Avalon Technologies Limited proposes to open its initial public offering of equity shares of face value of ₹ 2 each aggregating up to ₹ 8,650 million on Monday, April 3, 2023. The initial public offering comprises of a fresh issue of Equity Shares aggregating up to ₹ 3,200 million and an offer for sale of Equity Shares aggregating up to ₹5,450 million by selling shareholders. The Anchor Investor Bidding Date shall be Friday, March 31, 2023. The Offer will open on Monday, April 3, 2023 for subscription and will close on Thursday, April 6, 2023. The Price Band of the Offer has been fixed at ₹415 to ₹436 per Equity Share. Bids can be made for a minimum of 34 Equity Shares and in multiples of 34 Equity Shares thereafter.
- Issue Opens on: Monday, April 3, 2023
- Issue Closes on: Thursday, April 6, 2023
- Issue Type: Book Built Issue IPO
- Price Band: ₹415 to ₹436 per Equity Share
- Face Value: ₹ 2 per equity share
- Bid Offer: Minimum of 34 Equity Shares and in multiples
- Retail (Min): ₹ 14,824
- Issue Size: 19,839,450 shares
- Fresh Issue: 7,339,450 shares
Listing on: BSE & NSE Platform
TIMELINE
- Basis of Allotment: April 12, 2023
- Initiation of Refunds: April 13, 2023
- Credit of Shares: April 17, 2023
- Listing of Shares: April 18, 2023
The Offer for Sale comprises Equity Shares aggregating up to ₹1,310 million of Kunhamed Bicha and up to ₹ 1,720 million of Bhaskar Srinivasan; up to ₹160 million of T P Imbichammad; up to ₹ 100 million of Mariyam Bicha; up to ₹ 755 million of Anand Kumar; up to ₹ 650 million of Sareday Seshu Kumar and up to ₹ 755 million of Luquman Veedu Ediyanam. The Equity Shares are to be listed on BSE and the NSE. For the purposes of the Offer, NSE is the Designated Stock Exchange. JM Financial Limited, DAM Capital Advisors Limited, IIFL Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the Offer.
Purpose
The Company proposes to utilize the net proceeds of the Fresh Issue towards funding of the prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company and one of the Material Subsidiaries, i.e. Avalon Technology and Services Private Limited estimated to be ₹1,450 million; funding the working capital requirements of the Company estimated to be ₹900 million; and balance amount towards General corporate purposes.
The Company
The Company is one of the leading fully integrated Electronic Manufacturing Services companies with end-to-end operations in delivering box build solutions in India in terms of revenue in Fiscal 2022, with a focus on high value precision engineered products. Through a unique global delivery model the company provide a full stack product and solution suite, right from printed circuit board design and assembly to the manufacture of complete electronic systems, to certain global original equipment manufacturers, including OEMs located in the United States, China, Netherlands and Japan. Through its end-to-end operations, the Company believe their customers may achieve tangible benefits such as reduced manufacturing costs, improved supply chain management and reduced inventory obsolescence.
Its capabilities include PCB design and assembly, cable assembly and wire harnesses, sheet metal fabrication and machining, magnetics, injection molded plastics and end-to-end box build of electronic systems. The Company specialize in manufacturing and providing design support for critical integrated assemblies, sub-assemblies, components and enclosures for multiple industry verticals. The end-use industries it cater to include a mix of established and long product lifecycle industries, such as industrial, mobility and medical devices and high growth “sunrise” industries, such as solar, electric vehicles and hydrogen in the clean energy sector and digital infrastructure in the communications sector.
