Avalon Technologies IPO to open on April 3

Avalon Technologies Ltd has set the price band for its initial public offering (IPO) at Rs 415-436 per share, which values the company at Rs 2,500 crore at the top end of the band.

The IPO will open for subscription on April 3 and close on April 6. 

The Rs 865-crore public issue will consist of a fresh issue of Rs 320 crore and an offer-for-sale of up to Rs 545 crore.  The OFS will comprise up to Rs 131 crore by Kunhamed Bicha, up to Rs 172 crore by Bhaskar Srinivasan, up to Rs 10 crore by TP Imbichammad, up to Rs 10 crore by Mariyam Bicha, and up to Rs 75.50 crore each by Anand Kumar and Luquman Veedu Ediyanam each, and Rs 65 crore by Sareday Seshu Kumar.

The anchor investors bidding will open on March 31. The basis of allotment will be on April 12 and credit of share will be on April 17. The stock will list on exchanges on April 18.

The size of the IPO was reduced from Rs 1,000 crore after Avalon completed a total pre-IPO placement of Rs 160 crore, consisting of 80 crore of primary or fresh issuance and 80 crore secondary share sales. In the pre-IPO placement, the company garnered Rs 60 crore each from UNIFI Financial Private Limited and Ashoka India Equity Investment Trust Plc and Rs 40 crore from India Acorn Fund Limited. Consequently, the size of public issue now stands at Rs 865 crore.

The company is a fully integrated electronic manufacturing company that offers end-to-end service solutions. The company has 12 manufacturing units located across the US and India. Some of its key clients include Kyosan India, Zonar Systems Inc, Collins Aerospace, and e-Infochips among others. The company's other capabilities include cable assembly and wire harnesses, sheet metal fabrication, machining, magnetics and injection molded plastics.