Avalon Technologies Limited | Globe Capital Market LTD.
Avalon Technologies Limited
Price Band
₹415 to ₹436 per share
IPO Issue Period
Apr 3, 2023 to Apr 6, 2023
Issue Size
₹865.00 Cr
Face value
₹2 per share
Fresh issue
₹320.00 Cr
Offer for sale
₹545.00 Cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
Apr 18, 2023

Avalon Technologies Limited is one of the leading fully integrated EMS companies with end-to-end capabilities in delivering box build solutions in India in terms of revenue in Fiscal 2022 (source: F&S Report), with a focus on high value precision engineered products. Through a unique global delivery model (source: F&S Report), it provides a full stack product and solution suite, right from PCB design and assembly to the manufacture of Box Build, to certain global OEMs, including OEMs located in the United States, China, Netherlands and Japan. Through its end-to-end capabilities, it believes its customers may achieve tangible benefits such as reduced manufacturing costs, improved supply chain management and reduced inventory obsolescence.

Its capabilities include PCB design and assembly, cable assembly and wire harnesses, sheet metal fabrication and machining, magnetics, injection molded plastics and end-to-end box build of electronic systems. The Company specializes in manufacturing and providing design support for critical integrated assemblies, sub-assemblies, components and enclosures for multiple industry verticals.

The EMS sector is a sizeable industry globally and in India, and is expected to grow at a significant pace. While the EMS market in India was valued at Rs. 1469 billion (US$20 billion) in Fiscal 2022 and is expected to grow at a CAGR of 32.3% to reach a value of Rs. 4502 billion (US$60 billion) in Fiscal 2026, the EMS market in the United States was valued at approximately US$140 billion in 2021 and is expected to grow at a CAGR of 6.1% to reach US$188 billion by 2026. (Source: F&S Report).

For year/ period ended ( in Cr.)

H1FY22 FY21 FY20
Total Revenue 851.65 695.90 653.15
Profit After Tax 68.16 23.08 12.33
EPS 11.30 4.01 2.21
OPM (%) 10.1% 4.1% 2.3%
PATM(%) 8.0% 3.3% 1.9%


  • It is end to end integrated solutions, providing a “One Stop Shop” for electronics and electro – mechanical design and manufacturing services.
  • High entry barriers to business through its collective cross-industry experience, customer engagement capabilities and leading position in the high mix flexible volume product manufacturing segment.
  • It has well-diversified business leading to strong growth avenues.
  • It has established relationships with marquee customer base.
  • It has global delivery footprint with high quality standards and advanced manufacturing and assembly capabilities.
  • Strong financial performance, stable cash flows and visible growth profile.
  • A strong order book of Rs. 1190+ cr. as of November 30, 2022, indicates future prospects of the company.
  1. Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company and one of the Material Subsidiaries, i.e. Avalon Technology and Services Private Limited (ATSPL);
  2. Funding the working capital requirements of the Company;
  3. General corporate purposes.

Avalon Technologies Limited enjoys a niche place in the segment it operates as a most preferred partner. Based on its latest financial data, the issue appears fully priced. Hence, investors may subscribe it with a medium to long-term perspective.

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