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HVAX Technologies IPO : Review, Valuation, Date & GMP

HVAX Technologies IPO-Complete Overview
HVAX Technologies IPO Overview
Company Financial
The Objective of The Issue
Peers of HVAX Technologies Ltd.
Evaluation
IPO's Strengths
IPO’s Weaknesses
HVAX Technologies IPO GMP Today
Promoters And Management of HVAX Technologies Ltd.
IPO Lead Managers
Dividend Policy
Conclusion

HVAX Technologies IPO-Complete Overview

HVAX Technologies IPO an SME IPO is a book built issue of Rs.33.53 crore by HVAX Technologies Limited, which was established in 2010. The company began offering pharmaceutical and healthcare industries turnkey engineering, procurement, and execution of controlled environment and cleanroom infrastructure, as well as design, engineering, and consulting services.

The following third-party products are supplied by the company: - Prefabricated galvanized iron (GI) ducts; Air handling units; Chillers; Building Management Systems (BMS) Equipment; Cleanroom wall panels; Cleanroom ceiling panels; Covings; Riser panels; Cleanroom doors; Flooring systems; Pass boxes; Air showers; LT/HT electrical panels.

Hospitals, healthcare organizations, FMCG firms, chemical companies, and pharmaceutical companies are among the company's clientele. About 200 projects have been completed by HVAX Technologies in India and 15 other countries, including Ghana, Kenya, Nepal, New Zealand, Nigeria, Saudi Arabia, Sri Lanka, South Africa, Tanzania, Uganda, Algeria and Zimbabwe. Furthermore, in FY 2024, FY 2023, and FY 2022, the Company completed 53 projects, 48 projects, and 52 projects, respectively. These projects generated revenue from turnkey projects of Rs.8445.73 lacs, Rs.9,343.63 lacs, and Rs.6,632.27 lacs.

This HVAX Technologies IPO is to be launched on 27 September 2024, and its ‘initial public offering’ will end on 01 October 2024.

HVAX Technologies IPO Overview

The Rs.33.53 crore new SME IPO consists of an entirely fresh issue of 7.32 lac Shares.

This upcoming IPO date is from September 27-October 01, 2024. HVAX Technologies IPO price band is Rs.435 to Rs.458 for each Share.

The expected IPO listing date is on Monday, 07 October 2024, and listing at NSE and SME.

To open a demat account and apply for the IPO, Click Here.

Company Financial

The company’s revenue rose by 12% and PAT grew by 80% during FYs ending 31 March 2024 and 31 March 2023.

(Amount in Lac)

Period	31 Mar 2024	31 Mar 2023	31 Mar 2022
Total Assets	6,366.32	7,825.59	5,386.78
Total Revenue	10,746.99	9,613.86	6,879.13
PAT	939.07	520.37	418.15
Net Worth	3,059.83	1,720.77	1,200.4
Total Reserves & Surplus	2,991.67	1,659.08	1,138.71
Borrowings	2,437.29	1,692.21	1,010.03

Revenue Bifurcation

The revenue bifurcation for various activities is shown below:

(Amount in lac)

Net Cash Flow In Multiple Activities	FY 2023-2024	FY 2022-2023	FY 2021-2022
Net Cash Flow Operating Activities	-1,224.03	-362.46	-84.12
Net Cash Flow Investing Activities	-167.73	-23	169.72
Net Cash Flow Financing Activities	987.42	611.83	248.68

Product-wise Revenue Breakdown

(Amount in lac)

Particulars	FY 2023-2024	FY 2022-2023	FY 2021-2022
Revenue from turnkey projects	8,445.73	9343.63	6632.27
Revenue from service activities	2,050.30	118.29	69.74
Other operating Revenue	110.10	131	123.92
Total	10,606.13	9,592.92	6,825.93

Segment-wise Revenue Breakdown During The Last Three Fiscals

(Amount in lac)

Particulars	31 Mar 2024	31 Mar 2023	31 Mar 2022
Pharmaceuticals	10403.79	9,459.04	6,628.03
Chemical	92.24	1.51	-
Hospital	-	-	59.94
Healthcare	-	-	3.59
Pharmaceutical Equipment	-	1.36	5.85
FMCG	-	-	4.60
Total	10496.03	9,461.92	6,702.01

State-wise Revenue Breakdown During The Last Three Fiscals

(Amount in lac)

Particulars	31 Mar 2024	31 Mar 2023	31 Mar 2022
Andhra Pradesh	171.63	0.11	49.59
Goa	0.59	-	-3.78
Gujarat	250.92	131.34	43.66
Madhya Pradesh	245.46	364.99	-
Maharashtra	2,242.86	1,668.56	150.60
Dadra and Nagar Haveli and Daman and Diu	-	0.17	88.71
Haryana	-	0.38	-
Kerala	-	-	1.20
Rajasthan	3.78	18.78	187.49
Total (Domestic)	2,915.24	2,184.33	517.46

