Avalon Technologies
Book Building issueMainboard₹865 Cr issue
-1.15%
Listing gain over issue price
Issue size
₹865 Cr
1 lot at cut-off
₹14,824
Lot size
34shares
Open
03 Apr 2023
Close
06 Apr 2023
Allotment
12 Apr 2023
Listing
18 Apr 2023
Listing performance
Issue price
₹436
Listed at
₹431
Listing-day close
₹398
Latest price
₹1,856.60
Close on 23 Oct 2026
Listing gain
-1.15%
Return since issue
+325.83%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 03 Apr 2023 – 06 Apr 2023
- Listing date
- 18 Apr 2023
- Face value
- ₹2 per share
- Issue price
- ₹436 per share
- Lot size
- 34 shares
- Issue type
- Book Building issue
- Total issue size
- ₹865 Cr
- Market cap at offer price
- ₹2,847 Cr
- Promoter holding
- 70.75% → 51.24% pre-issue → post-issue
- ISIN
- INE0LCL01028
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- JM Financial Ltd.
- Registered office
- B 7, First Main Road, MEPZ, Tambaram, Tamil Nadu
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 89,27,751 | — | — |
Application size
Minimum 34 shares per lot, in multiples, at ₹436
| 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 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
89,27,751
Anchor portion
₹389 Cr
at ₹436 per share
Valuation and performance
Valuation at offer price
₹436 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.30 | — |
| P/E (×) | 38.58 | — |
| Market cap | — | ₹2,847 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 85.86%
- ROCE
- 27.40%
- Debt / equity
- 3.64
- PAT margin
- 8.00%
- EBITDA margin
- 11.60%
- NAV per share
- ₹15.60
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Avalon Technologies
Avalon Technologies Limited is one of the leading fully integrated electronic manufacturing services companies in India with end-to-end operations in delivering box build solutions. Through a unique global delivery model, the company provides a full stack product and solution suite, ranging from printed circuit board design and assembly to end-to-end box build of electronic systems, to global original equipment manufacturers. The company also provides cable assembly and wire harnesses, sheet metal fabrication, machining, magnetics and injection molded plastics services. The company was incorporated as Avalon Technologies Private Limited on November 3, 1999, and was converted to a public limited company in 2022. The company operates 12 manufacturing facilities located across India and the United States, with significant operations in Chennai, Tamil Nadu (42.76% of revenue as of November 30, 2022), Atlanta, Georgia (29.39%), Bengaluru, Karnataka (12.27%), and Fremont, California (15.58%).
Company Analysis
from RHPAvalon Technologies Limited is a fully integrated electronic manufacturing services (EMS) company providing end-to-end box build solutions and printed circuit board assembly services to global original equipment manufacturers across clean energy, mobility, industrial, communication, and medical industries.
Avalon Technologies Limited is one of the leading fully integrated electronic manufacturing services companies in India with end-to-end operations in delivering box build solutions. Through a unique global delivery model, the company provides a full stack product and solution suite, ranging from printed circuit board design and assembly to end-to-end box build of electronic systems, to global original equipment manufacturers. The company also provides cable assembly and wire harnesses, sheet metal fabrication, machining, magnetics and injection molded plastics services. The company was incorporated as Avalon Technologies Private Limited on November 3, 1999, and was converted to a public limited company in 2022. The company operates 12 manufacturing facilities located across India and the United States, with significant operations in Chennai, Tamil Nadu (42.76% of revenue as of November 30, 2022), Atlanta, Georgia (29.39%), Bengaluru, Karnataka (12.27%), and Fremont, California (15.58%).
