Electronic manufacturing services company Avalon Technologies has mobilised Rs 389.25 crore through its anchor book on March 31, ahead of its initial public offering.
In total, 24 investors participated in the anchor book launched by the company for a day.
"The IPO committee and the promoter selling shareholders have finalised allocation of 89.27 lakh shares to anchor investors, at anchor investor allocation price of Rs 436 per share," Avalon said in its BSE filing.
The marquee participants in the anchor book were Nomura Trust, Ashoka India Opportunities Fund, Goldman Sachs, Neuberger Berman Emerging Markets Equity Fund, HDFC MF, Aditya Birla Sun Life Insurance Company, HDFC Life Insurance Company, Whiteoak Capital, Mahindra Manulife Mutual Fund, Oaks Emerging Umbrella Fund Plc, and Principal Funds Inc.
"Out of total allocation of 89.27 lakh shares, 29.81 lakh equity shares were allocated to 5 domestic mutual funds through a total 10 schemes," the company said.
The Rs 865-crore public issue will open for subscription on April 3, with a price band of Rs 415-436 per share. This would be the first IPO in the new financial year 2023-24.
The offer comprises a fresh issuance of shares worth Rs 320 crore while the rest Rs 545 crore is an offer for sale by promoters and other selling shareholders.
The offer size has been reduced to Rs 865 crore, from Rs 1,025 crore earlier, after the company raised Rs 160 crore via pre-IPO placement, before the filing of red herring prospectus with the Registrar of Companies.
Avalon is going to utilise the proceeds for repaying debts worth Rs 145 crore, and working capital requirements (Rs 90 crore), besides general corporate purposes.
The company provides a full stack product and solution suite in its electronic manufacturing services business, from printed circuit board (PCB) design and assembly to the manufacture of complete electronic systems (box build), to certain global original equipment manufacturers (OEMs). OEMs included in the United States, China, Netherlands and Japan.