Last Updated: March 25, 2023, 14:54 IST
Avalon Technologies has cut the size of its IPO to Rs 865 crore from Rs 1,025 crore planned earlier.
Avalon Technologies plans to mobilise Rs 320 crore from fresh issuance of equity shares and Rs 545 crore through an offer for sale of shares by promoters and existing shareholders
The Rs 865-crore initial share sale of electronic manufacturing services firm Avalon Technologies will open for public subscription on April 3. The three-day initial public offering (IPO) will close on April 6, and the bidding for anchor investors will open on March 31, according to the red herring prospectus (RHP).
The company has cut the size of its IPO to Rs 865 crore from Rs 1,025 crore planned earlier. Now, it plans to mobilise Rs 320 crore from fresh issuance of equity shares and Rs 545 crore through an offer for sale (OFS) of shares by promoters and existing shareholders.
Proceeds from the fresh issue would be used towards debt payment, funding working capital requirements and general corporate purposes.
In January, the company received capital markets regulator Sebi’s go-ahead to float the IPO.
Founded in 1999, Avalon is an end-to-end electronic manufacturing service solutions 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 key clients. It has 12 manufacturing units located across the US and India.
As of fiscal 2022, its revenue from operations was Rs 840 crore, with an order book worth Rs 1,039 crore as of June 30, 2022.
JM Financial, DAM Capital Advisors, IIFL Securities and Nomura Financial Advisory and Securities (India) Private Limited are the merchant bankers for this IPO.
Read all the Latest Business News here
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)