 "IPO of Avalon Technologies subscribed 2.21 times on final day of offer")
The initial public offering (IPO) of Avalon Technologies managed to garner 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 per cent and 41 per cent, respectively.
The electronic manufacturing services firm had raised Rs 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 Rs 415 and Rs 436 per share. At the upper end, the company is valued at Rs 2,847 crore.
Avalon’s Rs 865 crore IPO was the largest this calendar year. The offer comprised new shares worth Rs 320 crore and an offer for sale component of Rs 545 crore.
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