Electronics Manufacturing Services (EMS)Printed Circuit Board Assembly (PCBA)Box Build SolutionsClean EnergyMobility/TransportationIndustrialCommunicationMedical
Objects of the Issue
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company and one of our Material Subsidiaries, ATSPL ₹1,450.00 million p.25
- Funding the working capital requirements of our Company ₹900.00 million p.25
- General corporate purpose ₹644.00 million p.25
- Repayment or pre-payment of borrowings availed by the Company and Material Subsidiary ATSPL p.56
- Funding working capital requirements of the Company p.56
- General corporate purposes p.84
- Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company and one of our Material Subsidiaries, ATSPL ₹1,450.00 million p.125
- Funding the working capital requirements of our Company ₹900.00 million p.125
- General corporate purposes ₹644.00 million p.125
- General corporate purposes p.444
Issue Structure
- Total Issue
- 19,839,446 Equity Shares aggregating to ₹8,650.00 million
- Fresh Issue
- 7,339,449 Equity Shares aggregating to ₹3,200.00 million
- Offer for Sale
- 12,499,997 Equity Shares aggregating to ₹5,450.00 million
- Price Band
- ₹415 to ₹436 per Equity Share
- Lot Size
- 34 Equity Shares (Bid Lot)
- Face Value
- ₹2 per Equity Share
Business Model
The company earns revenue through providing electronics manufacturing services including printed circuit board design and assembly, box build solutions, cable assembly and wire harnesses, sheet metal fabrication, machining, magnetics and injection molded plastics to global original equipment manufacturers. Revenue is generated across multiple end-use industries: Clean Energy (23.26% as of November 30, 2022), Mobility/Transportation (22.39%), Industrial (28.07%), Communication (9.03%), Medical (8.70%), and Others (8.54%). The company typically provides credit periods to customers ranging between 30 to 120 days.
Business Segments
Products and solutions for clean energy industry
Products and solutions for mobility and transportation industry
Products and solutions for industrial applications
Products and solutions for communication industry
Products and solutions for medical industry
Printed circuit board assembly services
Box build assembly services
Cables and wire harness assembly services
Sheet metal fabrication services
Magnetics manufacturing services
Injection molded plastics services
Design services
PCB design and analysis, NPD services
PCB assembly services
End-to-end box build assembly solutions
Cable assembly and wire harness services
Sheet metal fabrications and machining
Magnetics manufacturing
Injection molded plastics
Provides EMS services for aerospace, railway signaling and control systems, and automotive electronics including engine control units and electric vehicle components
Manufactures electronics for electric vehicles including battery management systems, chargers, and controllers; solar energy systems; and green hydrogen applications
Provides EMS services for medical electronics including diagnostic equipment and patient monitoring devices
Manufactures telecommunications equipment, satellite systems, and digital infrastructure products including 5G infrastructure and IoT devices
Provides EMS services for power electronics and industrial automation equipment
Manufacturing and assembly of electronic components for solar, electric vehicles, and hydrogen applications
Manufacturing products for railways, automotive, and aerospace industries including control units, signaling systems, and components
Manufacturing products for power and automation applications
Manufacturing products for telecom, satellite, digital infrastructure, 5G, and IoT applications
Manufacturing complex electronic and electromechanical assemblies for medical device applications
Providing PCB design, analysis, prototyping, and assembly services with advanced design tools and manufacturing capabilities
End-to-end manufacturing of complete electromechanical assemblies integrating PCBAs, cables, sheet metal, and other components
Manufacture, develop, assemble, produce, design, maintain, service, buy, sell, export, import, exchange and otherwise supply and deal in all types of engineering and technology products, all kinds of electronic and electrical products, component assemblies, systems for different applications, accessories, their programmes and consultancy in allied fields
Design bureau business, to develop computer aided designs for manufacture of printed circuit boards, integrated circuits, electronic components, devices, equipment and machinery and development of software
Electronics manufacturing and related services in the United States
The company's entire operations are classified as a single business segment, namely EMS. The Chief Operating Decision Maker (Board of Directors) reviews the operating results as a whole for purposes of making decisions about resources to be allocated and to assess performance.
