Avalon Tech ₹865-Cr IPO from April 3

Chennai: Chennai-based electronic manufacturing services company Avalon Technologies’ ₹865-crore initial public offering opens on April 3 as per the red herring prospectus filed with Securities and Exchange Board of India. The IPO will close on April 6.

The price band for the IPO is likely to be announced on March 28.

The public issue comprises fresh issue of equity shares aggregating up to ₹320 crore and an offer for sale of equity shares aggregating up to ₹545 crore. Of ₹320 crore fresh issue, Avalon will be using ₹145 crore to pay certain borrowings avail-ed by the company, ₹90 crore for funding the working capital requirements of the company and remaining for general corporate purposes.

Avalon earlier made pre IPO placement between October 2022 to February 8, 2023 of ₹160 crore to three PE investors.