Avalon Technologies Limited

Avalon Technologies Limited is a fully integrated Electronic Manufacturing Services (EMS) provider, offering design, prototyping, printed circuit board assembly and complete box build manufacturing to customers across the medical, telecom, railway, power, industrial, aerospace and defense sectors. A distinguishing feature of the company is its dual manufacturing base in India and the United States, which lets it serve North American clients locally, an arrangement few Indian EMS peers can match. The company was incorporated in 1999 and is headquartered in Chennai, Tamil Nadu, with multiple manufacturing units built up over more than two decades of operations. By the time of its public offer, it had developed a sizeable order book and a long-standing client base spanning several high-reliability end markets, reflecting its position as one of the more established names in India's EMS industry. The company operates in a segment that has been expanding rapidly on the back of rising electronics content across industries and a broader push toward domestic and diversified manufacturing. Its combination of design capability, precision assembly and an India-plus-US footprint has supported healthy profitability and return ratios relative to many listed peers, positioning it to benefit as customers look to expand and de-risk their electronics supply chains.

Ahead of the issue, the company raised about Rs 389.25 crore from anchor investors at the issue price of Rs 436 per share. Participants in the anchor book included Nomura Trust, Ashoka India Opportunities Fund, Goldman Sachs, Neuberger Berman Emerging Markets Equity Fund, HDFC Mutual Fund, Aditya Birla Sun Life Insurance, HDFC Life Insurance, WhiteOak Capital, Mahindra Manulife Mutual Fund, Oaks Emerging Umbrella Fund and Principal Funds.