The Rs 35.22 crore IPO comprised a fresh issue of shares worth Rs 30.54 crore and an offer for sale of Rs 4.68 crore by existing shareholders.
The public issue received a robust response, with overall subscription reaching 131.82 times. The non-institutional investor (NII) segment was subscribed 219.02 times, while retail investors bid 137.52 times the shares reserved for them. Qualified institutional buyers (excluding anchor investors) subscribed 54.97 times. Anchor investors had earlier picked up shares worth Rs 9.97 crore on January 9.
Avana Electrosystems is engaged in the manufacture of customised control and relay panels used in power system monitoring, control and protection applications. Its product range includes panels and relays catering to transmission lines, power transformers, bus bars and substations, with voltage applications ranging from 11 kV to 220 kV. The company operates two manufacturing facilities in Bengaluru’s Peenya Industrial Estate and employs 129 people.
Financially, the company has shown steady growth. For the year ended March 2025, Avana Electrosystems reported total income of Rs 62.93 crore and profit after tax of Rs 8.31 crore, compared with a PAT of Rs 4.02 crore in FY24. For the six months ended September 2025, the company posted a PAT of Rs 5.61 crore on income of Rs 36.28 crore.
The company plans to use the proceeds from the fresh issue primarily for setting up an integrated manufacturing unit, meeting working capital requirements and general corporate purposes.
With strong subscription numbers and a healthy grey market premium, Avana Electrosystems is heading into its listing with positive sentiment, even as investors await actual market performance on debut day.