Avalon Tech gets Sebi nod for IPO; PayMate India asked to refile draft papers

The Securities and Exchange Board of India (Sebi) has given a go-ahead to Avalon Technologies’ initial public offering (IPO) of shares worth Rs 1,000 crore.

The Tamil-Nadu based company had filed for an IPO in August 2022, which comprises fresh issue of shares worth Rs 400 crore, and an offer for sale by promoters and other entities worth up to Rs 630 crore.

The company plans to use the proceeds from the fresh issue to repay outstanding loans availed by it and its subsidiary Avalon Technology and Services Pvt Ltd, and also to meet working capital requirements.

As on June 30, 2022, the company’s consolidated debt stood at Rs 312 crore. Avalon Technologies offers fully integrated services to manufacture electronic systems to original equipment manufacturers across India, the US, China, the Netherlands, and Japan.

, DAM Capital Advisors, , and Nomura Financial Advisory and Securities are the book running lead managers to the IPO.

PayMate India IPO

Meanwhile, Sebi has asked Mumbai-based online payment services provider PayMate India to refile an updated and revised draft red herring prospectus for its initial public offering of shares.

The company had initially filed papers for Rs 1,500 crore IPO with Sebi in May 2022. The offer comprised fresh issue of shares worth Rs 1,125 crore and an offer for sale by existing shareholders worth Rs 375 crore.

PayMate India is a business-to-business (B2B) payment and service provider that digitises, automates, and streamlines payments across supply chains. It is promoted by Ajay Adiseshan and Vishvanathan Subramanian.

The company planned to use the net proceeds to expand its business by touching new geographies, besides pursuing inorganic growth opportunities.

It had roped in

, HSBC Securities, JM Financial, and Capital Markets as the investment bankers to handle the IPO.

Udayshivakumar Infra IPO
The company has received approval from the Sebi for its public issue. The construction company had filed for an IPO to raise Rs 60 crore through fresh issue of shares in October 2022.

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