Design and assembly of printed circuit board assemblies (PCBA)
End-to-end box build and electromechanical integration (EMI) of electronic systems
Cable assembly and wire harnesses manufacturing
PCB design and analysis services, non-recurring engineering
Sheet metal fabrication and machining services
Manufacturing of magnetic components
Injection molded plastic components manufacturing
SWOT Analysis
Strengths
- • Leading fully integrated EMS company with end-to-end operations and global delivery model(p.24)
- • Established long-standing customer relationships with average tenure of 9.60 years for top 10 customers(p.46)
- • Diversified customer base across multiple end-use industries reducing concentration risk(p.47)
- • Strong profitability with PAT of ₹341.86 million in 8 months ended November 30, 2022(p.26)
- • Vertically integrated manufacturing with backward integration capabilities supporting cost efficiency and quality control(p.64)
- • Multiple industry certifications and global quality accreditations across manufacturing facilities(p.55)
- • Experienced promoter leadership with two decades of EMS industry experience(p.62)
- • Strong order book growth indicating sustained customer demand(p.92)
- • Diversified revenue streams across multiple end-use industries and service lines(p.91)
- • End-to-end integrated EMS solutions with one-stop shop capabilities(p.141)
- • Only Indian EMS company with full manufacturing facilities in the United States(p.155)
- • Significant vertical integration across multiple EMS service lines(p.155)
- • Leader in high-mix flexible volume product manufacturing(p.155)
- • Strong long-term customer relationships across diverse sectors(p.156)
- • High EBITDA and PAT margins with consistent profitability growth(p.156)
- • SEZ units with zero-rating GST benefits on domestic procurements(p.164)
- • Duty-free import benefits for SEZ units under Customs Act(p.164)
- • US subsidiary can utilize net operating losses over 20-year period(p.161)
- • Additional depreciation benefit on eligible new plant and machinery(p.161)
- • India positioned as global EMS manufacturing hub with government support(p.215)
- • Strong policy framework with Make in India and PLI schemes(p.201)
- • Leading EMS company in India with end-to-end box build capabilities and high profitability metrics.(p.221)
- • Unique global delivery model with manufacturing presence in both US and India, providing competitive advantage in North American markets.(p.222)
- • Superior financial performance and margin profile relative to peers.(p.233)
- • High gross margins driven by vertically integrated capabilities and focus on high-precision engineering products.(p.223)
- • Well-diversified customer base with 80% of revenue from long-term relationships averaging more than 7 years, reducing concentration risk.(p.226)
- • Established marquee customer base with multinational OEMs recognizing quality and service delivery.(p.222)
- • Growing order book indicating strong customer demand and business visibility.(p.233)
- • Strong manufacturing capabilities with modern equipment, quality certifications (ISO 9001, IATF, AS 9100D, ISO 13485), and continuous improvement in defect rates.(p.232)
- • Three wholly owned subsidiaries with complementary capabilities across India and USA(p.275)
- • Established presence in Indian and US electronics manufacturing markets(p.274)
- • Diversified revenue base across multiple geographies and customer segments(p.316)
- • Experienced promoter leadership with decades of industry experience(p.284)
- • Single integrated EMS business segment with established capabilities(p.349)
- • Multi-geography operations with manufacturing in India and USA(p.399)
- • Diversified revenue base across multiple product lines(p.394)
- • Strong profitability trajectory with growing revenues(p.383)
- • Only Indian EMS company with full manufacturing in US(p.445)
- • Unique global delivery model with operations in India and US(p.445)
- • Long-term customer relationships with high stability(p.444)
- • Diversified customer base across industries and geographies(p.445)
- • Strong engineering and product development capabilities(p.445)
- • Consistently growing order book(p.446)
- • Strong revenue growth and profitability improvement(p.457)
