HVAX Technologies IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details

HVAX Technologies is engaged in the business of turnkey projects on engineering, procurement and execution of controlled environment infrastructure and cleanrooms; design, engineering and consultancy services for pharma and healthcare companies.

HVAX Technologies, an Book Built Issue amounting to ₹33.52 Crores, consisting entirely an Fresh Issue of 7.32 Lakh Shares. The subscription period for the HVAX Technologies IPO opens on September 27, 2024, and closes on October 01, 2024. The allotment is expected to be finalized on or about Thursday, October 03, 2024, and the shares will be listed on the NSE SME with a tentative listing date set on or about Monday, October 07, 2024.

The Share price band of HVAX Technologies IPO is set at ₹435 to ₹458 equity per share, with a minimum lot size of 300 shares. Retail investors are required to invest a minimum of ₹1,37,400, while the minimum investment for High-Net-Worth Individuals (HNIs) is 2 lots (600 shares), amounting to ₹2,74,800.

Fedex Securities Private Limited is the book-running lead manager, KFIN Technologies Limited Limited is the registrar for the Issue. Aftertrade Broking Private Limited is the sole Market Marker for the HVAX Technologies.

HVAX Technologies Limited IPO GMP Today
The Grey Market Premium of HVAX Technologies Limited IPO is expected in the range of ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

HVAX Technologies Limited IPO Live Subscription Status Today: Real-Time Updates
As of 11:40 AM on 01 October 2024, the HVAX Technologies Limited IPO live subscription status shows that the IPO subscribed 3.68 times on its Third day of subscription period. Check the HVAX Technlogies Limited IPO Live Subscription Status Today at NSE.

HVAX Technologies Limited IPO Anchor Investors Report
HVAX Technologies has raised ₹9.48 Crore from Anchor Investors at a price of ₹458 per shares in consultation of the Book Running Lead Managers. The company allocated 2,07,000 equity shares to the Anchor Investors. Check Full list of HVAX Technologies Anchor Investors List

Note:- Equity Shares to Anchor Investors are allotted from Qualified Institutional Buyers (QIBs) reservation portion.
Note:- The Number of shares offered shown IPO subscription section table is calculated at the lower end of the price band and Number of shares calculated in IPO details table section is calculated at upper end of the price band, so there can be difference. This is because we assume shares will be issued by the company at upper band as Anchor Investors also subscribe at upper band and shares will be issued at lower band only if in case of undersubscription of IPO.
Note:- Market Maker portion (if any) are not shown separately in subscription table and included in NIIs reservation portion. 

HVAX Technologies Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online 
HVAX Technologies IPO allotment date is 03 October, 2024, Thursday. HVAX Technolgies IPO Allotment will be out on 3rd October 2024 and will be live on Registrar Website from the allotment date. Check HVAX Technologies Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select HVAX Technologies Limited IPO from the dropdown list of IPOs.
- Enter your application number, PAN, or DP Client ID.
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.

Objectives of HVAX Technologies Limited IPO
HVAX Technologies Issue Proceeds from the Fresh Issue will be utilized towards the following objects : 
1. ₹2,170.00 Lakhs will be used for Funding the working capital requirements; and 
2. General Corporate Purpose

Refer to HVAX Technologies Limited RHP for more details about the Company.

HVAX Technologies IPO Details

IPO Date September 27, 2024 to October 01, 2024
Listing Date October 07, 2024
Face Value ₹10
Price ₹435 to ₹458 per share
Lot Size 300 Equity Shares
Total Issue Size 7,32,000 Equity Shares (aggregating to ₹33.52 Cr)
Fresh Issue 7,32,000 Equity Shares (aggregating to ₹33.52 Cr)
Offer for Sale NIL
Issue Type Book Built Issue
Listing At NSE SME
Share holding pre issue 20,44,875
Share holding post issue 27,76,875

HVAX Technologies IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 300 ₹1,37,400
Retail (Max) 1 300 ₹1,37,400
HNI (Min) 2 600 ₹2,74,800

HVAX Technologies IPO Timeline (Tentative Schedule)

IPO Open Date Friday, September 27, 2024
IPO Close Date Tuesday, October 01, 2024
Basis of Allotment Thursday, October 3, 2024
Initiation of Refunds Friday, October 4, 2024
Credit of Shares to Demat Friday, October 4, 2024
Listing Date Monday, October 7, 2024
Cut-off time for UPI mandate confirmation 5 PM on October 01, 2024

HVAX Technologies IPO Reservation

Investor Category Shares Offered Reservation %
QIB Portion 1,38,000 Not More than 50% of the Issue
Non-Institutional Investor Portion 1,05,300 Not Less than 15% of the Issue
Retail Shares Offered 2,44,500 Not Less than 35% of the Issue
Achor Investor Portion 2,07,000 Allotted from QIB Portion
Market Maker Portion 37,200 -

