Avalon Technologies IPO Day 2- Retail investors bid 0
时间:2024-06-26 11:10:50 阅读(143)
Avalon Technologies IPO opened for subscription on 3 April and the issue has been booked 0.09 times on day 2, with total bids of 10,77,052 shares. Qualified institutional buyers (QIBs) subscribed for none of their reserved portion. Retail investors bid 0.45 times of the shares reserved for RIIs. The NII portion garnered 5% bids so far as non-institutional investors have not demonstrated much interest in the issue so far. The IPO closes for subscription on Thursday, 6 April.
Avalon Technologies’ Rs 865 crore IPO opened for subscription on Monday and the price band for the IPO has been fixed at Rs 415-436 a share. Avalon Technologies IPO comprises a fresh issue of equity shares as well as an offer-for-sale component. Ahead of the IPO, the issue was opened for anchor investors on 31 March, Friday and raised Rs 389.25 crore. Avalon Technologies shares were commanding a negative grey market premium (GMP) of Rs 10 today. The shares of the company are expected to list on the stock exchanges on 18 April 2023.
Avalon Technologies is a fully integrated Electronic Manufacturing Services (EMS) company with end-to-end capabilities in delivering box build solutions in India, with a focus on high value precision engineered products. They also provide a full stack product and solution suite, right from printed circuit board (PCB) design and assembly to the manufacture of complete electronic systems (Box Build) to global original equipment manufacturers (OEMs) located in the United States, China, Netherlands, and Japan.
““The company largely generates its revenues from the United States (~63% of revenues), catering to the sunrise industries such as clean tech, power automation, mobility. The company has an order book of Rs 1190 crore as on November 2022 with a customer base of 80. Overall, EMS( Electronic Manufacturing Services) is expected to grow at a CAGR of 32% to reach Rs 4500 billion from the current Rs 1469 billion. Its debt to equity ratio seems to be above average of its industry peers. However, its unique offering and B2B model help Avalon with long term relationships with its diverse customers, ensuring incremental order book and steady margin. We recommend SUBSCRIBE for the long term,” said Canara Bank Securities.
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- bi, Daiichi Sankyo has said that going ahead with the open offer at this stage would be “illegal”, “an abuse of process of law”, and “gross overreach” of the pending proceedings before the Delhi High Court and also in violation of the orders of the Supreme Court. The market regulator should, therefore, hear it out before taking any call on the IHH’s proposal, it said.
The Japanese pharma major is also filing a plea before the Delhi HC seeking appointment of forensic auditors to analyse transactions involving IHH, Fortis Healthcare and RHT, Singapore, as directed by the HC on October 18.
The development is likely to create legal hurdles and delay the proposed open offer as IHH had recently told FE that it could only go ahead if Sebi agreed with its legal interpretation that the SC’s September 22 order has lifted all such restraints.
IHH managing director and CEO Kelvin Loh told FE on November 9 that the company would like to go ahead with the open offer “as soon as possible” as there has already been a delay of four years. Ravi Rajagopal, chairman of Fortis Healthcare, had added that their legal counsel has advised that the company can go ahead with the open offer as the SC order has disposed of various appeals, including the suo motu contempt. “We have represented to the Sebi and the matter is with them,” Rajagopal had said.
However, legal observers told FE that the matter is not that straightforward and simple as the Delhi HC has to take the final call on the matter of open offer as well as whether a forensic audit has to be done in the share sale which was executed in 2018.
Also Read: IHH to float open offer for Fortis if Sebi concurs with our legal view: MD & CEO
Loh and Rajagopal had said the possibility that the matter may take a different turn when it comes up in Delhi HC cannot be ruled out.
IHH had in July 2018 acquired a 31% stake in Fortis Healthcare for Rs 4,000 crore through the bidding route. It had also earmarked Rs 3,000 crore to make an open offer for an additional 26% to the public shareholders as required under the law.
Daiichi has written to Sebi that the SC in its September 22 order had asked the HC to consider ordering a forensic audit into the dilution of FHL shareholding, repeated violation of undertakings and assurance by former FHL promoters — Malvinder and Shivinder Singh — and the transaction between FHL, IHH and the clandestine transfer of Rs 4,666 crore to RHT Singapore.
Daiichi is “severely prejudiced” with IHH’s clandestine attempt to subvert the status quo order directed by the SC on December 14, 2018, and September 22 with respect to the conduct of forensic audit and the pending proceedings before the HC by purportedly consulting regulatory authorities, including Sebi, on the proposed FHL-IHH transaction. It has reiterated that the FHL-IHH transaction was currently sub-judice before the HC where FHL is also a party, its solicitors, P&A Law Offices, have said in the letter.
“We further state that any such attempt by FHL and/or IHH to proceed with the FHH-IHH transaction would be in direct contravention of the HC and SC orders,” the letter sent by the law firm has stated. Daiichi Sankyo is pursuing the enforcement of Rs 3,500-crore arbitration award against the Singh brothers pronounced by a Singapore tribunal for concealing information when they sold Ranbaxy Laboratories to it for $4.6 billion in 2008. The apex court had in 2018 put on hold the sale of Fortis Healthcare to IHH on a contempt plea filed by the Japanese drugmaker against the Singh brothers.
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