Avax Apparels and Ornaments Ltd IPO

Avax Apparels and Ornaments Limited was originally incorporated on June 2, 2005 as a private limited company under the name and style of Ethnic Designers Private Limited under the provisions of Companies Act, 1956 with the Registrar of Companies, NCT of Delhi & Haryana. Further, the Object of the Company was changed vide a fresh Certificate of Incorporation dated October 4, 2021 issued by Registrar of Companies, NCT of Delhi & Haryana. Subsequently, the name of the Company was changed to Avax Soft Technologies Private Limited vide a fresh Certificate of Incorporation dated October 11, 2021 issued by Registrar of Companies, NCT of Delhi & Haryana. Further, the Company was converted into a public limited company and the name of the Company was changed to Avax Soft Technologies Limited vide a fresh Certificate of Incorporation dated November 18, 2022. Object of the Company was changed vide a fresh Certificate of Incorporation dated May 15, 2023 and the name of the Company was changed to Avax Apparels and Ornaments Limited vide a fresh Certificate of Incorporation dated June 15, 2023 issued by Registrar of Companies, NCT of Delhi & Haryana vide CIN U14101DL2005PLC137127.

Wholesale trading in India is a significant industry that employs a large number of workers, mostly in the informal sector. It provides livelihoods for many families across the country and is an important contributor to India's economy. The sector is primarily concentrated in large cities and towns, with significant activity in places like Mumbai, Kolkata, and Delhi. The wholesale trading industry in India traditionally includes textiles, garments, and handicrafts, but it has grown to encompass a wide range of goods in recent years. The industry has faced challenges due to increasing competition from other countries and changes in global trade policies, as well as the impact of e-commerce. However, it continues to be a major source of employment and an important part of India's economy. Online retail of silver ornaments in India has also become increasingly popular in recent years. The growth of ecommerce in India has made it possible for consumers to shop for silver ornaments from the comfort of their own homes. This has been especially beneficial for consumers living in remote areas or smaller towns where access to silver ornament retail outlets may be limited. The online retail of silver ornaments has also provided a new sales channel for small businesses and independent artisans, allowing them to reach a wider audience and grow their businesses. In this way, online retail has expanded the market and provided opportunities for more players in the industry.

The Company operates within two distinct business segments, namely, the wholesale trading of knitted cloth, and the online retail of silver ornaments.