Shares of Avalon Technologies will be listed at the bourses today. The company has fixed the IPO price at ₹436. The issue was subscribed 2.34 times, thanks to the qualified institutional buyers, as the portion set aside for them received bids for 3.77 times.
The other category of investors gave muted response to the IPO of Chennai-based company. The public issue was subscribed 0.88 times in the retail category and 0.43 times in the Non-Institutional Investors NII category.
Proceeds from the fresh issue would be used towards debt payment, funding working capital requirements and general corporate purposes.
As part of IPO process, Avalon Technologies rasied ₹389.25 crore from 24 anchor investors at the upper price band of ₹436 a share.
Avalon is an end-to-end EMS integrator with a unique manufacturing and hybrid delivery model in India and the US. Clean energy, mobility and industrials segments contributed 77 per cent of the total revenue in FY22. The clean energy (solar, electric vehicle and hydrogen) segment posted a 30 per cent CAGR over FY20-22.