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IPO

Electronic manufacturing services co Avalon files papers to raise Rs.1,025-Cr

Economic Times  

Electronic manufacturing services firm Avalon Technologies has filed preliminary papers with capital markets regulator Sebi to raise INR 1,025 crore through an initial public offering (IPO). The IPO comprises fresh issue of equity shares worth up to INR 400 crore and an Offer-for-Sale (OFS) aggregating up to INR 625 crore by promoters and existing shareholders. The company may consider raising INR 80 crore through a pre-IPO placement. JM Financial, DAM Capital Advisors, IIFL Securities and Nomura Financial Advisory and Securities (India) Pvt Ltd are the merchant bankers for this IPO. Avalon is an end-to-end electronic manufacturing service solutions provider and has 12 manufacturing units located across the US and India. The funds raised will be used towards debt payment, funding the working capital requirements and general corporate purposes.