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Knitted fabric made an astonishing Rs 474 crore against the IPO of Rs 1.92 which was up for bidding, that means dwarfing expectation in a staggering manner the valuation asking bid of Avax Apparels was for 7.27 crores at the rated price of 70 per share.
The Avax Apparels IPO was subscribed over 247 times by investors increasing equity shares up to 6.77 which is considerably high as during the offer size it was only 2.74 lacs this is updated data according to BSE.
Bidding once again defies expectations for retail investors with their numbers being 372 while institutional and non-institutional investors set a limit of 148 to surpass.
The bidding and investment has sparked within Avax to finalise on IPO share allocation before 10 January, with trading commencing on 14 January as recorded by BSE Avax intends for such moves out of their corporate purpose to generate working capital.
The issue is a merchant banker SKI Capital Services.
