HVAX Technologies
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 27 Sep 2024 – 01 Oct 2024
- Listing date
- 07 Oct 2024
- Face value
- ₹10 per share
- Issue price
- ₹458 per share
- Lot size
- 300 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹33.53 Cr
- Market cap at offer price
- ₹127 Cr
- Promoter holding
- 90.50% → 66.65% pre-issue → post-issue
- ISIN
- INE0TO501019
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Fedex Securities Pvt.Ltd.
- Registered office
- 601, Lodha Supremus, I-Think Techno Campus, Kanjurmarg (East), Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 2,07,000 | — | — |
| Market maker | 37,200 | — | — |
Application size
Minimum 300 shares per lot, in multiples, at ₹458
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 300 | ₹1,37,400 |
| S-HNI (min) | 2 | 600 | ₹2,74,800 |
| S-HNI (max) | 7 | 2,100 | ₹9,61,800 |
| B-HNI (min) | 8 | 2,400 | ₹10,99,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 45.92 | 33.82 |
| P/E (×) | 9.97 | 13.54 |
| Price to book (×) | 3.06 | — |
| Market cap | — | ₹127 Cr |
Key performance indicators
- Return on net worth
- 30.69%
- ROCE
- 25.17%
- Debt / equity
- 0.80
- PAT margin
- 8.85%
- NAV per share
- ₹149.63
- Price to book
- 3.06
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About HVAX Technologies
HVAX Technologies Limited was incorporated as 'HVAX Technologies Private Limited' on November 26, 2010 in Mumbai under the Companies Act, 1956, and converted to a public limited company with effect from a fresh certificate dated January 8, 2024 (CIN: U74999MH2010PLC210329). Since incorporation it has evolved from acting as a HVAC project contractor to undertaking turnkey projects on engineering, procurement and execution of controlled environment infrastructure and cleanrooms; providing design, engineering and consultancy services for pharma and healthcare companies; and sale and supply of third-party manufactured equipment (cleanroom wall/ceiling panels, covings, riser panels, cleanroom doors, flooring systems, pass boxes, air showers, LT/HT electrical panels, prefabricated GI ducts, air handling units, chillers, Building Management Systems and utility generation/distribution equipment). As a 'design-to-delivery' provider it covers designing, engineering, procurement, installation, testing, commissioning, management and operational support, engaging customers directly and also as a sub-contractor, while outsourcing civil/mechanical works to third-party contractors. The Company has completed around 200 projects across India and 15 countries (Algeria, Ethiopia, UAE, Ghana, Kenya, Nepal, New Zealand, Nigeria, Saudi Arabia, Sri Lanka, South Africa, Tanzania, Uganda, Zimbabwe etc.), with exports contributing 72.51% (₹7,690.89 lakhs) of Fiscal 2024 revenue from operations, and held a confirmed order book of ₹15,364.47 lakhs as on August 01, 2024. In Fiscal 2024 it reported revenue from operations of ₹10,606.13 lakhs (turnkey projects ₹8,445.73 lakhs / 79.63%; service activities ₹2,050.30 lakhs / 19.33%; other operating revenue ₹110.10 lakhs), EBITDA of ₹1,382.72 lakhs and profit after tax of ₹939.07 lakhs. As on August 31, 2024 it had 125 permanent and 21 temporary employees plus contract labour, and is promoted by founders Nirbhaynarayan Singh and Prayagdatt Mishra who have over 20 years of combined experience in executing HVAC and turnkey projects.
Company Analysis
from RHPHVAX Technologies Limited provides turnkey 'design-to-delivery' controlled environment infrastructure and cleanroom solutions (engineering, procurement, execution and equipment supply) along with design, engineering and consultancy services, serving primarily pharmaceutical, healthcare, hospital, biotech, chemical and FMCG customers across India and internationally.
