Based on the upper end of the price band at Rs 59, the GMP implies a potential listing price of around Rs 83, translating into a premium of roughly 40% over the issue price. However, investors are advised to caution that grey market trends are unofficial and can shift sharply depending on subscription momentum and overall sentiment closer to listing.
The Bengaluru-based power systems solutions company is looking to raise about Rs 35 crore through a book-building issue and will list on the NSE SME platform. The issue closes on Wednesday, January 14, with shares scheduled to make their market debut on January 19.
Issue structure and pricing
The Avana Electrosystems IPO comprises a fresh issue of 0.52 crore shares aggregating to about Rs 30.5 crore and an offer for sale of 0.08 crore shares worth roughly Rs 4.7 crore. The price band has been fixed at Rs 56 to Rs 59 per share.
At the upper price band, the company is valued at a pre-IPO market capitalisation of about Rs 134 crore. The lot size is set at 2,000 shares, making the minimum retail investment sizable at Rs 2,36,000 for an application of 4,000 shares. High net-worth investors need to bid for at least 6,000 shares, requiring an investment of Rs 3,54,000.
Nearly 47% of the issue has been reserved for qualified institutional buyers, including anchor investors, while retail investors account for about 33% of the net offer. Non-institutional investors have been allocated close to 14.5%.
Company background
Incorporated in 2010, Avana Electrosystems is engaged in the design and manufacture of customised control and relay panels used in power transmission and distribution infrastructure. Its product range spans control and relay panels from 11 kV to 220 kV, protection relays, substation automation panels, and related systems used in transmission lines, transformers, bus bars and capacitor banks.
The company operates two manufacturing units in the Peenya Industrial Estate in Bengaluru and caters to utilities, EPC contractors and industrial clients across India. As of August 2025, Avana employed 129 people.
Financial performance and use of proceeds
For the year ended March 2025, Avana reported revenue of Rs 62.9 crore and profit after tax of Rs 8.31 crore, compared with revenue of Rs 53.3 crore and profit of Rs 4.02 crore in the previous year. In the six months ended September 2025, the company posted revenue of Rs 36.3 crore and profit of Rs 5.61 crore, indicating steady growth and margin expansion.
The company plans to deploy the IPO proceeds primarily towards setting up an integrated manufacturing unit, including civil construction and internal electrical and plumbing works, at an estimated cost of Rs 11.6 crore. A further Rs 8.4 crore will be used to fund working capital requirements, with the balance earmarked for general corporate purposes.
Asnani Stock Broker is the market maker, while Indcap Advisors is the book-running lead manager and Integrated Registry Management Services is the registrar.
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