Avalon Technologies will launch its IPO of Rs 865 crore on April 3

The initial share sale of Rs 865 crore electronic manufacturing services company Avalon Technologies will open for IPO on April 3.

The initial public offering (IPO) will close for three days on April 6, and bidding for anchor investors will open on March 31, according to Red herring (RHP)’s prospectus.

The company reduced the IPO size to Rs 865 crore from previously planned Rs 1025 crore.

Now, it plans to mobilize Rs 320 crore from the new issue of equity shares and Rs 545 crore through offer-sale (OFS) of shares by the promoters and existing shareholders.

The proceeds of the new issue will be used to pay off debt, finance working capital requirements and general corporate purposes.

In January, the company received a SEBI signal from the capital markets regulator to float an IPO.

Established in the year 1999, Avalon is an end to end electronic manufacturing services solution provider and counts Kyosan India, Zonar Systems Inc, Collins Aerospace, e-Infochips, The US Malabar Company, Meggitt (Securaplane Technologies Inc) and Systech Corporation as some of its clients. key. It has 12 manufacturing units located across the United States and India.

As of financial year 2022, its revenue from operations is Rs. 840 crore, with an order book of Rs. 1,039 crore as of 30 June 2022.

JM Financial, DAM Capital Advisors, IIFL Securities and Nomura Financial Advisory and Securities (India) Private Limited are the commercial bankers for this IPO.

First published: March 25, 2023 | 2:40 p.m he

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