Avalon Technologies IPO Basis of Allotment

^ There has been no primary issuance (Equity Shares/convertible securities), excluding the issuance of bonus shares and there have been no secondary sale/acquisitions (Equity Shares/convertible securities) where the Promoters, members of the Promoter Group, Selling Shareholders, or Shareholder(s) having the right to nominate directors) on the board of directors of the Company are a party to the transaction (excluding gifts), in last 18 months prior to the date of the Prospectus, where such issuance is equal to or more than 5% of the fully diluted paid-up share capital of the Company.

* Since there were no primary or secondary transactions of equity shares of the Company during the 18 months preceding the date of the Prospectus, information for last five primary or secondary transactions (secondary transactions where Promoter/Promoter Group entities or Selling Shareholders or shareholder(s) having the right to nominate directors) in the Board of Directors of our Company, are a party to the transaction), not older than three years prior to the filing of the Prospectus irrespective of the size of transactions has been considered.

Notes: 1) Market Data as of March 16,2023, sourced from BSE. 2) Industry average of listed peers has been calculated as an average of Kaynes Technology India Limited, Syrma SGS Technology Limited. Dixon Technologies (India) Limited and Amber Enterprises India Limited.

The Offer was made through the Book Building Process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR") read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(2) of the SEBIICDR Regulations, wherein not less than 75% of the Offer was made available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIBs", the "QIB Portion"). Our Company and the Promoter Selling Shareholders in consultation with the BRLMs, allocated 60% of the QIB Portion to Anchor Investors on a discretionary basis (the "Anchor Investor Portion"). One-third of the Anchor Investor Portion was reserved for domestic Mutual Funds, subject to valid Bids having been received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price in accordance with the SEBI ICDR Regulations. Further, 5% of the Net QIB Portion was made available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion was made available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids having been received at or above the Offer Price. In the event the aggregate demand from Mutual Funds was less than as specified above, the balance Equity Shares available for Allotment in the Mutual Fund Portion would be added to the Net QIB Portion and would be allocated proportionately to the QIB Bidders (other than Anchor Investors) in proportion to their Bids. If at least 75% of the Offer cannot be Allotted to QIBs, then the entire application money will be refunded forthwith. Further, (a) not more than 15% of the Offer was made available for allocation to Non-Institutional Investors (out of which one third was reserved for Bidders with Bids exceeding Rs. 0.20 million and up to Rs. 1.00 million and two-thirds was reserved for Bidders with Bids exceeding Rs. 1.00 million) and (b) not more than 10% of the Offer was made available for allocation to Retail Individual Investors in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received from them at or above the Offer Price. All potential Bidders, other than Anchor Investors, were mandatorily required to participate in the Offer through the Application Supported by

Blocked Amount ("ASBA'') process by providing details of their respective ASBA Account (as defined hereinafter) and UPI ID in case of UPI Bidders, as applicable, pursuant to which the corresponding Bid Amount, which were blocked by the Self Certified Syndicate Banks ("SCSBs") or the Sponsor Bank(s), as the case may be, to the extent of their respective Bid Amounts. Anchor Investors were not permitted to participate in the Anchor Investor Portion through the ASBA process. For details, see "Offer Procedure" beginning on page 518 of the Prospectus.

The bidding for Anchor Investor opened and closed on Friday, March 31, 2023. The company received 24 applications from 19 Anchor Investors for 9,211,654 Equity Shares. The Anchor Investor Offer Price was finalized at Rs. 436 per Equity Share. A total of 8,927,751 Equity Shares were allocated under the Anchor Investor Portion aggregating to Rs. 3,892,499,436.00

The Offer received 36, 290 banked applications for 34,570,554 Equity Shares (including applications from Anchor Investors and prior to technical rejections) resulting in 1.74 times subscription. The details of the applications received in the Offer from various categories (including Anchor Investors) are as under: (before technical rejections):

Final Demand

A summary of the final demand as per BSE and NSE as on the Bid/Offer Closing Date at different Bid prices is as under:

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being NSE on April 12, 2023.

The IPO Committee of our Company on April 12, 2023 has taken on record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange, being NSE and has allotted the Equity Shares to various successful Bidders. The Allotment Advice-cum- Intimations and/ or notices have been dispatched to the email id or address of the investors as registered with the depositories. Further, the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfer to Public Offer Account have been issued on April 12, 2023 and payment to non-Syndicate brokers have been issued on April 12, 2023. In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Equity Shares Allotted to the successful Allottees have been uploaded on April 13, 2023 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application with NSE and BSE on April 13, 2023. The Company has received listing and trading approval from BSE and NSE and the trading will commence on April 18, 2023.

Note: All capitalised terms used and not specifically defined herein shall have the same meaning as ascribed to them in the Prospectus.

The details of the allotment made will be hosted on the website of the Registrar to the Offer, Link Intime India Private Limited at : www.linkintime.co.in

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the First/ sole Bidder, Bid cum Application Form number, Bidder DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares applied for, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and a copy of the Acknowledgment Slip received from the Designated Intermediary at the address given below:

	Link Intime India Private Limited
	C-101, 247 Park, 1st Floor, L.B.S. Marg, Vikhroli (West)
	Mumbai - 400 083, Maharashtra. India
	Tel: + 91 22 4918 6200/ 81081 14949
	E-mail: avalontec.ipo@linkintime.co.in
	Website: www.linkintime.co.in
	Investor Grievance E-mail: avalontec.ipo@linkintime.co.in
	Contact person: Shanti Gopalkrishnan
	SEBI Registration No: INR000004058

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING OR THE BUSINESS PROSPECTS OF AVALON TECHNOLOGIES LIMITED.

AVALON TECHNOLOGIES LIMITED has filed the Prospectus dated April 7, 2023 with RoC on April 7, 2023, and thereafter with SEBI and Stock Excahnges. The Prospectus shall be available on the website of SEBI at www.sebi.gov.in, websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively, and is available on the websites of the BRLMs, i.e. JM Financial Limited, DAM Capital Advisors Limited, IIFL Securities Limited and Nomura Financial Advisory and Securities (India) Private Limited at www.jmfl.com, www.damcapital.in, www.iiflcap.com and www.nomuraholdings.com/company/group/asia/india/index.html, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section entitled "Risk Factors" on page 41 of the Prospectus. Potential investors should not rely on the DRHP filed with SEBI for making any investment decision.

The Equity Shares have not been and will not be registered under the U.S. Securities Act. and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are only being offered and sold (i) within the United States to "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act) in private transactions exempt from the registration requirements of the U.S. Securities Act. and (ii) outside the United States in offshore transactions in reliance on Regulation S and the applicable laws of the jurisdiction where those offers and sales occur. There will be no public offering of the Equity Shares in the United States.