-party subcontractors to comply with applicable laws, to obtain the necessary approvals, or provide services on agreed terms, could adversely affect its business, financial condition, results of operations and cash flows.
  • arrowIts reliance on equipment suppliers for its business operations exposes the company to a variety of risks which could materially disrupt its operations.
  • arrowThe company's business development efforts involve considerable time and expense, and its revenues may not justify expenses incurred towards business development efforts.
  • arrowIts insurance coverage may be inadequate, which could have an adverse effect on its financial condition and results of operations.
  • arrowThe company has certain contingent liabilities and commitments that may adversely affect its financial condition.
  • arrowIts funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and its management will have broad discretion over the use of the Net Proceeds.
  • arrowIts ability to pay any dividends will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures. Moreover, the company might not sustain historical dividend levels moving forward.
  • arrowThere is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
  • arrowIts Promoters and the Promoter Group will jointly continue to retain majority shareholding in the Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
  • arrowAny future issuance of its Equity Shares may dilute prospective investors' shareholding, and sales of its Equity Shares by the company major shareholders may adversely affect the trading price of its Equity Shares.
  • arrowThe Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue and the market price of its Equity Shares may decline below the Issue Price and you may not be able to sell your Equity Shares at or above the Issue Price.
  • arrowThe company has not commissioned an industry report for the disclosures made in the chapter titled ndustry Overview' and made disclosures on the basis of publicly available data and such data has not been independently verified by it.
  • arrowThere have been delays in submitting regulatory filings with the RoC. The company cannot assure you that no legal proceedings or regulatory actions will be initiated against the Company in the future.
  • arrowThere are certain instances of delays in payment of statutory dues. Any delay in payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on its financial condition and cash flows.
  • arrowIts may not be able to adequately protect the company intellectual property.
  • arrowIn the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
  • arrowA member of its Promoter Group Entities namely HVAX Engineering uses the company registered trademark for its operations. The company does not have any control on its activities and change in operation of this entity could adversely affect its reputation and results of operations.
  • arrowThe company has not identified any alternate source of raising the funds required for the object of the Issue and the deployment of funds is entirely at its discretion and as per the details mentioned in the section titled "Objects of the Issue".
  • arrowIts certain members of the company promoter group have not filed Income Tax Returns("ITR").
  • arrowIts may not be successful in implementing the company's business strategies.
  • arrowThe requirements of being a public listed company may strain its resources and impose additional requirements.

HVAX Technologies Ltd Peer Comparison

Understand the company’s industry standing

HVAX Technologies Ltd
Ahlada Engineers Ltd
Face Value
10
10
Standalone / Consolidated
Standalone
Standalone
Total Income Rs. Cr.
106.0613
259.5169
EPS-Basis
47.36
10.56
EPS-Diluted
47.36
10.56
NAV Per Share
149.6
106.42
P/E-Basic EPS
---
10.64
P/E-Diluted EPS
---
---
RONW(%)
30.69
9.93
Latest NAV Period
---
---
Latest NAV
---
---
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The IPO opens on 27 Sept 2024 & closes on 01 Oct 2024.

HVAX Technologies Limited was originally incorporated as 'HVAX Technologies Private Limited' as a Private Limited Company vide Certificate of Incorporation dated November 26, 2010 issued by Deputy Registrar of Companies, Maharashtra, Mumbai. Further, Company was converted to Public Limited Company and the name was changed to 'HVAX Technologies Limited' and a fresh Certificate of Incorporation dated January 8, 2024 was issued to the Company by the Registrar of Companies, Mumbai. The Company is founded by visionary promoters Nirbhaynarayan Singh and Prayagdatt Mishra for nearly 20 years in executing HVAC projects and turnkey projects. Established in 2010, HVAX began operations in Mumbai, Maharashtra. Since then, the Company evolved from the origins of acting as a HVAC project contractor and developed expertise in undertaking turnkey projects on engineering, procurement and execution of controlled environment infrastructure and cleanrooms; design, engineering and consultancy services for pharma and healthcare companies; and sale and supply of equipment. As a turnkey solution company, HVAX Technologies are a 'design-to-delivery' controlled environment infrastructure and cleanroom solutions provider to provide end to end solution in designing, engineering, procurement, installation, testing, commissioning, management and operational support for customers in pharmaceutical, healthcare, hospital and biotech sector across India and internationally. Under the design, engineering and consultancy service vertical, the Company offer engineering consultancy, GAP analysis and validation, containment consultancy, technology transfer and project feasibility studies for customers in the pharma space. The Company is proposing the Public Issue of 7.50,000 Equity Shares through Fresh Issue.

HVAX Technologies Ltd IPO will close on 01 Oct 2024.

