Institutional investors took the lead over retail investors to spearhead the demand for the initial public offering of Avalon Technologies Ltd. on the third day of its subscription.
The IPO was subscribed 3% on the first day and 9% on the second day.
The Rs 865 crore IPO of the Chennai-based electronics manufacturer comprises fresh issue of Rs 320 crore and an offer for sale of Rs 545 crore.
The company is issuing the shares at a price ranged Rs 415-436 per share. At the upper end of price band, the company will be valued at Rs 2,847 crore.
Bidding by anchor investors opened on March 31.
Subscription Status: Day 3
The IPO was subscribed 2.21 times, as of 7:00 p.m. on April 6.
Institutional investors: 3.57 times
Non-institutional investors: 0.41 times or 41%.
Retail investors: 0.84 times or 84%.
Avalon plans to use Rs 145 crore of the proceeds from its initial stake sale to prepay or repay all or a portion of certain outstanding borrowings, availed by the company and its material subsidiary, Avalon Technology and Services Pvt.
It will also dedicate Rs 90 crore towards working capital requirements, while it plans to use some amount from the proceeds for general corporate purposes as well.
Avalon manufactures high-value, precision-engineered products. The company says it provides a full stack of products and solutions from printed circuit board design and assembly to end-to-end box build of electronic systems and certain global original equipment manufacturers. It also operates as a holding company for three subsidiaries.
Research Reports On Avalon Technologies
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