HVAX Technologies Modest Debut, Lists At 6% Premium On NSE SME

HVAX Technologies had a modest start on its stock market debut on October 7, listing at Rs 486, which is 6.1 per cent higher than the issue price of Rs 458 per share on the National Stock Exchange (NSE) SME platform.

The listing gain was close to what was expected in the grey market, where shares were trading at a 5 per cent premium. The grey market is an unofficial platform where shares are traded before the offer opens for subscription and continue to trade until the listing day.

HVAX's public issue is a book-built offer worth Rs 33.52 crore, consisting of 7.32 lakh fresh shares. The offer was subscribed 34 times, with non-institutional investors subscribing 78 times their portion. Retail investors subscribed 27 times the allotted quota, while qualified institutional buyers subscribed 14 times.

Founded in 2010, HVAX Technologies Limited provides turnkey engineering, procurement, and construction services for controlled environments and cleanroom infrastructure. The company also offers design, engineering, and consulting services, mainly catering to the pharmaceutical and healthcare sectors.

HVAX supplies a range of products made by third parties, including cleanroom wall and ceiling panels, doors, flooring systems, air handling units, and building management systems (BMS) equipment. The funds raised from the issue will be used to support the company's working capital needs and for general corporate purposes.