The Rs 865-crore initial share sale of electronics manufacturing services firm Avalon Technologies will open for public subscription on April 3.
According to the Red Herring Prospectus (RHP), the three-day initial public offering (IPO) will close on April 6 and bidding for anchor investors will open on March 31.
The company has reduced the size of its IPO to Rs 865 crore from the earlier plan of Rs 1,025 crore.
Now, it plans to raise Rs 320 crore from fresh issue of equity shares and Rs 545 crore through offer for sale (OFS) of shares by promoters and existing shareholders.
The proceeds from the fresh issue will be used for debt repayment, funding of working capital requirements and for general corporate purposes.
In January, the company had received capital markets regulator SEBI’s go-ahead to launch an IPO.
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.
By FY22, its revenue from operations is expected to be Rs 840 crore, with an order book of Rs 1,039 crore as of June 30, 2022.
JM Financial, DAM Capital Advisors, IIFL Securities and Nomura Financial Advisory & Securities (India) Pvt Ltd are the merchant bankers to the IPO.
(Only the headline and image in this report may have been reworked by Business Standard staff, the rest of the content is automatically generated from the syndicated feed.)
