On April 6, Avalon Technologies IPO saw a rapid response from investors despite improved equity market situations. The IPO launched bids for 72.41 lakh equity shares besides an offer size of 1.14 crore shares subscribing 63%.

Retail investors holding 10% reservation in the IPO bought 64% of shares from the quota allotted to them, and the high net worth individual subscribed bed to 14% of the portion reserved. Qualified institutional buyers (QIBs)  bid for 87% shares set aside; 75% of the offer was reserved for them.

Avalon Technologies provides end-to-end operations in offering box-build solutions in India, aiming to raise Rs 865 crore through public issues. It holds a fresh issuance of shares estimated at Rs 320 crore and an offer for sale (OFS) worth Rs 545 crore by selling it to shareholders, including promoters.

Previously Avalon Technologies raised Rs 389.25 crore under the anchor book on March 31, worth Rs 436 per share.

The price band for the offer for sale, which launched on April 3 and closed on April 6, was planned at Rs 415 to 436 per share.

The company generates revenues from the United States, i.e. 63%, catering to the sunrise industries like clean tech, power automation, and mobility. The company holds order books worth Rs 1,190 crore as on November 2022 with a customer base of 80.

The EMS industry will grow at a CAGR of 32% to touch 4.5 lakh crore by FY26 against Rs 1.47 lakh crore in FY22.