- • Expanding customer base with new relationships(p.444)
Weaknesses
- • High dependency on top customers for revenue with top 10 accounting for 53.93% of income in 8M FY2023(p.47)
- • Significant reliance on imported raw materials with 49.34% of imports in 8M FY2023(p.44)
- • High concentration of revenue from top 5 suppliers representing 22.78% of total expenses in 8M FY2023(p.44)
- • Significant trade receivables of ₹1,733.67 million representing 29.04% of total income as of 8M FY2023(p.50)
- • Limited hedging arrangements exposing company to foreign exchange risks without formal hedging policy(p.50)
- • Manufacturing facilities concentrated with 42.76% of revenue from Chennai location in 8M FY2023(p.42)
- • Significant dependence on a small number of customers, with top 5 customers representing 37% of revenue(p.91)
- • History of negative cash flows from operating activities in Company and certain subsidiaries(p.54)
- • High debt levels with significant current and non-current borrowings outstanding(p.66)
- • Leasehold-only property holdings with lease renewal risks(p.69)
- • Inventory build-up creating cash flow pressures and working capital challenges(p.59)
- • Outstanding litigation and regulatory proceedings against Company and subsidiaries(p.61)
- • High debt-to-equity ratio compared to industry peers(p.143)
- • High customer concentration in top customers(p.156)
- • Net proceeds not independently appraised by external entity(p.47)
- • Lower capacity utilization than historical levels(p.147)
- • Tax benefits contingent on fulfilling prescribed regulatory conditions(p.161)
- • No assurance of continued tax benefit availability(p.162)
- • Revenue authorities may not concur with stated tax positions(p.162)
- • High dependence on material costs, which comprise 61-66% of revenue, creating vulnerability to raw material price fluctuations.(p.253)
- • Dependence on key customers, with top 5 customers accounting for 37-53% of revenue across periods.(p.230)
- • Low capacity utilization in some key divisions (plastics at 22% as of Nov 30 2022; sheet metal at 46%), limiting profitability.(p.248)
- • Competition from both Indian and international EMS providers with established market presence.(p.256)
- • Skilled labor shortage creating competition for R&D personnel and technical expertise.(p.217)
- • Significant debt burden with multiple personal guarantees from promoters(p.279)
- • Heavy reliance on promoter personal guarantees for company borrowings(p.279)
- • Dependency on key managerial personnel and senior management(p.62)
- • No dividends paid to equity shareholders in recent periods(p.310)
- • Concentration of shareholding with two promoters holding 53.38% pre-offer(p.304)
- • High dependence on a small number of major customers(p.400)
- • Significant borrowing and debt obligations(p.387)
- • Unfunded gratuity obligation creating employee benefit liabilities(p.403)
- • Concentration of manufacturing assets in specific locations(p.399)
- • High leverage with debt-to-equity ratio above 2(p.466)
- • Raw materials represent majority of costs creating vulnerability(p.445)
- • Significant working capital requirements and inventory build-up(p.464)
- • Contingent liabilities including tax demands(p.466)
Opportunities
- • Rapid growth in India EMS market projected at 32.3% CAGR to reach ₹4,502 billion by FY2026(p.24)
- • India's competitive advantages in EMS sector due to low labour costs and geographical diversification(p.25)
- • Expansion into high-margin specialized processes through vertical integration in metal fabrication(p.43)
- • Expansion into high-growth sectors including clean energy and emerging communication technologies(p.63)
- • Growing clean energy revenue stream showing strong momentum(p.91)
- • Geographic diversification strategy targeting market expansion in US and Indian markets(p.63)
- • Acquisition and capacity expansion plans with new manufacturing facility in Special Economic Zone(p.61)
- • Significant growth in clean energy end-use industry(p.156)
- • Expansion of customer base across geographies and industries(p.156)
- • Funding working capital for future growth requirements(p.133)
- • Debt reduction to improve financial metrics and access to capital(p.126)
