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 will be open to anchor investors. Will open on March 31, 2023.
Avalon Technologies IPO Involved 320 crore from fresh issue of equity shares and 545 crore through offer for sale (OFS) of shares by the promoters and existing shareholders. The company aims to grow 865 crores as compared to It plans to raise Rs 1,025 crore through the initial share sale. The proceeds from the fresh issue will be used for debt repayment, funding of working capital requirements and for general corporate purposes.
According to market observers, shares of Avalon Technologies are commanding a premium (GMP). 22 in the gray market today. The shares of the company are expected to get listed on the leading stock exchanges BSE and NSE on Tuesday, April 18, 2023.
Established in 1999, Avalon is an end-to-end electronic manufacturing service solutions provider and includes Kyosan India, Xonar Systems Inc., Collins Aerospace, E-Infochips, The US Malabar Company, Meigit (SecurePlane Technologies Inc.) and Systec Corporation. Its main customers. It has 12 manufacturing units in 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 & Securities (India) Private Limited are the Merchant Bankers while Link Intime India Private Limited is the Registrar to the public issue.
