Avalon Technologies Files Rs 1,025-Crore IPO Papers With Sebi

Electronic manufacturing services firm Avalon Technologies has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,025 crore through an initial public offering (IPO)..The IPO comprises fresh issue of equity shares worth up to Rs 400 crore and an Offer-for-Sale (OFS) aggregating up to Rs 625 crore by promoters and existing shareholders, according to the draft red herring prospectus (DRHP) filed on Tuesday..The company may consider raising Rs 80 crore through a pre-IPO placement and if such a placement is undertaken the size of the fresh issue will be reduced..Proceeds from the fresh issue would be used towards debt payment, funding the working capital requirements and general corporate purposes..Incorporated in 1999, Avalon is an end-to-end electronic manufacturing service solutions 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 United States and India. As of fiscal 2022, its revenue from operations was at Rs 840 crore with an order book worth 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 merchant bankers for this IPO. PTI SP DRR.(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Avalon Technologies Files Rs 1,025-Crore IPO Papers With Sebi

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