Mumbai: The ₹865-crore -initial public offering (IPO) of electronic manufacturing services firm Avalon Technologies will open for bids on April 3. The four-day IPO will close on April 6.
The IPO consists of a fresh issue of ₹320 crore and an offer for sale (OFS) of shares worth ₹545 crore by promoters and existing shareholders. The company will use the proceeds from the fresh issue for debt payment, working capital requirements, and general corporate purposes.
Avalon has raised ₹160 crore through pre-IPO placement consisting of ₹80 crore of primary or fresh issuance and ₹80 crore of secondary share sales (OFS). Some investors in the pre-IPO placement include UNIFI Financial, Ashoka India Equity Investment Trust, and India Acorn Fund.
The company reported revenue from operations of ₹840 crore on March 31, 2022. It has an order book worth ₹1,039 crore as of June 30, 2022.
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