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Equity | News | Hot Pursuit
Hot Pursuit
NSE SME Net Avenue Technologies soars on listing
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(13:25, 08 Dec 2023)
The scrip was listed at Rs 42, a premium of 133.33% over the initial public offer (IPO) price. The stock was currently frozen in a lower limit of 5% over its listing price.

The counter hit a high of Rs 42 and a low of Rs 39.90. About 22.08 lakh shares of the company changed hands at the counter.

Net Avenue Technologies' IPO was subscribed 340.38 times. The issue opened for bidding on 30 November 2023 and it closed on 4 December 2023. The price band of the IPO was fixed between Rs 16 to 18 per share.

The IPO comprised fresh issue of 56,96,000 shares. The promoter and promoter shareholding diluted to 33.28% from 45.31% pre-IPO.

The company intends to utilize the net proceeds to meet funding working capital requirements, customer acquisition - marketing & awareness, general corporate purpose and public issue expenses.

Ahead of the IPO, Avenue Technologies on 29 November 2023, raised Rs 2.90 crore from anchor investors. The board allotted 16.16 lakh shares at Rs 18 per share to 2 anchor investor.

Avenue Technologies is engaged in online digital direct-to-consumer business for Indian ethnic wear and accessories. The product range includes Indian ethnic wear and accessories for women, men, teens and kids. It also has presence in International cross-border e-commerce direct-to-consumer for its products. Its core business sells Indian Ethnic wear and accessories, primarily catering to the South Asian Diaspora, a segment it reached through its website and mobile applications. Furthermore, it extend its reach by distributing products through various prominent e-commerce platforms, including but not limited to Myntra, Nykaa, and Ajio, among others. As on 31 August 2023 , the company has 85 employees on payroll.

The company recorded revenue from operations of Rs 7.59 crore and net profit of Rs 0.97 crore for the period as on 30 June 2023.

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