  • Experienced Promoters and Management Team.
  • End-to-end execution capabilities.
  • Visible growth through a robust order book.
  • Scalable Business Model.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Nirbhaynarayan Singh 925173 45.24 925173 33.32
2 Prayagdatt Mishra 925230 45.25 925230 33.32

  • The Company is dependent on few numbers of customers for sales. The loss of any of this large customer may affect its revenues and profitability.
  • The Company is dependent on few suppliers for purchase of product. Loss of any of these large suppliers may affect its business operations.
  • Significant portion of its supply are from the company related parties being HVAX Engineering and Isovax Technologies.
  • The company has experienced significant working capital requirements in past and may continue to experience in future also. If the company experience insufficient cash flows from its operations or are unable to borrow to meet the company working capital requirements, it may materially and adversely affect its business, cash flows and results of operations.
  • The company source a large part of its new orders from the company relationships with customers, both present and past. Any failures to maintain its long-standing relationships with the company existing customers or forge similar relationships with new ones would have a material adverse effect on its business operations and profitability.
  • Its current Order Book does not guarantee full realization of future income. Some orders may be subject to modifications, cancellations, delays, holds, or partial payments by customers, which could have adverse effects on its operational results.
  • The company appoint contract labour for carrying out its operations and the company may be held responsible for payment of wages of such workers, if the independent contractors through whom such workers are hired default on their payment obligations. Such obligations could have an adverse impact on its results of operations, cash flows and financial condition.
  • The Company has reported certain negative cash flows from its operating activity, investing activity and financing activity, details of which are given below. Sustained negative cash flow could impact its growth and business.
  • Its Promoters, Directors and Key Managerial Personnel may have interests other than reimbursement of expenses incurred and receipt of remuneration or benefits from the Company. Certain of its Promoters and Directors may have interests in entities, which are in businesses similar to its and this may result in conflict of interest with the company.
  • Its historical performance is not indicative of the company future growth or financial results and its may not be able to sustain its historical growth rates or effectively execute the company strategies, which may adversely affect its business and financial results.
  • The Company has entered into related party transactions in the past and may continue to do so in future. There can be no assurance that such transactions will not have an adverse effect on its results of operations, and financial condition.
  • Its global operations expose the company to numerous and sometimes conflicting legal and regulatory requirements, and violation of these regulations could harm its business.
  • Its warehouse, from where the company operates is not owned by it but taken on leave and license basis. Its inability to renew the leave and license agreements or any adverse impact on the title or ownership rights of its landlords / owners in relation to these premises may impede its operations.
  • Its adherence to strict quality requirements is essential as any failures to comply with these standards could result in the cancellation of existing and future orders. Moreover, unsatisfied clientele can significantly impact its business operations and future prospects.
  • Its business requires it to obtain and renew certain registrations, licenses and permits from government and regulatory authorities and the failures to obtain and renew them in a timely manner may adversely affect its business operations. The company requires a number of approvals, NOCs, licenses, registrations and permits in the ordinary course of its business. Some of the approvals are required to be obtained by its Issuer Company and any failures or delay in obtaining the same in a timely manner may adversely affect its operations.
  • As the company continue to grow, its may not be able to effectively manage the company's growth and the increased complexity of its business, which could negatively impact the company brand and financial performance.
  • If the company is unable to identify consumer demand, project timeline accurately and maintain an optimal level of inventory, its business, results of operations, cash flows and financial condition may be adversely affected.
  • None of its Directors have prior experience of being a Director of a listed company.
  • The company faces foreign exchange risks that could adversely affect its results of operations and cash flows.
  • Some of its Group Companies and the company Promoter Group Entities/other ventures of its Promoter are engaged in similar line of business. Any conflict of interest in future may occur between its group company or the company promoter group entities/other ventures of its Promoter and us may adversely affect the company's business, prospects, results of operations and financial condition.
  • If the company is unable to service its debt obligations in a timely manner or to comply with various financial and other covenants and other terms and conditions of its financing agreements, it may adversely affect the compamy's business, prospects, results of operations and financial condition.
  • The Company has availed unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may adversely affect its cash flows.
  • Its lenders have charge over the company movable and immovable properties in respect of finance availed by the company.
  • Significant disruptions of information technology systems or breaches of data security could adversely affect its business.
  • Its inability to collect receivables from customers or default in payment by them could result in reduction of its profits and affect our cash flows.
  • The company is dependent on its Promoters, its senior management and other key personnel, and the loss of, or its inability to attract or retain, such persons could affect the company's business, results of operations, financial condition and cash flows.
  • Its Promoters and Directors have provided personal guarantees for financing facilities availed by the Company and may in the future provide additional guarantees and any failures or default by the Company to repay such facilities in accordance with the terms and conditions of the financing agreements could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as its Promoters and Directors and thereby, adversely impact its business and operations.
