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Avalon Technologies’ initial share sale received a lukewarm response from investors, with the offer getting subscribed 9 per cent on the second day of subscription on Wednesday.

The Initial Public Offering (IPO) received bids for 10.77 lakh equity shares against 1.14 crore shares on offer, according to the data available with the National Stock Exchange (NSE).

The three-day issue, which will close on Thursday, has received 45 per cent subscription from Retail Individual Investors (RIIs).

The quota for Non-Institutional Investors (NIIs) was subscribed 5 per cent while Qualified Institutional Buyers (QIBs) quota remained unsubscribed on the second day.

On Friday, Avalon Technologies said that it has raised a little over Rs 389 crore from anchor investors.

The IPO comprises a fresh issue of aggregating Rs 320 crore and an offer for sale of up to Rs 545 crore by promoters and existing shareholders.

The company has fixed a price band of Rs 415-436 per share.

Proceeds from the fresh issue would be used towards debt payment, funding working capital requirements and general corporate purposes.

Founded in 1999, Avalon is an end-to-end electronic manufacturing service solutions provider. It has 12 manufacturing units located across the US and India.

JM Financial, DAM Capital Advisors, IIFL Securities and Nomura Financial Advisory and Securities (India) Pvt Ltd are the merchant bankers for the IPO.

Shares of the company are to be listed on the BSE and NSE on April 18. PTI HG SHW RAM