HVAX Technologies IPO Promoter Holding

Share Holding Pre Issue 100.00%
Share Holding Post Issue 73.64%

HVAX Technologies IPO Subscription Status

Investor Category Shares Offered Shares Bid For No oF Times Subscribed
Qualified Institutional Buyers (QIB) 1,38,000 0 0
Non Institutional Investors(NIIS) 1,42,500 2,98,800 2.10
Retail Individual Investors (RIIs) 2,44,500 16,31,100 6.67
Total 5,25,000 19,29,900 3.68

About HVAX Technologies Limited

HVAX Technologies is engaged in the business of turnkey projects on engineering, procurement and execution of controlled environment infrastructure and cleanrooms; design, engineering and consultancy services for pharma and healthcare companies. As a part of turnkey projects, the company supply following third party manufactured products: 
Cleanroom wall panels, 
Cleanroom celling panels, 
Covings, 
riser panels, 
cleanroom doors, 
flooring systems, 
pass boxes, 
air showers, 
LT/HT electrical panels, 
pre-fabricated galvanized iron (GI) ducts, 
air handling units 
chillers 
Building Management Systems (BMS) Equipment 
Utility generation and distribution Equipment

Since their incorporation in 2010, they have evolved from their origins of acting as a HVAC project contractor and have 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. While their primary customers are pharmaceutical companies, the customers also include chemical companies, hospitals, healthcare companies, and FMCG companies.

INDIA CLEANROOM PANELS MARKET
The India Cleanroom Panels Market is witnessing substantial growth, driven by increasing demand for contamination-free manufacturing environments in industries like pharmaceuticals, biotechnology, electronics, and healthcare. The market encompasses various cleanroom products and services to ensure stringent regulatory compliance and maintain product quality. The region's rising awareness regarding the importance of Cleanroom Panels in ensuring product integrity and safety is a significant growth factor. 

One of the prominent trends in the India Cleanroom Panels Market is the adoption of advanced cleanroom solutions to cater to the expanding manufacturing sectors. With rapid technological advancements and the need to meet international quality standards, industries are investing heavily in modern cleanroom facilities. Moreover, the growing focus on research and development activities in the pharmaceutical and biotechnology sectors is further propelling the demand for Cleanroom Panels. 

The increasing prevalence of infectious diseases and the subsequent surge in pharmaceutical production is another key growth driver for the market. Cleanrooms play a pivotal role in maintaining the hygienic conditions required for manufacturing drugs and medical devices, thus driving their adoption. Additionally, the upsurge in electronics manufacturing, driven by a rising consumer electronics market and the demand for microelectronics, is bolstering the demand for Cleanroom Panels in the India region. 

Despite the promising growth prospects, the India Cleanroom Panels Market faces certain challenges. The high initial setup cost of cleanroom facilities and the stringent regulatory requirements are major hurdles for small and medium-sized enterprises (SMEs). Ensuring continuous compliance with evolving regulations poses an ongoing challenge for companies operating in the market. Moreover, the lack of skilled professionals well-versed in Cleanroom Panels hampers the seamless integration and operation of cleanroom facilities. 

The growing emphasis on research and development activities, coupled with the increasing investment in the healthcare sector, presents lucrative opportunities for Cleanroom Panels providers. As the demand for pharmaceuticals and medical devices continues to rise, companies can capitalize on this trend by offering innovative and cost-effective cleanroom solutions. Furthermore, collaborations with research institutions and government organizations to develop cutting-edge cleanroom technologies can open new avenues for market players. Additionally, catering to the emerging demand for modular cleanrooms that offer flexibility and scalability can prove to be a promising business opportunity.

In conclusion, the India Cleanroom Panels Market is experiencing robust growth, driven by the need for contamination-free manufacturing environments across various industries. The adoption of advanced cleanroom solutions, increasing pharmaceutical and biotechnology activities, and the surge in electronics manufacturing are major growth drivers. However, challenges such as high setup costs and regulatory compliance issues persist. Despite these challenges, businesses can seize opportunities in research and development, healthcare, and modular cleanroom solutions to thrive in this evolving market. The major players operating in the market focus on key market strategies such as mergers, product launches, acquisitions, collaborations, and partnerships. They have been focusing on strengthening their market reach to maintain their goodwill in the ever-competitive market.

HVAX TECHNOLOGIES LIMITED COMPETITIVE STRENGTHS
1. Experienced Promoters and Management Team
2. End-to-end execution capabilities
3. Visible growth through a robust order book
4. Strong and consistent financial performance supported by robust internal control and risk management system

HVAX TECHNOLOGIES LIMITED STRATEGIES
1. Continue to enhance their project execution capabilities and increase their turnkey business
2. Maximizing Opportunities in Existing Markets and Expanding Footprint in Overseas Markets
3. Selectively Pursue Large Value and Complex Projects

HVAX TECHNOLOGIES LIMITED RISK FACTORS & CONCERNS
1. Significant portion of their supply are from their related parties being HVAX Engineering and Isovax Technologies.
2. They are subject to anti-bribery, anti-corruption and sanctions laws and regulations.
3. Their international operations and the strategy to further grow these operations expose them to complex management, legal, tax, operational and economic risks, and exchange rate fluctuations.
4. The reliance on equipment suppliers for their business operations exposes them to a variety of risks which could materially disrupt their operations.

