Chennai-based electronic manufacturing services provider, Avalon Technologies aims to raise Rs 865 crore through its initial public offering. The IPO that is set to open on April 3 and close on April 6 consists of a fresh issue of shares worth Rs 320 crore and an offer for sale worth Rs 545 crore. The company has priced its shares in the range of Rs 415–436 apiece.

Subscription for the IPO of Avalon Technologies Limited ended yesterday and the IPO received strong response by QIB investors on the last date of bidding. As per the Avalon Technologies IPO subscription status after closure of bidding, the public issue has been subscribed 2.34 times whereas its retail segment remained undersubscribed at 0.88 times.

In the QIB segment, the public issue worth ₹865 crore got subscribed 3.77 times. Meanwhile, it seems that the grey market has also taken note of cold response by other than QIB investors to the public issue. According to market observers, Avalon Technologies share price has dipped in the grey market today.

Market observers said that shares of Avalon Technologies are available at a premium of ₹25, which is ₹5 lower from its yesterday's premium of ₹30 per equity share. This means Avalon Technologies IPO GMP today is ₹25 and estimated listing price of the IPO by grey market is ₹461 ( ₹436 + ₹25), which is around 5 per cent higher from its issue price of ₹415 to ₹436 per equity share.