Bookbuilding IPO | ₹865 Cr | Listed at BSE, NSE | Mon, Apr 3, 2023 - Thu, Apr 6, 2023
Avalon Technologies IPO is a book build issue of ₹865.00 crores. The issue is a combination of fresh issue of 0.73 crore shares aggregating to ₹320.00 crores and offer for sale of 1.25 crore shares aggregating to ₹545.00 crores.
Avalon Technologies IPO bidding started from Apr 3, 2023 and ended on Apr 6, 2023. The allotment for Avalon Technologies IPO was finalized on Apr 12, 2023. The shares got listed on BSE, NSE on Apr 18, 2023.
Avalon Technologies IPO price band is set at ₹436 per share. The lot size for an application is 34. The minimum amount of investment required by an retail is ₹14,824 (34 shares) (based on upper price). The lot size investment for sNII is 14 lots (476 shares), amounting to ₹2,07,536, and for bNII, it is 68 lots (2,312 shares), amounting to ₹10,08,032.
JM Financial Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Avalon Technologies IPO RHP for detailed Information.
IPO Open
Mon, Apr 3, 2023
IPO Close
Thu, Apr 6, 2023
Issue Price
₹436 per share
Market Cap (Pre-IPO)
₹2,846.76 Cr
| IPO Date | 3 to 6 Apr, 2023 |
| Listed on | Tue, Apr 18, 2023 |
| Face Value | ₹2 per share |
| Price Band | ₹415 to ₹436 |
| Issue Price | ₹436 per share |
| Lot Size | 34 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 1,98,39,446 shares (agg. up to ₹865 Cr) |
| Fresh Issue | 73,39,449 shares (agg. up to ₹320 Cr) |
| Offer for Sale | 1,24,99,997 shares of ₹2 (agg. up to ₹545 Cr) |
| Share Holding Pre Issue | 5,79,53,128 shares |
| Share Holding Post Issue | 6,52,92,577 shares |
| BSE Script Code / NSE Symbol | 543896 / AVALON |
| ISIN | INE0LCL01028 |
Avalon Technologies IPO offers total 1,98,39,446 shares. Out of which 1,48,79,586 (75.00%) allocated to QIB, 59,51,835 (30.00%) allocated to QIB (Ex- Anchor), 29,75,916 (15.00%) allocated to NII 19,83,944 (10.00%) allocated to RII and 89,27,751 (45.00%) allocated to Anchor investors.
| Investor Category | Shares Offered | Max Allottees |
|---|---|---|
| QIB Shares Offered | 1,48,79,586 (75.00%) | NA |
| − Anchor Investor Shares Offered | 89,27,751 (45.00%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 59,51,835 (30.00%) | NA |
| NII (HNI) Shares Offered | 29,75,916 (15.00%) | NA |
| − bNII > ₹10L | 19,83,944 (10.00%) | 4,167 |
| − sNII < ₹10L | 9,91,972 (5.00%) | 2,083 |
| Retail Shares Offered | 19,83,944 (10.00%) | 58,351 |
| Total Shares Offered | 1,98,39,446 (100.00%) |
Investors can bid for a minimum of 34 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 34 | ₹14,824 |
| Retail (Max) | 13 | 442 | ₹1,92,712 |
| S-HNI (Min) | 14 | 476 | ₹2,07,536 |
| S-HNI (Max) | 67 | 2,278 | ₹9,93,208 |
| B-HNI (Min) | 68 | 2,312 | ₹10,08,032 |
Avalon Technologies IPO raises ₹389.25 crore from anchor investors. Avalon Technologies IPO Anchor bid date is March 31, 2023.
📝 Anchor Investors Letter (PDF)
| Bid Date | Fri, Mar 31, 2023 |
| Shares Offered | 89,27,751 |
| Anchor Portion (₹ Cr.) | 389.25 |
| Anchor lock-in period end date for 50% shares (30 Days) | Fri, May 12, 2023 |
| Anchor lock-in period end date for remaining shares (90 Days) | Tue, Jul 11, 2023 |
Incorporated in 1999, Avalon Technologies Limited is a leading fully integrated Electronic Manufacturing Services ("EMS") company. They have end-to-end capabilities in delivering box-build solutions in India, focusing on high-value precision engineered products. The company is one of the leaders in the segment in India in terms of revenue in Fiscal 2022.
Through a unique global delivery model, Avalon offers a full stack product and solution suite, right from printed circuit board (PCB) design and assembly to the manufacture of complete electronic systems (Box Build), to certain global original equipment manufacturers (OEMs), including OEMs located in countries like China, Netherlands, United States, and Japan.
