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’s know some special things about this IPO-
24 anchor investors buy 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 among the anchor investors are 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.
< h3 style="text-align: justify;">General investors can subscribe
Avalon Tech’s IPO has been open for common citizens from 3rd to 6th April. 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
Read this part-
Get the more latest Business news updates