Country-wise Revenue Breakdown During The Last Three Fiscals

Particulars	31 Mar 2024	31 Mar 2023	31 Mar 2022
Algeria	1,118.37	-	-
Ethiopia	28.37	-	-
UAE	493.20	-	-
Ghana	2,191.92	3,260.95	2,525.61
Iraq	902.60	501.91	-
Kenya	228.26	1,252.37	271.57
Nepal	514.12	345.64	512.77
New Zealand	-	1.87	5.64
Nigeria	984.44	591.44	303.34
Saudi Arabia	52.89	14.49	-
Sri Lanka	131	930.99	937.20
South Africa	-	0.54	-
Tanzania	-	22.41	1,258.65
Uganda	1,045.72	429.92	415.69
Zimbabwe	-	56.06	77.99
Total (Export)	7,690.89	7,408.59	6,308.47

The Objective of The Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

Funding the company's needs for working capital.
General corporate purposes.

Peers of HVAX Technologies Ltd.

Company Name	Face Value (Rs.)	EPS (Rs.)	P/E (x)
Ahlada Engineers Limited	10	10.56	10.64

Note:-

The basic EPS of the peers is for the financial year ending 31 March 2024.

The P/E of the listed peers has been computed based on the CMP of equity shares on NSE as of 18 September 2024.

Evaluation

The IPO price is Rs.435 to Rs.458 for each Share.

Evaluation of P/E Ratio

Considering the FY ended 31 Mar 2024 with an EPS of Rs.47.36 from the last year, the resulting P/E ratio is 9.67x.

Considering the weighted EPS of Rs.32.15 for the last three years, the P/E ratio is 14.24x.

Comparative Analysis With Listed Peers

The average P/E Ratio of the industry is NA.

IPO's Strengths

Skilled Promoters and Management Group
Comprehensive execution skills
Prominent expansion via a strong order book
Expandable Business Plan

IPO’s Weaknesses

Reliance on outside producers to supply products.
Concentration risk in the healthcare and pharmaceutical industries.
Fierce rivalry in the infrastructure and engineering fields.
Economic downturns have an impact on customer spending.
Target industry changes in regulations.

HVAX Technologies IPO GMP Today

HVAX Technologies IPO GMP is Rs.0 as of 26 September 2024. With a price of Rs.458 per Share, the estimated IPO listing price is Rs.458 at the time of writing this information.

IPO Timetable (Tentative)

The IPO date is from September 27 to October 01, 2024, with allotment on October 03, refund initiation on October 04, and listing on October 07, 2024.

Events	Date
IPO Opening Date	September 27, 2024
IPO Closing Date	October 01, 2024
IPO Allotment Date	October 03, 2024
Refund Initiation	October 04, 2024
IPO Listing Date	October 07, 2024

HVAX Technologies IPO Details

The IPO with a Face Value of Rs.10 per share offers a total issue size of 7,32,000 Shares (Rs.33.53 Cr).

IPO Opening & Closing date	September 27, 2024 to October 01, 2024
Face Value	Rs.10 per Share
Issue Price	Rs.458 per Share.
Lot Size	300 Shares
Issue Size	7,32,000 Shares (Rs.33.53 Cr)
Offer for Sale	NA.
Fresh Issue	7,32,000 Shares (Rs.33.53 Cr)
Listing at	NSE, SME
Issue Type	Book Built Issue IPO
Registrar	Kfin Technologies Limited

HVAX Technologies IPO Lot Details

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (300 Shares) amounting to Rs.1,37,400 and in multiples thereof, while for HNI investors, the minimum Lot is 2 (600 Shares) amounting to Rs.2,74,800.

Minimum Lot Investment (Retail)	1 Lot
Maximum Lot Investment (Retail)	1 Lot
HNI (Min)	2 Lots

HVAX Technologies IPO Reservation (% of Net Issue)

Institutional’s Portion	50%
Retail’s Portion	35%
Non-Institutional’s Portion	15%

Promoters And Management of HVAX Technologies Ltd.

Nirbhaynarayan Singh
Prayagdatt Mishra

Pre-Issue Promoter Shareholding	90.50%
Post-Issue Promoter Shareholding	66.65%

IPO Lead Managers

Fedex Securities Pvt Ltd.

Dividend Policy

The company has not paid any dividends during the last three FYs.

Conclusion

The company had negative cash flows in the previous fiscal years. To fulfill its goals company is set to launch its IPO for the public. HVAX Technologies IPO is showing a 0% gain or loss in its listing price in the grey market as of the date of writing this content. Hope this blog helped you with the information you were seeking.

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.

You must consult your financial advisor before making any financial decisions.

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

Disclaimer:

The content is purely for educational and information purposes only. We do NOT encourage/advise/suggest our active readers to be involved in any kind of buying or selling securities activities. Always consult your eligible financial advisor for investment-related decisions. The author does NOT through this blog intend to involve readers in trading.

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