The Initial Public Offer (IPO) of Avalon Technologies was subscribed 2.21 times on the last day of subscription on Thursday, helped by huge participation from institutional buyers.

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The IPO received bids for 2.53 crore shares against 1.14 crore shares on offer, according to NSE data.

The portion for Qualified Institutional Buyers (QIBs) got subscribed 3.57 times, while the category meant for Retail Individual Investors (RIIs) attracted 84 percent subscription. The quota for non-institutional investors was subscribed 41 percent.

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The initial public offer of up to Rs 865 crore had a price range of Rs 415-436 a share. The IPO had a fresh issue aggregating up to Rs 320 crore and an offer for sale of up to Rs 545 crore by promoters and existing shareholders.

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

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) were the managers to the offer.

Shares of the company are to be listed on the BSE and NSE on April 18.

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