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Business News/ Markets / Avalon Technologies IPO: From key dates to price band, all you need to know
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Avalon Technologies IPO: From key dates to price band, all you need to know

The initial public offer (IPO) will open for subscription on Monday, April 3, and close on Thursday, April 6.

Avalon Technologies Ltd IPO: The company has fixed the price band at Rs 415 to 436 per equity share for the proposed initial public offer.Premium
Avalon Technologies Ltd IPO: The company has fixed the price band at Rs 415 to 436 per equity share for the proposed initial public offer.

Avalon Technologies Ltd's initial public offer (IPO) will open for subscription on Monday, April 3, and close on Thursday, April 6. The company has fixed the price band at Rs 415 to 436 per equity share for the proposed initial public offer.

The company's Rs 865 crore IPO is made up of Rs 320 crore from a fresh share issuance and Rs 545 crore from shares offer for sale (OFS) by promoters and existing shareholders.

Kunhamed Bicha, Bhaskar Srinivasan, T P Imbichammad, Mariyam Bicha, Anand Kumar, Sareday Seshu Kumar, and Luquman Veedu Ediyanam are the shareholders offloading their stake.

The company had previously planned to raise Rs 1,025 crore through an IPO.

Avalon concluded a pre-IPO placement totaling Rs 160 crore, made up of Rs 80 crore in primary or fresh issuance and Rs 80 crore in secondary share sales, reducing the size of the IPO.

UNIFI Financial Private Ltd, Ashoka India Equity Investment Trust Plc, and India Acorn Fund Ltd each contributed Rs 60 crore to the company's pre-IPO allocation, while India Acorn Fund Ltd contributed Rs 40 crore.

As a result, the net public offering now totals Rs 865 crore. The proceeds from the new issue would go towards paying off debt, providing working capital, and other general corporate objectives.

The offer is being made through the book-building process, in which not less than 15% of the offer must be made available to non-institutional investors and not less than 10% of the offer must be made available to retail individual investors. Not more than 75% of the offer may be allocated to qualified institutional buyers.

Avalon, an end-to-end supplier of electronic manufacturing services and solutions, was founded in 1999. Among its most important customers are Kyosan India, Zonar Systems Inc, Collins Aerospace, e-Infochips, The US Malabar Company, Meggitt (Securaplane Technologies Inc), and Systech Corporation. There are 12 production facilities spread out over the US and India.

Its revenue from operations stood at Rs 840 crore as of fiscal 2022, and as of June 30, 2022, its order book was worth Rs 1,039 crore.

JM Financial Ltd, DAM Capital Advisors Ltd, IIFL Securities Ltd, Nomura Financial Advisory and Securities (India) Private Ltd are the lead manager of the issue, and Link Intime India Private Ltd is the registrar.

 

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Published: 28 Mar 2023, 09:54 AM IST
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