HVAX Technologies Limited Financial Information (Restated Consolidated)

Amount in (₹ in Lakh)

Period Ended Mar 31, 2024 Mar 31, 2023 Mar 31, 2022
Reserve of Surplus 2,991.67 1,659.08 1,138.71
Total Assets 6,366.32 7,825.59 5,386.78
Total Borrowings 2,437.29 1,692.21 1,010.03
Fixed Assets 893.67 701.26 799.19
Cash 467.07 871.41 645.04
Net Borrowing 1,970.22 820.8 364.99
Revenue 10,746.99 9,613.86 6,879.13
EBITDA 1,382.72 855.65 688.86
PAT 939.07 520.37 418.15
EPS 151.61 84.35 22.59

Note 1:- ROE & ROCE calculation in KPI is based on 31st Mar, 2024 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (PAT) on 31st Mar, 2024 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price after Offer, given in Financial Express.

Key Performance Indicator

KPI Values
EPS Pre IPO (Rs.) ₹47.36
EPS Post IPO (Rs.) ₹33.81
P/E Pre IPO 9.67
P/E Post IPO 13.54
ROE 39.29%
ROCE 25.17%
P/BV 1.98
Debt/Equity 0.80
RoNW 30.69%

HVAX Technologies Limited IPO Peer Comparison

Company Name EPS ROCE ROE P/E (x) P/Bv Debt/Equity RoNW (%)
HVAX Technologies Limited ₹33.81 25.17% 39.29% 13.54 1,98 0.80 30.69%
Ahlada Engineers Limited ₹10.7 14.6% 10.4% 10.0 1.01 0.31 10.4%
HVAX Technologies Limited Contact Details

HVAX TECHNOLOGIES LIMITED

601, Lodha Supremus, I-Think Techno Campus, Kanjurmarg (East), Mumbai - 400042, Maharashtra
Contact Person Anandan Sengundamudaliar
Telephone 022 4972 5039
Email Id : compliance@hvax.in
Website : www.havx.in

HVAX Technologies IPO Registrar and Lead Manager(s)

Registrar : KFIN Technologies Limited
Contact Person M Murali Krishna
Telephone 91 40 6716 2222
Email Id : hvax.ipo@kfintech.com
Website : https://www.kfintech.com/

Lead Manager : Fedex Securities Private Limited
Contact Person Saipan Sanghvi
Telephone : +91 8104985249
Email Id : mb@fedsec.in
Website : https://www.fedsec.in/

HVAX Technologies IPO Review

HVAX Technologies is engaged in the business of turnkey projects on engineering, procurement and execution of controlled environment infrastructure and cleanrooms; design, engineering and consultancy services for pharma and healthcare companies.

The Company is founded by visionary promoters Nirbhaynarayan Singh and Prayagdatt Mishra who enjoys a combined experience of over 20 years in executing HVAC projects and turnkey projects. Both the Promoters are subscribers to the memorandum of association and have been associated with the Company since incorporation. Driven by the passion for building an integrated turnkey projects company, backed by their experience, the Promoters has been the pillars of the Company’s growth and has built a strong value system for the Company.

Financially, Revenue in Fiscal 2024, Fiscal 2023 and Fiscal 2022 was ₹10,746.99 Lakhs, ₹9,613.86 Lakhs and ₹6,879.13 Lakhs, respectively. The EBITDA for the Fiscals 2024, 2023 and 2022 were 1,382.72 Lakhs, 855.65 Lakhs and 688.86 Lakhs respectively. The Profit after Tax for the Fiscals 2024, 2023 and 2022 were 939.07 Lakhs, 520.37 Lakhs and 418.15 Lakhs respectively. This indicates steady growth in financial performance.

For the HVAX Technologies IPO, the company is issuing shares at a pre-issue EPS of ₹47.36 and a post-issue EPS of ₹33.81. The pre-issue P/E ratio is 9.67x, while the post-issue P/E ratio is 13.54x against the Industry P/E ratio is 48.97x. The company's ROCE for FY24 is 25.17% and ROE for FY24 is 39.29%. These metrics suggest that the IPO is fairly priced.

The Grey Market Premium (GMP) of HVAX Technologies showing potential listing gains of 0%. Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Hvax Technologies Limited IPO for Listing gain or long term investment purposes.

Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. 

About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms during the training period. He is good at Technical analysis and Fundamental Analysis and uses both Technical and Fundamental analysis along with five other important factors that affect the movement of the Market namely Global Market Analysis, Upcoming Event Analysis, Institutional Money Analysis, Derivative Data Analysis, and Emotions and Sentiment of Traders and Investors in his Framework called - Technical Fundamental GUIDE to find the winning Trades.
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