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Avalon Technologies files Rs 1,025 crore IPO papers with SEBI

10 Aug 2022 Evaluate

Avalon Technologies has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 1,025 crore through an initial public offering (IPO). The IPO comprises fresh issue of equity shares worth up to Rs 400 crore and an Offer-for-Sale (OFS) aggregating up to Rs 625 crore by promoters and existing shareholders.

Proceeds from the fresh issue would be used towards debt payment, funding the working capital requirements and general corporate purposes. JM Financial, DAM Capital Advisors, IIFL Securities and Nomura Financial Advisory and Securities (India) are the merchant bankers for this IPO.

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

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