HVAX Technologies Limited was incorporated as 'HVAX Technologies Private Limited' on November 26, 2010 in Mumbai under the Companies Act, 1956, and converted to a public limited company with effect from a fresh certificate dated January 8, 2024 (CIN: U74999MH2010PLC210329). Since incorporation it has evolved from acting as a HVAC project contractor to undertaking turnkey projects on engineering, procurement and execution of controlled environment infrastructure and cleanrooms; providing design, engineering and consultancy services for pharma and healthcare companies; and sale and supply of third-party manufactured equipment (cleanroom wall/ceiling panels, covings, riser panels, cleanroom doors, flooring systems, pass boxes, air showers, LT/HT electrical panels, prefabricated GI ducts, air handling units, chillers, Building Management Systems and utility generation/distribution equipment). As a 'design-to-delivery' provider it covers designing, engineering, procurement, installation, testing, commissioning, management and operational support, engaging customers directly and also as a sub-contractor, while outsourcing civil/mechanical works to third-party contractors. The Company has completed around 200 projects across India and 15 countries (Algeria, Ethiopia, UAE, Ghana, Kenya, Nepal, New Zealand, Nigeria, Saudi Arabia, Sri Lanka, South Africa, Tanzania, Uganda, Zimbabwe etc.), with exports contributing 72.51% (₹7,690.89 lakhs) of Fiscal 2024 revenue from operations, and held a confirmed order book of ₹15,364.47 lakhs as on August 01, 2024. In Fiscal 2024 it reported revenue from operations of ₹10,606.13 lakhs (turnkey projects ₹8,445.73 lakhs / 79.63%; service activities ₹2,050.30 lakhs / 19.33%; other operating revenue ₹110.10 lakhs), EBITDA of ₹1,382.72 lakhs and profit after tax of ₹939.07 lakhs. As on August 31, 2024 it had 125 permanent and 21 temporary employees plus contract labour, and is promoted by founders Nirbhaynarayan Singh and Prayagdatt Mishra who have over 20 years of combined experience in executing HVAC and turnkey projects.
Objects of the Issue
- Funding our working capital requirements Upto ₹2,170.00 Lakhs (estimated deployment: Upto ₹1,035.00 Lakhs in Fiscal 2025 and Upto ₹1,135.00 Lakhs in Fiscal 2026) p.84
- General Corporate Purposes p.88
Issue Structure
- Total Issue
- Upto 7,32,000 Equity Shares of ₹10/- each aggregating to ₹ [●] Lakhs (the Issue constitutes 26.36% and the Net Issue 25.02% of post-issue paid-up equity share capital)
- Fresh Issue
- Upto 7,32,000 Equity Shares of ₹10/- each aggregating to ₹ [●] Lakhs (the entire issue is a fresh issue; includes Market Maker Reservation Portion of 37,200 Equity Shares and Net Issue of 6,94,800 Equity Shares)
- Offer for Sale
- Nil
- Price Band
- Not disclosed; Floor Price of ₹ [●] and Cap Price of ₹ [●] per Equity Share to be determined through the Book Building Process and advertised at least two working days prior to the Bid/Issue Opening Date
- Lot Size
- To be decided; minimum bid lot disclosed as [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10/- per Equity Share
Business Model
The Company earns revenue primarily by executing turnkey projects on an engineering-procurement-execution basis for controlled environment infrastructure and cleanrooms—including supply and installation of third-party manufactured equipment such as cleanroom wall/ceiling panels, cleanroom doors, flooring systems, pass boxes, air showers, LT/HT electrical panels, prefabricated GI ducts, air handling units, chillers, BMS and utility equipment—supplemented by design, engineering and consultancy service fees for pharma and healthcare clients and other operating income. Customers typically provide advances of 10%–25% of order value; exports contributed 72.51% of revenue from operations in Fiscal 2024.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Nirbhaynarayan Singh | Promoter | 45.24% | 33.32% |
| Prayagdatt Mishra | Promoter | 45.25% | 33.32% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.