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Avalon Technologies Raises Rs 389 Crore From Anchor Investors

The IPO, with a price band of Rs 415-436 a share, would open for public subscription from April 3, and the proceeds from the fresh issue would be used towards debt payment, funding working capital requirements and general corporate purposes

Avalon Technologies Raises Rs 389 Crore From Anchor Investors

Press Trust Of India

POSTED ON April 01, 2023 11:10 AM

Electronic manufacturing services firm Avalon Technologies on Friday said it has raised a little over Rs 389 crore from anchor investors ahead of its initial share sale opening for public subscription.

The company has decided to allocate a total of 89.27 lakh equity shares to 24 funds at Rs 436 a piece, taking the transaction size to Rs 389.25 crore, according to a circular uploaded on the Bombay Stock Exchange (BSE) website.

The anchor investors who have been allocated equity shares are Nomura, Goldman Sachs, Aditya Birla Sun Life Insurance Company, HDFC Life Insurance Company, Franklin India Mutual Fund, Ashoka India Opportunities Fund, HDFC Mutual Fund and WhiteOak Capital.

The Initial Public Offering (IPO) comprises 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.

The issue, with a price band of Rs 415-436 a share, would open for public subscription from April 3.

Proceeds from the fresh issue would be used towards debt payment, funding working capital requirements and general corporate purposes.

Recently, Avalon completed a total pre-IPO placement of Rs 160 crore consisting of 80 crore of primary or fresh issuance and 80 crore of secondary share sales.

In the pre-IPO placement, the company garnered Rs 60 crore each from UNIFI Financial Private Limited and Ashoka India Equity Investment Trust Plc and Rs 40 crore from India Acorn Fund Limited.

About 75 per cent of the issue is reserved for qualified institutional investors, 15 per cent for non-institutional investors and the remaining 10 per cent for retail investors.

Founded in 1999, Avalon is an end-to-end electronic manufacturing service solutions provider. It has 12 manufacturing units located across the US and India.

JM Financial, DAM Capital Advisors, IIFL Securities and Nomura Financial Advisory and Securities (India) Pvt Ltd are the merchant bankers for the IPO.

Shares of the company are to be listed on the BSE and NSE on April 18.

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