The initial public offer (IPO) of Avalon Technologies Limited will conclude on April 6 and by the end of day 2, the issue was subscribed only 9%. Click here to subscribe the IPO.
On day 3 of bidding at 1 PM, the public issue has been subscribed 52% whereas its retail portion has been subscribed 61%. The QIB and HNI section has been subscribed 69% and 10% respectively.
The IPO comprises a fresh issue of shares up to Rs 324 crore and an offer for sale (OFS) of up to Rs 545 crore by promoters and selling shareholders.
Under the OFS, promoters Kunhamed Bicha and Bhaskar Srinivasan will offload up to Rs 131 crore and Rs 172 crore respectively. Other selling shareholders include T P Imbichammad and Mariyam Bicha, who are part of the promoter group.
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 |
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