Avalon Technologies, Udayshivakumar Infra get Sebi’s approval to float IPO
Electronic manufacturing services provider Avalon Technologies and construction firm Udayshivakumar Infra have received capital markets regulator Sebi’s go ahead to raise funds through initial public offerings (IPOs).
The two companies, which filed their respective preliminary IPO papers with the markets regulator during August and September 2022, obtained 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 initial share-sale.
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-Sale (OFS) aggregating up to Rs 625 crore by promoters and existing shareholders.
