First IPO of this financial year opening tomorrow, anchor investors bought shares worth 389 crores

Avalon Tech IPO: Avalon Tech, a company providing electronic manufacturing services, is going to bring the first IPO of the financial year 2023-24. The special thing about this IPO is that the company has already raised Rs 389.25 crore through anchor investors. This IPO was opened for anchor investors only on March 31, 2023. At the same time, the first IPO of this financial year will open for general investors from April 3, 2023. The total issue size of the IPO is Rs 865 crore. In this IPO, shares will be issued under both new shares and offer for sale. Let us know some special things about this IPO-

24 anchor investors bought shares

Avalon Tech has collected Rs 389.25 crore through anchor investors even before the IPO opens. This amount has been collected through a total of 24 anchor investors. The shares of the company will be listed on the Bombay Stock Exchange and the National Stock Exchange. The company has allotted 8,927,751 shares to 24 anchor investors. According to BSE, all anchor shares have been listed at Rs 436 per share. The face value of these shares is Rs 2 per share. Prominent names among anchor investors include Goldman Sachs Funds, HDFC Large & Midcap Fund, Franklin India Opportunities Fund, White Off Capital Funds, IIFL Select Series II, Mahindra Manulife Funds and Nomura India Stock Mother Fund.

Even ordinary investors will be able to subscribe

Avalon Tech’s IPO has been open to the general public from April 3 to 6. The size of this IPO is Rs 865 crore. A total of Rs 320 crore fresh shares will be issued in this. The rest of the shares will be sold through offer for sale. The price band of the shares of this company has been fixed from Rs.415 to Rs.436. Out of this issue, 75 per cent has been reserved for Qualified Institutional Buyers (QIP), 15 per cent for Non-Qualified Institutional Buyers and 10 per cent for retail investors.

What will the company do with the fund?

Giving information about this, the company has told that the company will repay its old debt with the funds raised through this IPO. At the same time, Rs 90 crore will be used by the company as working capital. Avalon Tech is a company engaged in electronic manufacturing services. The company has got a net profit of Rs 12.33 crore in FY 2020, Rs 23.08 crore in FY 2021 and Rs 68.16 crore in FY 2022. At the same time, the company’s earnings have increased rapidly year after year. In the financial year 2024, the company’s revenue has reached Rs 851.65 crore.

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