Last Updated: March 25, 2023, 14:54 IST
Avalon Technologies has lower the dimensions of its IPO to Rs 865 crore from Rs 1,025 crore deliberate earlier.
Avalon Technologies plans to mobilise Rs 320 crore from contemporary issuance of fairness shares and Rs 545 crore by a suggestion on the market of shares by promoters and present shareholders
The Rs 865-crore preliminary share sale of digital manufacturing companies agency Avalon Technologies will open for public subscription on April 3. The three-day preliminary public providing (IPO) will shut on April 6, and the bidding for anchor buyers will open on March 31, in accordance to the purple herring prospectus (RHP).
The firm has lower the dimensions of its IPO to Rs 865 crore from Rs 1,025 crore deliberate earlier. Now, it plans to mobilise Rs 320 crore from contemporary issuance of fairness shares and Rs 545 crore by a suggestion on the market (OFS) of shares by promoters and present shareholders.
Proceeds from the contemporary subject can be used in direction of debt fee, funding working capital necessities and basic company functions.
In January, the corporate acquired capital markets regulator Sebi’s go-ahead to float the IPO.
Founded in 1999, Avalon is an end-to-end digital manufacturing service options supplier and counts Kyosan India, Zonar Systems Inc, Collins Aerospace, e-Infochips, The US Malabar Company, Meggitt (Securaplane Technologies Inc) and Systech Corporation as a few of its key shoppers. It has 12 manufacturing models positioned throughout the US and India.
As of fiscal 2022, its income from operations was Rs 840 crore, with an order e-book price 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 service provider bankers for this IPO.
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