Avalon Technologies, Udayshivakumar Infra gets SEBI approval to float IPO

24 Jan 2023 , 09:22 AM

Avalon Technologies, an electronic manufacturing firm and Udayshivakumar Infra, a construction firm gets approval from SEBI to float initial public offer (IPO) to raise funds. The companies have filed DRHP in August and September 2022 has received observation letters from SEBI on January 16. 

Avalon Technologies IPO

As per the draft paper of Avalon Technologies, the IPO consists of fresh issue of equity shares of worth Rs 400 crore and an offer for sale of Rs 625 crore by promoters and existing shareholders. It may consider pre-IPO placement and if such placement takes place, the fresh issue size will be reduced. 

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

Avalon Technologies was incorporated in 1999, is an end-to-end electronic manufacturing service solutions provider and some of the key clients of company includes Kyosan India, Zonar Systems Inc, Collins Aerospace, e-Infochips, The US Malabar Company, Meggitt (Securaplane Technologies Inc) and Systech Corporation.

Udayshivakumar Infra IPO

As per the DRHP of Udayshivakumar Infra, the company is raising Rs 60 crore from the fresh issue with no component of an offer for sale. 

It will use the proceeds from fresh issue to fund incremental working capital requirements and general corporate purposes.

Udayshivakumar Infra is engaged in the business of construction of roads including National Highways, State Highways, District Roads, Smart Roads under PM’s Smart City Mission projects, Smart Roads under Municipal Corporations, Bruhat Bengaluru Mahanagara Palike (BBMP) and Local Area Roads in various Taluka Places etc., in the State of Karnataka.

Both the companies will be going to list on BSE and NSE.

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