Avalon Technologies gets Sebi's nod to raise funds via IPO
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Avalon Technologies has received the Securities and Exchange Board of India’s (SEBI's) approval to float 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.
The company, which filed the draft red herring prospectus with the SEBI in August 2022, got the regulator’s approval on January 16, 2023. The company may consider raising Rs 80 crore through a pre-IPO placement, and if such a placement is undertaken, the size of the fresh issue will be reduced. Proceeds from the fresh issue would be used towards debt payment, funding working capital requirements and general corporate purposes. The equity shares are proposed to be listed on BSE and NSE.
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.
