The IPO, that opens on 3 April 2023, consists of a fresh issue of Rs 320 crore and an offer for sale (OFS) of Rs 545 crore, aggregating up to Rs 865 crore.
New Delhi: Fully integrated Electronic Manufacturing Services (EMS) company, Avalon Technologies, is set to launch its initial public offering (IPO) today, 3 April 2023. The IPO will be open for subscription till 6 April 2023. The company has raised around Rs 389.25 crore from 24 anchor investors ahead of the IPO
AVALON TECHNOLOGIES IPO: KEY THINGS TO KEEP IN MIND
IPO DATES
| Event | Tentative Date |
| Opening Date | 3 April 2023 |
| Closing Date | 6 April 2023 |
| Basis of Allotment | 12 April 2023 |
| Initiation of Refunds | 13 April 2023 |
| Credit of Shares to Demat | 17 April 2023 |
| Listing Date | 18 April 2023 |
Ahead of the IPO, Avalon Technologies allotted 8,927,751 equity shares to 24 anchor investors and raised Rs 389.25, at the upper price band of Rs 436 per equity share (including a premium of Rs 434 per equity share) with a face value of Rs 2 per share.
Goldman Sachs Funds, HDFC Large and Midcap Fund, Franklin India Opportunities Fund, WhiteOak Capital funds, IIFL Select Series II, Mahindra Manulife funds, and Nomura India Stock Mother Fund are some of the major names among the anchor investors.
About 2,981,698 equity shares, which is equivalent to 33.40 per cent of the total allocation of anchor investors, were allocated to 5 domestic mutual funds through a total of 10 schemes.
The IPO, that opens on 3 April 2023, consists of a fresh issue of Rs 320 crore and an offer for sale (OFS) of Rs 545 crore, aggregating up to Rs 865 crore.
IPO price band: Rs 415 – Rs 436 per share.
A total of 75 per cent of the portion will be kept for QIBs, 15 per cent for NIIs, and 10 per cent for RIIs.
JM Financial Limited, DAM Capital Advisors Limited, IIFL Securities Limited, and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the Offer. Link Intime India is the registrar of the issue.
The proceeds from the fresh issue will be used by Avalon Technologies for prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company and one of the material subsidiaries, i.e. Avalon Technology and Services Private Limited (ATSPL); funding the working capital requirements; general corporate purposes.
One of the leading fully integrated electronic manufacturing services companies, Avalon Technologies, has end-to-end operations in delivering box-build solutions in India in terms of revenue, with a focus on high-value precision engineered products.
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Its electronic manufacturing facilities comprise an aggregate of 66 production lines, consisting of 11 Surface Mount Technology (“SMT”) lines, 12 Through Hole Technology (“THT”) lines, and 43 assembly lines.
