The initial public offering (IPO) of Avalon Technologies will open for subscription next week on Monday, April 3. The electronics maker will be selling its shares in the range of Rs 415-436 apiece during the bidding process, which concludes on April 6
Avalon Technologies is looking to raise Rs 865 crore through IPO. The offer includes a sale of 7,339,450 fresh equity shares aggregating to Rs 320 crore. Existing shareholders and promoters will offload 1.25 crore shares worth Rs 545 crore through an offer for sale (OFS)
Promoters Kunhamed Bicha and Bhaskar Srinivasn will offload shares via the OFS route. TP Imbichammad, Mariyam Bitch, Anand Kumar, Sareday Seshu Kumar and Luquman Veedu Ediyanam will also participate in OFS
Avalon Technologies has fixed the lot size at 34 equity shares, which would cost Rs 14,824 to the investors. Retail investors can bid for a maximum of 13 lots or 442 equity shares. The anchor book will open on Friday, March 31, 2023
Avalon Technologies has reserved 75% of the shares for qualified institutional bidders, whereas 15% shares will be allocated to non-institutional investors (NIIs). Retail investors will get the remaining 10% of the shares
Avalon Technologies shares are commanding a grey market premium of Rs 24 on Tuesday, March 28. The shares of the company are expected to list on the leading stock exchanges BSE and NSE on April 18, 2023
Avalon Technologies aims to use the IPO proceeds of the issue for funding working capital, debt repayment and general corporate purposes
Incorporated in 1999, Avalon Technologies is a fully integrated electronic manufacturing services (EMS) company, which has end-to-end capabilities in delivering box-build solutions in India, focusing on high-value precision-engineered products
JM Financial, DAM Capital Advisors, IIFL Securities and Nomura Financial Advisory & Securities (India) are the book-running lead managers to the Avalon Technologies IPO, whereas Link Intime India has been appointed as the registrar to the issue
For the period ended on March 31, 2022, Avalon Technologies reported a total revenue of Rs 851.65 crore with a profit after tax (PAT) of Rs 68.16 crore. It had an order book worth Rs 1,039 crore as of June 30, 2022
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