- • India EMS market expected to grow 32.3% CAGR reaching USD 60 billion by FY26(p.180)
- • Global EMS market projected to grow 5.4% CAGR to USD 1,145 billion by 2026(p.177)
- • Clean energy segment (EV, solar, hydrogen) in India growing 87.3% CAGR to FY26(p.208)
- • Medical devices segment in India growing 43% CAGR to FY26(p.212)
- • Indian PCBA market growing 38.4% CAGR to USD 88 billion by FY26(p.213)
- • Mobility (Automotive, Railways, Aerospace) segment growing 21.6% CAGR in India(p.209)
- • Massive growth potential in Indian EMS market with expected 32.3% CAGR from 2022 to 2026.(p.222)
- • High growth in clean energy sector (solar, electric vehicles, hydrogen) with expected 87.3% CAGR.(p.234)
- • Semiconductor manufacturing momentum in India creating PCB design and assembly opportunities.(p.224)
- • "China plus one" strategy by global OEMs driving diversification of manufacturing to India.(p.224)
- • Government incentive schemes (Make in India, Aatmanirbhar Bharat, PLI) supporting electronics manufacturing and export.(p.222)
- • Expansion of electric vehicles and renewable energy driven by government policies and climate change commitments.(p.224)
- • Emerging technologies (5G, IoT, AI, robotics) driving demand for advanced electronic products and EMS services.(p.217)
- • Increasing role of after-sales services and repair/rework becoming value-added services in EMS industry.(p.217)
- • Synergy between Indian operations and US market access through Sienna(p.274)
- • Expansion of Electronics Manufacturing Services in Indian and US markets(p.335)
- • Capital raising through IPO to fund growth and deleveraging(p.335)
- • Access to capital markets post-listing to fund expansion and reduce leverage(p.335)
- • Capacity expansion through significant capital work in progress(p.365)
- • Growth in electronics manufacturing services demand(p.349)
- • Geographic expansion with USA operations representing significant revenue portion(p.400)
- • Diversification into design and engineering services(p.394)
- • India EMS market projected to grow at 32.3% CAGR(p.445)
- • Benefits from Make in India and PLI Scheme eligibility(p.445)
- • Growth in sunrise industries including clean energy and digital infrastructure(p.444)
- • New manufacturing facility under construction to expand capacity(p.445)
- • Cost arbitrage from India manufacturing for global markets(p.445)
Threats
- • COVID-19 pandemic and similar public health threats could disrupt manufacturing operations(p.41)
- • Significant component shortages reducing production capacity and increasing costs(p.44)
- • Supply chain disruptions causing revenue losses of ₹925 million (16.83% of expenses) in 8M FY2023(p.45)
- • Intense competitive pressures from both domestic and international EMS providers(p.49)
- • Rapid technological obsolescence and short product life cycles in end-use industries(p.45)
- • Foreign exchange fluctuations impacting 62.19% of revenues derived from outside India(p.50)
- • Regulatory and compliance risks in multiple jurisdictions including India and United States(p.51)
- • Volatile demand fluctuations and customer inventory adjustments affecting order stability(p.53)
- • Dependence on fragile global supply chains vulnerable to transportation disruptions(p.58)
- • Exposure to fluctuating foreign exchange rates impacting profitability and shareholder returns(p.76)
- • Rapid technological obsolescence requiring continuous innovation and process updates(p.53)
- • Regulatory and compliance risks including changing environmental and labor regulations(p.59)
- • Political and economic instability in India affecting business operations and market growth(p.75)
- • Global component shortage crisis impacting inventory levels(p.135)
- • Dependence on USA market representing 62% of revenue(p.145)
- • Industry cyclicality and business volatility from COVID-19 impacts(p.135)
- • High number of EMS market participants creating competitive pricing pressure(p.183)
- • Moderate operating margins limiting expansion capacity(p.183)
- • Complex supply chain structures and component shortages impacting revenue(p.183)
- • Shortened product lifecycles creating demand uncertainty(p.183)
- • Intellectual property rights violations posing threat to EMS companies(p.184)
