Avalon Technologies IPO - Integrated EMS Player With Diverse Capabilities: ICICI Direct

ICICI Direct's IPO Report

Avalon Technologies Ltd. is an integrated electronic manufacturing services company with end-to-end operations in delivering box build solutions.

The company’s capabilities include:

1. printed circuit board design and assembly,

2. cable assembly and wire harnesses,

3. sheet metal fabrication and machining,

4. magnetics,

5. injection moulded plastics and

6. end-to-end box build of electronic systems.

Avalon’s products find usage in sectors like clean energy, mobility, industrials, communication, medical and others. Consolidated revenues grew at a compound annual growth rate of ~14% over FY20-22.

Key triggers/highlights:

• India’s EMS industry is likely to grow at a CAGR of 32.3% from Rs 1,469 billion in FY22 to Rs 4,502 billion in FY26. The EMS market in North America is expected to grow at a CAGR of 4.8% from $91 billion in CY21 to $114 billion in CY26.

• Vertically integrated business model to help gain wallet share of customers and enhance market share.

• Manufacturing facilities in the U.S. give a competitive edge.

• Caters to high growth industry verticals such as clean energy.

• Avalon has long standing relations with its customers.

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