Public Market

IPO

Avalon Technologies raises Rs.389-Cr from 24 anchor investors

Economic Times  

Chennai-headquartered electronic manufacturing services firm Avalon Technologies has raised a little over INR 389 crore from anchor investors ahead of its initial share sale opening for public subscription. The company has allocated 89.27 lakh equity shares to 24 funds at INR 436 apiece, taking the transaction size to INR 389.25 crore. Founded in 1999, Avalon has 12 manufacturing units located across the US and India. The anchor investors who have been allocated equity shares are Nomura, Goldman Sachs, Aditya Birla Sun Life Insurance Company, HDFC Life Insurance Company, Franklin India Mutual Fund, Ashoka India Opportunities Fund, HDFC Mutual Fund and WhiteOak Capital. The Initial Public Offering (IPO) comprises INR 320 crore from fresh issuance of equity shares and INR 545 crore through an Offer For Sale (OFS) of shares by promoters and existing shareholders. The issue, with a price-band of INR 415-436 a share, would open for public subscription from April 3. JM Financial, DAM Capital Advisors, IIFL Securities, and Nomura Financial Advisory and Securities (India) Pvt Ltd are the merchant bankers for the IPO.