- • India dependent on imports for 65-70% of automotive electronic components(p.199)
- • Raw material cost volatility and supply chain disruptions affecting margins and production schedules.(p.253)
- • Competition from established international EMS giants (Foxconn, Jabil, Flex) with greater scale and resources.(p.256)
- • Cyclicality and volatility of electronics industry affecting order volumes and customer demand.(p.228)
- • Long product development cycles and entry barriers in aerospace, defense, and medical sectors pose execution risks.(p.226)
- • Export control regulations and tariff uncertainties affecting US-China trade and global supply chains.(p.224)
- • Regulatory compliance requirements and environmental regulations increasing operational costs.(p.256)
- • Foreign currency fluctuations affecting US dollar revenues and rupee-denominated costs.(p.230)
- • Ability to pay future dividends dependent on earnings and restrictive covenants(p.72)
- • Exposure to foreign currency fluctuations through US subsidiary operations(p.327)
- • Exposure to cyclicality and economic downturns in electronics manufacturing(p.62)
- • Regulatory compliance burden as a newly listed public company(p.288)
- • Working capital intensive business model with significant inventory requirements(p.325)
- • Foreign exchange volatility affecting USD-denominated operations(p.382)
- • Significant reliance on US market for revenue generation(p.400)
- • Exposure to changes in raw material and component costs(p.395)
- • Interest rate exposure on significant floating rate borrowings(p.390)
- • Intense competition from global and low-cost competitors(p.446)
- • Risk of losing key customers or reduction in orders(p.446)
- • Volatility in global raw material prices and supply shortages(p.445)
- • Customer price reduction pressures(p.446)
- • Global economic sensitivity and customer demand volatility(p.447)
- • Foreign exchange exposure and currency fluctuations(p.407)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Kunhamed Bicha | Promoter/Promoter Selling Shareholder | 30.08% | — |
| Bhaskar Srinivasan | Promoter/Promoter Selling Shareholder | 23.30% | — |
| Kunhamed Bicha | Promoter | — | minimum 20% (post-Offer, after Offer for Sale) |
| Bhaskar Srinivasan | Promoter | — | minimum 20% (post-Offer, after Offer for Sale) |
| T P Imbichammad | Promoter Group | — | — |
| Mariyam Bicha | Promoter Group | — | — |
| Kunhamed Bicha | Promoter | 30.08% | 22.09% |
| Bhaskar Srinivasan | Promoter | 23.30% | 14.64% |
| T P Imbichammad | Promoter Group | 1.81% | 1.05% |
| Kunhamed Bicha | Promoter | — | — |
| Bhaskar Srinivasan | Promoter | — | — |
| Kunhamed Bicha | Promoter | 30.08% | — |
| Bhaskar Srinivasan | Promoter | 23.30% | — |
| Kunhamed Bicha | Promoter | 38.74% (as at 31 March 2022) | 38.19% (as at 30 November 2022) |
| Bhaskar Srinivasan | Promoter | 33.20% (as at 31 March 2022) | 32.27% (as at 30 November 2022) |
| TP Imbichammad | Promoter Group | 2.36% (as at 31 March 2022) | 1.85% (as at 30 November 2022) |
| Luquman Veedu Ediyanam | Promoter | 10.00% (as at 31 March 2022) | 9.85% (as at 30 November 2022) |
| Sareday Sheshu Kumar | Promoter | 6.97% (as at 31 March 2022) | 6.41% (as at 30 November 2022) |
| Anand Kumar | Promoter | 7.87% (as at 31 March 2022) | 7.76% (as at 30 November 2022) |
| Mariyam Bicha | Promoter Group | 0.86% (as at 31 March 2022) | 0.85% (as at 30 November 2022) |
| Kunhamed Bicha | Promoter | — | — |
| T P Imbichammad | Promoter | — | — |
| Bhaskar Srinivasan | Promoter | — | — |
| Sareday Seshu Kumar | Promoter | — | — |
| Mariyam Bicha | Selling Shareholder | — | — |
Leadership
Kunhamed Bicha · Chairman and Managing Director
T P Imbichammad · Chairman Emeritus
R M Subramanian · Chief Financial Officer
Dr. Rajesh V · Company Secretary, Compliance Officer and Legal Head
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Avalon Technologies IPO FAQs
What is the lot size of Avalon Technologies IPO?
The minimum lot size of Avalon Technologies IPO is 34 shares. One lot costs ₹14,824 at the cut-off price.
When does Avalon Technologies IPO open and close?
Avalon Technologies IPO opened for subscription on 03 Apr 2023 and closed on 06 Apr 2023.
What is the listing date of Avalon Technologies IPO?
Avalon Technologies IPO listed on 18 Apr 2023.