Secondary Market Update:

  • The momentum in the equity markets started to normalize with Nifty and Sensex gaining by 4.06% and 3.60% respectively over the previous month.
  • Foreign Portfolio investors made their highest buying of 2023 in April to the tune of Rs. 11,631 Crores in Indian Equities. This would be the second consecutive month where FPIs are buyers. Whereas, FPIs are net sellers in a hybrid market with an outflow of Rs 126 Crores.
  • Strong Q4 results were announced by banking and auto companies that have boosted the morale of FIIs and DIIs leading to both ending up as net buyers.
  • The big reason for shift towards more positive FPI flows was due to RBI MPC decision to hold rates at 6.5%. Leading to a lot of FPI inflows into the rate sensitive sectors like banks, NBFCs and auto.

Primary Market Update:

  • There were 2 main board IPOs in April, 2023 of Avalon Technologies Limited, and Udayshivakumar infra Limited against 2 main board IPOs in March, 2023. However there were 3 SME IPOs in April, 2023 as against 13 SME IPOs in March, 2023.

Avalon Technologies Limited


Incorporated in 1999, Avalon Technologies Limited is a leading fully integrated Electronic Manufacturing Services company. The company is one of the leaders in the segment in India in terms of revenue in FY22 with revenue of Rs 841 Crores.

Funds Utilization

From the net proceeds of the fresh equity shares issue, ATL will spend Rs. 145.00 cr. for repayment/prepayment of certain borrowings, Rs. 90.00 cr. for working capital and the rest for general corporate purposes.

IPO Performance

The company came with a revised IPO size of Rs. 865 Crores, consisting of a fresh equity issue worth Rs. 320.00 Crores and an offer for sale of Rs. 545.00 Crores. With a price band of Rs. 415 – Rs. 436 for an equity share of Rs. 2 face value. The issue was fully subscribed. The issue constitutes 30.39% of the post-IPO paid-up capital of the company.

Udayshivakumar Infra Limited


Incorporated in 2019, Udayshivakumar Infra is engaged in the business of construction of various road projects, including national and state highways, district roads and smart roads under PM’s smart city mission projects etc.

Funds Utilization

The proceeds from the IPO will be used towards funding the incremental working capital requirements and General Corporate Purposes.

IPO Performance

The IPO size was of Rs 66 Crores with a fixed price band of Rs 33-35. The stock made a debut at Rs 30 on NSE against the IPO price of Rs 35. The initial share sale received a strong response from investors with the issue getting subscribed a massive 30 times. However, the stock listed at a discount of 14%.

Funds Mobilization by Corporates (In Crore Rs.)


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This material has been prepared by the personnel in Vora Corporate Finance which is Investment Banking arm of Vora Management Consultancy Private Limited and looks after Mergers & Acquisitions (M&A), Private Equity (PE), Fund Raising, Debt syndication and Valuations and is based out of Ahmedabad, Gujarat, India. Any views or opinions expressed herein are solely that of individual authors and may differ from view of Vora Management Consultancy Private Limited. This material is proprietary to Vora Management Consultancy Private Limited and is for your personal use only. Any distribution, copy, reprints or forward to others is strictly prohibited.

This material captures the information based on information available in the public domain, public announcements and sources believed to be reliable. Analysis contained herein is based on publicly available information and appropriate assumptions. This material is intended merely to highlight market developments and is not intended to be comprehensive and does not constitute strategic, investment, legal or tax advice. In no event Vora Management Consultancy Private Limited be liable for any use by any party or for any decision made or action taken by any party in reliance upon, or for any inaccuracies or errors in, or omissions from, the information contained herein and such information may not be relied upon by you for evaluating any transaction. 

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