Rs 865 crore Avalon Technologies IPO opens for subscription on April 3

27 Mar 2023 , 10:47 AM

The initial public offer (IPO) of Avalon Technologies Limited of Rs 865 crore will opens for subscription on April 3. The 4 day public offer will close on April 6 and the bidding for anchor investors will open on March 31. 

As per RHP, the company has reduced the issue size from Rs 1025 crore to Rs 865 crore. The reduction in the IPO size is due to the pre-IPO placement carried out by the company, which amounted to Rs 160 crore.

The IPO comprises fresh issue of equity shares worth Rs 320 crore and an offer for sale of Rs 545 crore of promoters and existing shareholders.

The company will use the net proceeds from the issue towards debt payment, funding working capital requirements and general corporate purposes.

Avalon Technologies had filed its preliminary IPO papers in August last year and reserved SEBI’s observation letter in January 2023. 

JM Financial, DAM Capital Advisors, IIFL Capital Services and Nomura Financial Advisory and Securities (India) Private Limited are the merchant bankers for the IPO. Link Intime India Pt Ltd is the registrar for the same.

Shares of the company will be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Avalon Technologies IPO important details:

Open date	April 3, 2023
Close date	April 6, 2023
Lot size	NA
IPO size (Rs crore)	Rs 865 Crore
IPO price range (Rs)	NA
Minimum investment	NA
Basis of allotment date	April 12, 2023
Refunds date	April 13, 2023
Credit to demat account date	April 17, 2023
Listing date	April 18, 2023