Avalon Technologies IPO Subscribed 9% On Day 2
The IPO was subscribed 0.09 times, or 9%, as of 5:00 p.m. on April 5.
The initial public offering of Avalon Technologies Ltd. garnered the most demand from retail investors on the second day of its subscription.
The IPO was subscribed 3% on the first day of subscription.
The Rs 865 crore IPO of the Chennai-based electronics manufacturing services provider includes fresh stocks worth Rs 320 crore and an offer for sale worth Rs 545 crore.
The shares are being issued at a price range of 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 2
The IPO was subscribed 0.09 times, or 9%, as of 5:00 p.m. on April 5.
Institutional investors: 0 times.
Non-institutional investors: 0.05 times or 5%.
Retail investors: 0.45 times or 45%.
Avalon plans to direct 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.
