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Avalon Tech’s ₹865-crore IPO to kick off on 3 April: Check allotment, listing date

Avalon Tech,

The electronics manufacturing services provider Avalon Technologies’ initial public offering (IPO) of Rs 865 crore will open for public subscription on April 3 and close on April 6, 2023.

The Red Herring Prospectus (RHP) states that the bid deadline for anchor investors is March 31.

The IPO was reduced by 865 crores by the company. already taking into account expanding it 1,025 crore through starting offer deal.

The initial public offering (IPO) consists of 320 crore from the new issue of equity shares and 545 crore from the promoters’ and existing shareholders’ offer for sale (OFS) of shares.

Kunhamed Bicha is said to be offering shares worth Rs. TP Imbichammed is up for sale for 16 crores; up to Maryam Bed 10 crore, and Lukuman Veedu Adhiyanam and Anand Kumar will each hold up to 100 million tender shares. 75.50 crore, and 65 crore shares will be offered by Seshu Kumar.

The company stated that the allotment would take place on April 12 and that the shares would be credited to the accounts of the successful bidders on April 17. On April 18, the company will debut on the market.

What caused the reduction in the size of the issue? Avalon has sold 80 crore primary or fresh issue shares and 80 crore secondary shares in its total pre-IPO placement of 160 crores.

The company received 60 crores from UNIFI Financial Private Limited, 40 crores from India Acorn Fund Ltd., and 60 crores from Ashoka India Equity Investment Trust Plc for its pre-IPO placement. As a result, the company’s pure public issue now totals 865 crores.

The repayment of debt, funding of working capital requirements, and general corporate purposes will all receive funding from the new issue.

Sebi, the capital markets regulator, had approved Avalon Tech’s January IPO launch. The organization had recorded starting Initial public offering archives with SEBI in August last year.

Avalon had an order book value of Rs. 840 crore and revenue from operations by FY22. 1,039 crore by the end of June 2022.

The IPO’s merchant bankers are JM Financial, DAM Capital Advisors, IIFL Securities, and Nomura Financial Advisory & Securities (India) Pvt Ltd.

The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will both list the company’s shares.

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