About Avalon Technologies Limited
Avalon Technologies, an electronic manufacturing services company, will open its initial public offering (IPO) for public subscription on Monday, April 3, 2023. The public issue will last three days, closing on Thursday, April 6, 2023, with anchor investor bidding beginning on March 31, 2023. The IPO consists of a Rs 320 crore fresh equity share issuance and a Rs 545 crore Offer For Sale (OFS) of shares by promoters and current shareholders, totalling Rs 865 crore. This is lower than the initially planned Rs 1,025 crore through the share sale. The fresh issue proceeds will be allocated towards debt repayment, working capital needs, and general corporate purposes. Market analysts report that Avalon Technologies’ shares currently hold a Rs 22 premium (GMP) in the grey market. The company’s shares are anticipated to be listed on the major stock exchanges BSE and NSE on Tuesday, April 18, 2023.