Home/ Markets / Ipo/  Avalon Technologies IPO: GMP, key details to know as issue to open next week

The initial public offering (IPO) of electronic manufacturing services firm Avalon Technologies will open for public subscription next week on Monday, April 3, 2023. The three-day public issue will close on Thursday, April 6, 2023 and the bidding for anchor investors will open on March 31, 2023.

Avalon Technologies IPO comprises of 320 crore from the fresh issuance of equity shares and 545 crore through an Offer For Sale (OFS) of shares by promoters and existing shareholders. The company aims to raise 865 crore as compared to 1,025 crore it planned to raise through the initial share sale. Proceeds from the fresh issue would be used towards debt payment, funding working capital requirements and general corporate purposes.

As per market observers, Avalon Technologies shares are commanding a premium (GMP) of 22 in the grey market today. The shares of the company are expected to list on the leading stock exchanges BSE and NSE on Tuesday, April 18, 2023.

Founded in 1999, Avalon is an end-to-end electronic manufacturing service solutions provider and counts Kyosan India, Zonar Systems Inc, Collins Aerospace, e-Infochips, The US Malabar Company, Meggitt (Securaplane Technologies Inc) and Systech Corporation as some of its key clients. It has 12 manufacturing units located across the US and India. Kunhamed Bicha and Bhaskar Srinivasan are the promoters of the company.

JM Financial, DAM Capital Advisors, IIFL Securities and Nomura Financial Advisory and Securities (India) Private Limited are the merchant bankers whereas Link Intime India Private Ltd is the registrar of the public issue.

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Updated: 27 Mar 2023, 10:48 AM IST
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