Avalon Technologies IPO
Avalon Technologies IPO — date, price band, lot size & details 2023
Avalon Technologies listed on 18 Apr 2023 at ₹436, flat to the ₹436 issue price.
Avalon Technologies is a fully integrated electronics manufacturing services company that delivers box build solutions, from PCB design and assembly to complete systems. Its total income was Rs 851.65 crore in FY2022.
Stock price
Avalon Technologies is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 03 Apr 2023
- Close 06 Apr 2023
- Allotment 12 Apr 2023
- Refund/credit 13 Apr 2023
- Listing 18 Apr 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 3 to 6 Apr, 2023 |
|---|---|
| Price Band | ₹415 – ₹436 |
| Face Value | ₹2 |
| Lot Size | 34 Shares |
| Issue Size | ₹865 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,824 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 34 shares at the ₹436 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 34 | ₹14,824 |
| Retail (max) | 13 | 442 | ₹1,92,712 |
| S-HNI (min) | 14 | 476 | ₹2,07,536 |
| S-HNI (max) | 67 | 2,278 | ₹9,93,208 |
| B-HNI (min) | 68 | 2,312 | ₹10,08,032 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Total income rose from Rs 653.15 crore in FY2020 to Rs 851.65 crore in FY2022.
- 02Profit after tax rose from Rs 12.33 crore in FY2020 to Rs 68.16 crore in FY2022.
- 03Rs 145.00 crore of the fresh issue was planned for repaying debt.
- 04It serves global OEMs in 4 named countries, from PCB design to full box build.
- 05Net worth rose from Rs 3.45 crore on 31 March 2020 to Rs 147.83 crore on 30 November 2022.
Risks · 6
- 01Total borrowing was Rs 316.40 crore on 30 November 2022, more than twice net worth of Rs 147.83 crore.
- 02Profit after tax was only Rs 34.19 crore in the eight months to 30 November 2022, a slower pace than FY2022.
- 03The pre-issue P/E was 37.07 at the upper band of Rs 436, based on EPS of Rs 11.76.
- 04Rs 545.00 crore of the Rs 865 crore issue was offer for sale, so most of the money went to selling shareholders.
- 05EMS margins are thin, with the source putting the PAT margin at 8.00%, and export customers add currency risk.
- 06Promoters and the promoter group held 70.75% before the issue and 51.24% after it, as per the RHP share counts.
Three years of numbers
All figures in ₹ crore, as reported in the Avalon Technologies offer document.
| Metric | 30 Nov 2022 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|
| Assets | 703.04 | 587.96 | 512.48 | 449.65 |
| Revenue from Operations | 584.79 | 840.72 | 690.47 | 641.87 |
| Total Income | 596.98 | 851.65 | 695.90 | 653.15 |
| Profit After Tax | 34.19 | 68.16 | 23.08 | 12.33 |
| NET Worth | 147.83 | 87.19 | 28.21 | 3.45 |
| Total Borrowing | 316.40 | 294.05 | 295.33 | 248.48 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Avalon Technologies RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Avalon Technologies IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹11.76 | ₹10.44 |
| P/E Ratio (x) | 37.07 | 41.76 |
| Market Cap at Offer Price (₹ Cr) | ₹1,267.59 | ₹1,427.86 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹436 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹299.40 Cr of the issue is earmarked to named objects.
Avalon Technologies IPO Anchor Investors
24 anchor investors across 14 fund houses committed ₹389.24 Cr a day before the issue opened.
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
Through a global delivery model, it offers a full product suite to global OEMs, from printed circuit board design and assembly to complete box build of electronic systems. It also makes cable assemblies and wire harnesses, sheet metal and machined parts, magnetics and injection moulded plastics.
Its customers include OEMs in countries such as China, the Netherlands, the United States and Japan, across several industry verticals.
The IPO was Rs 865 crore, with Rs 320.00 crore of fresh issue and Rs 545.00 crore of offer for sale by promoters, promoter group members and other shareholders. Rs 145.00 crore was planned for repaying borrowings and Rs 90.00 crore for working capital.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Avalon Technologies IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
JM Financial Ltd.
172 issues handledBest listing: Tata Technologies (+140.0%). Weakest: ACME Solar Holdings (-13.1%).
IIFL Capital Services Limited
146 issues handledBest listing: Unicommerce eSolutions (+117.6%). Weakest: ICICI Securities (-16.3%).
Dam Capital Advisors Ltd
70 issues handledBest listing: Go Colors (+89.9%). Weakest: Metro Brands (-12.6%).
Nomura Financial Advisory & Securities (India) Pvt. Ltd
37 issues handledBest listing: Happiest Minds Technologies (+110.8%). Weakest: Shriram Properties (-23.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Avalon Technologies?
The current Grey Market Premium is ₹10, or 2% over the issue price.
What is the Avalon Technologies IPO price band?
₹415 to ₹436, on a face value of ₹2.
When is the allotment?
The basis of allotment is 12 April 2023, with listing on 18 April 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
