Last Updated: March 28, 2023, 14:03 IST
Electronic manufacturing companies agency Avalon Technologies on Tuesday stated it has mounted a worth band of Rs 415-436 a share for its Rs 865-crore preliminary public providing (IPO).
The three-day preliminary share-sale can be open for public subscription throughout April 3-6 and the bidding for anchor buyers will open on March 31, the corporate introduced.
The IPO contains Rs 320 crore from recent issuance of fairness shares and Rs 545 crore by a proposal on the market (OFS) of shares by promoters and present shareholders.
Recently, Avalon accomplished a complete pre-IPO placement of Rs 160 crore consisting of 80 crore of main or recent issuance and 80 crore of secondary share gross sales.
In the pre-IPO placement, the corporate garnered Rs 60 crore every from UNIFI Financial Pvt Ltd and Ashoka India Equity Investment Trust Plc and Rs 40 crore from India Acorn Fund Ltd.
Proceeds from the recent situation can be used in the direction of debt fee, funding working capital necessities and normal company functions. In January, the corporate had acquired capital markets regulator Sebi’s go-ahead to drift the IPO.
About 75 per cent of the difficulty has been reserved for certified institutional buyers, 15 per cent for non-institutional buyers and the remaining 10 per cent for retail buyers.
Investors can bid for at least 34 shares and in a number of thereof.
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 situated throughout the US and India.
JM Financial, DAM Capital Advisors, IIFL Securities and Nomura Financial Advisory and Securities (India) Pvt Ltd are the service provider bankers for this IPO.
Shares of the corporate shall be listed on BSE and NSE on April 18.
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(This story has not been edited by News18 workers and is printed from a syndicated information company feed)
