IPO of Avalon Technologies subscribed 3% on first day of issue

The initial public offering (IPO) of Avalon Technologies was subscribed 3 per cent on Monday, the first day of the issue. The retail investor portion of the issue was subscribed 16 per cent.

On Friday, the electronic manufacturing services (EMS) firm had allotted shares worth Rs 389 crore to anchor investors, which included Nomura Trust, Ashoka India Opportunities Fund, Goldman Sachs and Neuberger Berman.

The price band for the issue is Rs 415-436 per share. At the upper end, the company is valued at Rs 2,847 crore.

Avalon’s issue size works out to Rs 865 crore, making it the largest IPO for this calendar year.

In the IPO, the company will be issuing new shares worth Rs 320 crore and the offer for sale component is Rs 545 crore.