News Details

( As on 28/03/2023 11:30)

Avalon Technologies announces launch of initial public offering

Avalon Technologies Ltd. has announced public offering of 19839451 shares at a price of Rs 2.00 each for Cash at a Premium of Rs 434.00 per share. The gross proceeds of the issue are expected to be Rs 86,500.01 lakhs.

The company's initial public offer (IPO) will open on 03 April 2023 and is expected to close on 06 April 2023, subject to customary closing conditions. The price band of the issue has been fixed at Rs 415.00-436.00 per share.

The IPO includes a fresh Issue of 19839451 Equity Shares of the Company at an price of Rs 436.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 34 shares with bids in multiples of 34.

Avalon Technologies Ltd. anticipates using the proceeds of the issue for Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company and one of the Material Subsidiaries, ie Avalon Technology and Services Private Limited (“ATSPL)

Funding the working capital requirements of the Company

General corporate purposes.

Nomura Financial Advisory & Securities (I) P Ltd.,IIFL Securities Limited,DAM Capital Advisors Limited,JM Financial Limited as lead manager(s) & Link Intime India Private Limited is the registrar, to the issue.