Avalon Technologies IPO share allotment expected on April 12. How to check status

On the allotment date, investors get to know the number of shares allotted to them as against the bids made. They can check the allotment status via the BSE or the registrar’s website.

Here’s how you can check the status on BSE.

Step 1: Visit the BSE Website

Step 2: Select the issue name, that is the company’s name in the drop down

Step 3: Enter the application number or PAN number to check the allotment status

The Rs 865-crore IPO, which saw tepid response in the first two days, picked up pace on the last day of the issue, thanks to heavy demand from qualified institutional buyers (QIBs). The initial share sale was subscribed 2.21 times at close with QIB subscription at 3.57 times the reserved part.

While retail investors’ portion was subscribed 84%, non-institutional bidders showed the least interest in the issue with 41% subscription.

Analysts recommended Avalon Technologies as a long-term pick and most brokerages gave a subscribe recommendation. The IPO comprised fresh issue of shares up to Rs 324 crore and an offer for sale (OFS) of up to Rs 545 crore by promoters and selling shareholders.

Avalon Technologies is one of the leading fully integrated electronic manufacturing services (EMS) companies with end-to-end operations in delivering box build solutions in India. The company provides a full stack product and solution suite, from printed circuit board design and assembly to the manufacturing of complete electronic systems.

The company plans to use proceeds from the fresh issue for the repayment of the borrowings and funding the working capital requirements. Further, residual funds will be used for general corporate purposes.

According to market sources, the grey market premium (GMP) of Avalon Technologies has seen a steep fall to just Rs 5, indicating a flattish listing on the bourses.

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