Electronic manufacturing services provider Avalon Technologies and construction establishment Udayshivakumar Infra have entered capital requests controller Sebi’s go ahead to raise finances through original public immolations (IPOs).
The two companies, which filed their separate primary IPO papers with the requests controller during August and September 2022, attained observation letters from it on January 16, an update with the Securities and Exchange Board of India (Sebi) showed on Monday.
In Sebi’s parlance, its observation implies its go ahead to launch the original share- trade. Going by the draft papers, the IPO of Avalon Technologies comprises fresh issue of equity shares worth up to Rs 400 crore and an Offer- for- trade (OFS) adding up to Rs 625 crore by promoters and being shareholders.
The company may consider raising Rs 80 crore through a pre-IPO placement, and if such a placement is accepted, the size of the fresh issue will be reduced. Proceeds from the fresh issue would be used towards debt payment, funding working capital conditions and general commercial purposes.
innovated in 1999, Avalon is an end- to- end electronic manufacturing service results provider and counts Kyosan India, Zonar Systems Inc, Collins Aerospace, e-Infochips, The US Malabar Company, Meggitt (Securaplane Technologies Inc) and Systech Corporation as some of its crucial guests.
As per the draft papers, Udayshivakumar Infra’s IPO consists of fresh issue of equity shares adding up to Rs 60 crore. Proceeds of the issue will be used to fund incremental working capital conditions and general commercial purposes.
Udayshivakumar Infra is in the business of construction of roads. It bids for roads, islands, conduits, and artificial area construction systems in Karnataka, including government departments. Shares of both the companies will be listed on the BSE and National Stock Exchange (NSE).
About Avalon Technologies
Established more than two decades ago in a small suburban household, our entrepreneurial founders started assembling circuit boards in Fremont, California back in 1995. What began as an initiative has today expanded into a global manufacturing footprint with 1900+ employees as on 31st March 2022. We still make things and we strive to make them better – for our people, our customers, our communities, and the world.
About Udayshivakumar Infra limited
Udayshivakumar Infra Limited. Was incorporated in the year 1995 and promoted for execution of infrastructure projects. The main objective defined and set before the company by the Founding Board was to develop activities in small and medium industrial projects in addition to looking for opportunities in major industrial and infrastructure projects.
Initial thrust of the company was in Contractions projects like cement, steel, Bitumen and RMC, Crusher, part of the private sector, where timely completion and quality were of paramount importance requiring high degree of devotion and commitment of engineering skills. The company developed its core strength in executing High Altitude Road Projects, Canal Projects, Bridge Projects, and Buildings Projects.
Starting with a modest turnover of Rs 0.10 Cr in 1995-1996, the company has achieved a turnover of Rs 224.93Cr by 2020-2021. The company is enlisted as a special class contractor with Govt. of Karnataka to achieve higher goals by developing a strong foundation.