IPO
Business Standard
The initial public offering (IPO) of Chennai-headquartered Avalon Technologies has garnered 2.2 times subscription on the third and final day. The institutional investor portion was subscribed 3.6 times while the retail investor and wealthy investor portion remained undersubscribed -- at 84% and 41%, respectively. Avalon's INR 865 crore IPO has been the largest this calendar year. The offer comprised new shares for INR 320 crore and an offer for sale component of INR 545 crore. The electronic manufacturing services firm had raised INR 389 crore from anchor investors, which included Nomura Trust, Ashoka India Opportunities Fund, Goldman Sachs and Neuberger Berman. The price band for the issue was between INR 415 and INR 436 per share. At the upper end, the company is valued at INR 2,847 crore.
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