Schedule of HVAX Technologies
| Issue open date | 27 Sep 2024 |
| Issue close date | 01 Oct 2024 |
| UPI mandate deadline | 01 Oct 2024 (5 PM) |
| Allotment finalization | 03 Oct 2024 |
| Refund initiation | 04 Oct 2024 |
| Share credit | 04 Oct 2024 |
| Listing date | 07 Oct 2024 |
| Mandate end date | 16 Oct 2024 |
| Lock-in end date for anchor investors (50%) | 02 Nov 2024 |
| Lock-in end date for anchor investors (remaining) | 01 Jan 2025 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About HVAX Technologies
HVAX Technologies Limited, originally incorporated as a private company in 2010, became a public limited company in January 2024. Specializing in turnkey projects, the company focuses on engineering, procurement, and execution of controlled environment infrastructure and cleanrooms, mainly serving the pharmaceutical, healthcare, chemical, and FMCG sectors. It provides design, consultancy, and end-to-end solutions, including the supply of cleanroom equipment and systems. Since its inception, HVAX has completed around 200 projects across India and 15 countries. For FY 2024, the company executed 53 projects and holds an order book of ₹15,364.47 lakhs. The company employs 125 permanent staff and is led by founders Nirbhaynarayan Singh and Prayagdatt Mishra, who have over 20 years of industry experience.
Financials of HVAX Technologies
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹33.53 crores |
| Fresh Issue | ₹33.53 crores |
| Offer for sale | – |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Funding working capital requirements | 21.70 (64.73%) |
| General corporate purposes | 11.83 (35.27%) |
Strengths
- Experienced promoters and management driving growth with industry expertise.
- Effective cost management and timely project completion within budget.
- Robust order book of ₹15,364.47 lakhs, showing growth and quality projects
- Efficient supply chain benefiting from economies of scale.
- Net worth of ₹3,059.83 lakhs (March 31, 2024) supports large project bidding.
Risks
- Reliance on a few large customers could impact revenue if any are lost.
- Dependency on key suppliers risks operational disruption if lost.
- Liability for contract labor wages if contractors default could affect cash flow.
- Warehouse operations could be disrupted if lease agreements are not renewed.
- Unsecured loans repayable on demand may strain cash flow if called in.