The offerings of Avalon Technologies Limited include PCB design and assembly, cable assembly and wire harnesses, sheet metal fabrication and machining, magnetics, injection molded plastics, and end-to-end box build of electronic systems.
With its notable specialization in manufacturing and providing design support for critical integrated assemblies, sub-assemblies, components, and enclosures for multiple industry verticals, they help customers receive the best of services.
| Period Ended | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|
| Assets | 587.96 | 512.48 | 449.65 |
| Total Income | 851.65 | 695.90 | 653.15 |
| Profit After Tax | 68.16 | 23.08 | 12.33 |
| Total Borrowing | 294.05 | 295.33 | 248.48 |
| Amount in ₹ Crore | |||
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company and one of our Material Subsidiaries, i.e. Avalon Technology and Services Private Limited (“ATSPL”); | 145.00 |
| 2 | Funding the working capital requirements of the Company; and | 90.00 |
| 3 | General corporate purposes | 64.40 |
| KPI | |
|---|---|
| ROE | 85.9 |
| ROCE | 27.4 |
| Debt/Equity | 3.64 |
| RoNW | 85.86 |
| PAT Margin | 8.00% |
| EBITDA Margin | 11.60% |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 11.30 | |
| P/E (x) | 55.54 | |
| Promoter Holding | 70.75% | 51.24% |
| Market Cap | ₹2,846.76 Cr. |
The Avalon Technologies IPO is subscribed 2.34 times on April 6, 2023 7:02:00 PM (Day 3). The public issue subscribed 0.88 times in the retail category, 3.77 times in the QIB category, and 0.43 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 3.77 | 59,15,011 | 2,23,03,864 |
| NII | 0.43 | 29,75,917 | 12,76,326 |
| bNII (bids above ₹10L) | 0.44 | 19,83,945 | 8,66,286 |
| sNII (bids below ₹10L) | 0.41 | 9,91,972 | 4,10,040 |
| Retail | 0.88 | 19,83,944 | 17,52,666 |
| Total | 2.34 | 1,08,44,186 | 2,53,32,856 |
Total Application : 38,944
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Fees payable to the BRLMs and commissions (including underwriting commission, brokerage and selling commission) | 27.21 |
| 2 | Commission/processing fee for SCSBs, Sponsor Bank and Bankers to the Offer and fee payable to the Sponsor Bank for Bids made by RIBs. Brokerage, underwriting commission and bidding charges for Members of the Syndicate, Registered Brokers, CRTAs and CDPs(1)(2)(3)(4) | 2.47 |
| 3 | Advertising and marketing expenses | 6.04 |
| 4 | Fee payable to statutory auditors**, independent chartered accountant***, chartered engineer# and market research firms## | 3.78 |
| 5 | Others | |
| 6 | (i) Listing fees, SEBI, BSE and NSE processing fees, book building software fees and other regulatory expenses; | 2.93 |
| 7 | (ii) Printing and distribution of stationery; | 1.42 |
| 8 | (iii) Fees payable to legal counsel; and | 8.72 |
| 9 | (iv) Miscellaneous. | 4.02 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹436.00 | ₹436.00 |
| Open | ₹431.00 | ₹436.00 |
| Low | ₹387.75 | ₹387.15 |
| High | ₹435.30 | ₹436.00 |
| Last Trade | ₹397.45 | ₹398.00 |
Lead Manager Reports
Avalon Technologies IPO is a main-board IPO of 1,98,39,446 equity shares of the face value of ₹2 aggregating up to ₹865 Crores. The issue is priced at ₹436 per share. The minimum order quantity is 34.
The IPO opens on Mon, Apr 3, 2023, and closes on Thu, Apr 6, 2023.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Avalon Technologies IPO using UPI as a payment gateway. Zerodha customers can apply in Avalon Technologies IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Avalon Technologies IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Avalon Technologies IPO opens on Mon, Apr 3, 2023 and closes on Thu, Apr 6, 2023.
Avalon Technologies IPO lot size is 34, and the minimum amount required for application is ₹14,824.
You can apply in Avalon Technologies IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Avalon Technologies IPO will be done on Wednesday, April 12, 2023, and the allotted shares will be credited to your demat account by Mon, Apr 17, 2023. Check the Avalon Technologies IPO allotment status.
The Avalon Technologies IPO listing date is on Tue, Apr 18, 2023.
