Avalon Technologies IPO subscribed 3% on Day 1
The initial public offering of Avalon Technologies Ltd. opened for subscription on Monday.
The Chennai-based electronics manufacturing services provider will issue fresh stocks worth Rs 320 crore and an offer for sale worth Rs 545 crore, with an aim to raise Rs 865 crore through this IPO.
The price range is fixed at Rs 415-Rs 436 per share. At the upper end of price band, the company will be valued at Rs 2,847 crore.
Bidding by anchor investors opened on March 31.
The company plans to use Rs 145 crore of the proceeds from its initial stake sale to prepay or repay all or a portion of certain outstanding borrowings availed by the company and its material subsidiary, Avalon Technology and Services Pvt.
It will also dedicate Rs 90 crore towards working capital requirements, while it plans to direct some amount from the proceeds for general corporate purposes as well.
Subscription Status: Day 1
The IPO was subscribed 0.03 times, or 3%, as of 5:00 p.m. on April 3.
- Institutional investors: 0 times
- Non-institutional investors: 0.01 times or 1%
- Retail investors: 0.16 times or 16%
Avalon manufactures high-value, precision-engineered products. The company says it provides a full stack of products and solutions from printed circuit board design and assembly to end-to-end box build of electronic systems and certain global original equipment manufacturers. It also operates as a holding company for three subsidiaries. Bloomberg
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