HVAX Technologies specializes in turnkey projects related to the engineering, procurement, and execution of controlled environment infrastructure and cleanrooms. The company also provides design, engineering, and consultancy services for pharmaceutical and healthcare firms, reflecting its commitment to enhancing operational efficiency in these critical sectors.

The upcoming HVAX Technologies IPO is a Book Built Issue amounting to ₹33.52 Crores, consisting entirely of a Fresh Issue of 7.32 Lakh Shares. The subscription period opens on September 27, 2024, and closes on October 01, 2024. Investors can expect the allotment to be finalized on or around October 03, 2024, with a tentative listing on the NSE SME set for October 07, 2024.

The share price band for the HVAX Technologies IPO is set between ₹435 and ₹458 per equity share. Retail investors need to invest a minimum of ₹1,37,400 for one lot of 300 shares. For High-Net-Worth Individuals (HNIs), the minimum investment is ₹2,74,800 for 2 lots (600 shares).

Fedex Securities Private Limited serves as the book-running lead manager for the IPO, while KFIN Technologies Limited acts as the registrar. Aftertrade Broking Private Limited is the sole market maker for this issue.

Live Subscription Status

As of 11:40 AM on October 01, 2024, the HVAX Technologies IPO shows a subscription rate of 3.68 times on its third day of the subscription period. Investors can check the real-time subscription status on the NSE website.

Anchor Investors Report

HVAX Technologies successfully raised ₹9.48 Crore from Anchor Investors at a price of ₹458 per share. A total of 2,07,000 equity shares were allocated to these investors. This allocation is made from the Qualified Institutional Buyers (QIBs) reservation portion, highlighting confidence from institutional investors.

Allotment Date and Procedure

The allotment date for the HVAX Technologies IPO is scheduled for October 03, 2024. Investors can check their allotment status through the following steps:

Visit the IPO allotment status page.

Select HVAX Technologies Limited IPO from the dropdown menu.

Enter your application number, PAN, or DP Client ID.

Submit the details to view your allotment status.

Objectives of the IPO

Proceeds from the Fresh Issue will be allocated towards:

₹2,170.00 Lakhs for funding working capital requirements.

General corporate purposes.

Financial Performance Overview

HVAX Technologies has demonstrated steady financial growth in recent years. The revenue figures for Fiscal 2024, 2023, and 2022 were ₹10,746.99 Lakhs, ₹9,613.86 Lakhs, and ₹6,879.13 Lakhs, respectively. The EBITDA for the same fiscal years were ₹1,382.72 Lakhs, ₹855.65 Lakhs, and ₹688.86 Lakhs, while the Profit After Tax stood at ₹939.07 Lakhs, ₹520.37 Lakhs, and ₹418.15 Lakhs, indicating robust profitability growth.

The company is issuing shares with 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, compared to the industry average of 48.97x. The company's Return on Capital Employed (ROCE) for FY24 is 25.17%, and the Return on Equity (ROE) is 39.29%, suggesting that the IPO is fairly priced.

Investment Recommendation

The Grey Market Premium (GMP) for HVAX Technologies is currently showing potential listing gains of 0%. Given the company's financial performance and valuation metrics, we recommend that investors avoid the HVAX Technologies Limited IPO for both listing gains and long-term investment purposes.

In summary, investors should carefully assess their investment strategies and consider market conditions before deciding to participate in the HVAX Technologies IPO.

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