  • The average cost of acquisition of Equity shares by its Promoters is lower than the Issue price.
  • The Company has issued Equity Shares during the preceding one year at a price that may be below the Issue Price.
  • The company could be adversely affected due to misconduct or errors of its employees that are difficult to detect and any such incidents could adversely affect its financial condition, results of operations and reputation.
  • Fraud, theft, employee negligence or similar incidents may adversely affect its results of operations and financial condition.
  • The company is subject to anti-bribery, anti-corruption and sanctions laws and regulations.
  • There are outstanding legal proceedings involving the Company, Promoters and Directors. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial conditions.
  • Compliance with, and changes in, environmental, health and safety laws and regulations or stringent enforcement of existing environmental, health and safety laws and regulations may result in increased liabilities and increased capital expenditures and may adversely affect its cash flows, business results of operations and financial condition.
  • Its international operations and the company strategy to further grow these operations expose it to complex management, legal, tax, operational and economic risks, and exchange rate fluctuations, which could adversely affect its business, financial condition and results of operations.
  • Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
  • Its actual cost incurred in completing a project may vary substantially from the assumptions underlying its bid. The company may be unable to recover all or some of the additional expenses incurred, which could adversely affect its financial condition, results of operation and cash flows.
  • The company relies on third parties, including sub-contractors, to complete certain projects and any failures arising from non-performance, delayed performance or inadequate quality in the performance of work by such third parties, or a failure by third-party subcontractors to comply with applicable laws, to obtain the necessary approvals, or provide services on agreed terms, could adversely affect its business, financial condition, results of operations and cash flows.
  • Its reliance on equipment suppliers for its business operations exposes the company to a variety of risks which could materially disrupt its operations.
  • The company's business development efforts involve considerable time and expense, and its revenues may not justify expenses incurred towards business development efforts.
  • Its insurance coverage may be inadequate, which could have an adverse effect on its financial condition and results of operations.
  • The company has certain contingent liabilities and commitments that may adversely affect its financial condition.
  • Its funding requirements and the proposed deployment of Net Proceeds have not been appraised by any bank or financial institution or any other independent agency and its management will have broad discretion over the use of the Net Proceeds.
  • Its ability to pay any dividends will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures. Moreover, the company might not sustain historical dividend levels moving forward.
  • There is no monitoring agency appointed by the Company to monitor the utilization of the Issue proceeds.
  • Its Promoters and the Promoter Group will jointly continue to retain majority shareholding in the Company after the Issue, which will allow them to determine the outcome of the matters requiring the approval of shareholders.
  • Any future issuance of its Equity Shares may dilute prospective investors' shareholding, and sales of its Equity Shares by the company major shareholders may adversely affect the trading price of its Equity Shares.
  • The Issue price of its Equity Shares may not be indicative of the market price of the company Equity Shares after the Issue and the market price of its Equity Shares may decline below the Issue Price and you may not be able to sell your Equity Shares at or above the Issue Price.
  • The company has not commissioned an industry report for the disclosures made in the chapter titled ndustry Overview' and made disclosures on the basis of publicly available data and such data has not been independently verified by it.
  • There have been delays in submitting regulatory filings with the RoC. The company cannot assure you that no legal proceedings or regulatory actions will be initiated against the Company in the future.
  • There are certain instances of delays in payment of statutory dues. Any delay in payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on its financial condition and cash flows.
  • Its may not be able to adequately protect the company intellectual property.
  • In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
  • A member of its Promoter Group Entities namely HVAX Engineering uses the company registered trademark for its operations. The company does not have any control on its activities and change in operation of this entity could adversely affect its reputation and results of operations.
  • The company has not identified any alternate source of raising the funds required for the object of the Issue and the deployment of funds is entirely at its discretion and as per the details mentioned in the section titled "Objects of the Issue".
  • Its certain members of the company promoter group have not filed Income Tax Returns("ITR").
  • Its may not be successful in implementing the company's business strategies.
  • The requirements of being a public listed company may strain its resources and impose additional requirements.

The Issue type of HVAX Technologies Ltd is Book Building - SME.

The minimum application for shares of HVAX Technologies Ltd is 300.

The total shares issue of HVAX Technologies Ltd is 732000.

Initial public issue of upto 7,32,000* equity shares of face value of Rs. 10/- each of HVAX Technologies Limited ("HVAX" or the "Company" or the "Issuer") for cash at a price of Rs. 458/- per equity share including a share premium of Rs. 448/- per equity share (the "Issue Price") aggregating to Rs. 33.53 crores ("The Issue"), of which 37,200 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 458/- per equity share including a share premium of Rs. 448/- per equity share aggregating to Rs. 1.70 crores will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e. net issue of 6,94,800 equity shares of face value of Rs. 10/- each at a price of Rs. 458/- per equity share including a share premium of Rs. 448/- per equity share aggregating to Rs. 31.82 crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 26.36 % and 25.02 %, respectively, of the post issue paid up equity share capital of the company. The face value of the equity shares is Rs. 10/- each. *Subject to finalization of the basis of allotment