Avalon Technologies' Rs 865-Crore IPO To Kick Off Soon

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), PTI reported.

The company has cut the size of its IPO to Rs 865 crore from Rs 1,025 crore planned earlier, states PTI.

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 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 key clients. It has 12 manufacturing units located across the US and India, states PTI.