HVAX Technologies is actively engaged in turnkey projects encompassing engineering, procurement, and execution of controlled environment infrastructure and cleanrooms. They also offer design, engineering, and consultancy services tailored specifically for pharma and healthcare companies.

The 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. The allotment is expected to be finalized on or about Thursday, October 03, 2024, with a tentative listing on the NSE SME set for Monday, October 07, 2024.

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

Fedex Securities Private Limited is the book-running lead manager, and KFIN Technologies Limited serves as the registrar for the issue. Aftertrade Broking Private Limited is the sole Market Maker for HVAX Technologies.

The Grey Market Premium (GMP) for HVAX Technologies Limited is currently anticipated to be around ₹0, based on the company's financial performance. It's important to highlight that no real trading occurs based on the GMP, hence no genuine price discovery can be made prior to the official listing of shares. The GMP reflects demand and supply in an unregulated market and is mentioned for educational purposes only.

As of 04:40 PM on September 27, 2024, the live subscription status indicates that the HVAX Technologies Limited IPO has been subscribed 0.89 times on its first day. Investors can check the live subscription status at the NSE for real-time updates.

In addition, HVAX Technologies has successfully raised ₹9.48 Crores from Anchor Investors at a price of ₹458 per share, allocating 2,07,000 equity shares to them. Please note that equity shares to Anchor Investors are allotted from the Qualified Institutional Buyers (QIBs) reservation portion.

The allotment date for the HVAX Technologies IPO is set for October 03, 2024. Investors can check their allotment status online by navigating to the IPO allotment status page, selecting HVAX Technologies Limited IPO from the dropdown list, and entering their application number, PAN, or DP Client ID.

The proceeds from the fresh issue will be utilized for the following objectives:

₹2,170.00 Lakhs will be allocated for funding the working capital requirements.

General corporate purposes.

HVAX Technologies IPO Review Founded by visionary promoters Nirbhaynarayan Singh and Prayagdatt Mishra, HVAX Technologies combines over 20 years of experience in executing HVAC projects and turnkey solutions. Their passion for establishing a comprehensive turnkey projects company has significantly contributed to the company's growth and solidified its core values.

From a financial standpoint, HVAX Technologies has exhibited robust revenue growth: ₹10,746.99 Lakhs in Fiscal 2024, ₹9,613.86 Lakhs in Fiscal 2023, and ₹6,879.13 Lakhs in Fiscal 2022. The EBITDA for these years has also been positive, reporting ₹1,382.72 Lakhs in Fiscal 2024, ₹855.65 Lakhs in Fiscal 2023, and ₹688.86 Lakhs in Fiscal 2022. The Profit After Tax figures stand at ₹939.07 Lakhs for Fiscal 2024, ₹520.37 Lakhs for Fiscal 2023, and ₹418.15 Lakhs for Fiscal 2022, indicating a consistent upward trajectory.

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, compared to the industry P/E ratio of 48.97x. The company's ROCE for FY24 is 25.17%, and ROE is 39.29%, suggesting that the IPO is fairly priced.

With the GMP indicating potential listing gains of 0%, and considering the financial performance along with the valuation of the IPO, we recommend that investors avoid the HVAX Technologies Limited IPO for quick listing gains or long-term investment.

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