Avalon Technologies mobilizes Rs 389 crore from anchor book ahead IPO

2 Apr 2023 , 10:20 PM

The electronics manufacturing company, Avalon Technologies is all set to launch its initial public offer (IPO) on April 3 and ahead of that it has raised Rs 389.25 crore from anchor investors. The company has allotted 89.27 lakh shares to anchor investors, at an upper end of the price band of Rs 436 per share.

In total, 24 companies participated in the anchor book launched by the company for a day on March 31.

Among the anchor investors, some of the major names were Goldman Sachs Funds, HDFC Large and Midcap Fund, Franklin India Opportunities Fund, WhiteOak Capital funds, IIFL Select Series II, Mahindra Manulife funds, and Nomura India Stock Mother Fund.

In the BSE filing, company said, “The IPO committee and the promoter selling shareholders have finalised allocation of 89.27 lakh shares to anchor investors, at anchor investor allocation price of Rs 436 per share.” It added, “Out of total allocation of 89.27 lakh shares, 29.81 lakh equity shares were allocated to 5 domestic mutual funds through a total 10 schemes.”

The Rs 865 crore IPO of Avalon Technologies will open for subscription on April 3 and will conclude on April 6. The company has fixed IPO price band at Rs 415-436 apiece and investors can apply for 34 shares in a lot and its multiples thereof.

Avalon Technologies IPO important details:

Open date	April 3, 2023
Close date	April 6, 2023
Lot size	34 shares
IPO size (Rs crore)	Rs 865 Crore
IPO price range (Rs)	Rs 415-436 per share
Minimum investment	Rs 14,824
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