Avalon Technologies IPO closed on the last day of subscription, and it was subscribed 2.21 times

Avalon Technologies had a tepid response from investors for its maiden public issue, despite the improved equity market conditions. The IPO was oversubscribed by 2.21 times, with bids for 2.53 crore equity shares against an offer size of 1.14 crore shares on the final day of bidding, April 6.

Retail investors, who had a 10% reservation in the IPO, subscribed to 84% of the shares allotted to them, while high net worth individuals subscribed to 41% of the portion reserved for them.

Qualified institutional buyers subscribed to 3.57 times the portion set aside for them, as 75% of the offer was reserved for them.

Avalon Technologies aimed to raise INR865 crore via a public issue, with a fresh issuance of shares worth INR320 crore and an offer for sale of INR545 crore by selling shareholders, including promoters. It is worth noting that Avalon already raised INR389.25 crore via the anchor book on March 31 at INR436 per share.