Avana Electrosystems IPO subscribed 1.61 times so far on Day 1: Check price band, lot size and key dates

Avana Electrosystems IPO: The initial public offering of custom-engineered control and relay panel manufacturer Avana Electrosystems opened for subscription on Monday, January 12. The issue will conclude on January 14.

The ₹35.22 crore initial share sale, with a price band of ₹56 to ₹59 per share, is a fresh issuance of 51,76,000 shares worth ₹30.54 crore and an offer for sale of 7,94,000 shares valued at ₹4.68 crore by promoters Anantharamaiah Panish, S Vinod Kumar, K N Sreenath and Gururaj Dambal.

The fresh issue proceeds will be utilised for capital expenditure towards civil construction, internal plumbing and internal electric work to set up an integrated manufacturing unit, working capital needs, general corporate purposes and to meet offer expenses.

Avana Electrosystems IPO: Subscription status

The issue has been subscribed 1.61 times so far on Day 1, with bids for 69,08,000 shares as against 42,80,000 shares on offer, according to the BSE data until 3:05 pm.

Avana Electrosystems IPO: Lot size

A lot consists of 2,000 shares. Individual investors can apply for a minimum of two lots or 4,000 shares.

Avana Electrosystems IPO: Allotment and listing date

Avana Electrosystems makes customised control and relay panels ranging from 11 kV to 220 kV for control and protection applications, transmission lines, power system monitoring, power transformers, capacitor banks, bus bars, etc., for both indoor and outdoor usage, protection relays, MV and LV panels and substation automation systems.

These panels are utilised across various sectors and industries to assist the transmission and distribution of electrical power, like in wind power farms, solar power plants, other power generation plants, electricity board substations, power transmission stations and power utility companies.

It also manufactures relays, a device used in electrical systems to detect faults and protect equipment by analysing electrical parameters and executing protective actions.

Avana Electrosystems IPO GMP

According to media reports and investorgain.com, Avana Electrosystems' unlisted shares are trading at ₹73, reflecting a grey market premium of 23.73% against the issue price of ₹59.