Avalon Technologies Files Preliminary IPO Papers; Expects To Raise Rs 1,025 Crore
News 18Avalon Technologies has submitted preliminary IPO papers to the Securities and Exchange Board of India. The electronic manufacturing services provider expects to raise Rs 1,025 crore through the initial public offering, comprising a fresh issue of equity shares worth up to Rs 400 crore and an offer-for-sale of up to Rs 625 crore by promoters and existing shareholders. The company may also consider raising Rs 80 crore through a pre-IPO placement and if such a placement is undertaken, the size of the fresh issue will be reduced. Syrma SGS Technology through its pre-IPO placement has already raised Rs 110 crore for 37.93 lakh shares before filing the red herring prospectus. In the current financial year so far, 11 companies have issued initial public offerings to garner Rs 33,254 crore.