Shares of Avalon Technologies Ltd. closed at a discount of 4.79% to the IPO price at Rs 396 on the NSE. It decreased by 10% from its opening price of Rs 436, which is a premium of 5.06% to the IPO price.
On the Bombay Stock Exchange of India, too, the stock opened at Rs 435.3, a 4.89% premium, but closed at Rs 397.45, a 4.41% discount.
The company issued the shares at a price ranging from Rs 415 to Rs 436 per share. At the upper end of the price band, the company will be d at Rs 2,847 crore.
The Rs 865 crore IPO saw 3.57 times subscription in the QIB portion and 41% subscription from HNIs. The retail portion was subscribed 0.84 times.
The Chennai-based electronics manufacturer launched its initial public offering between April 3 and April 6.
The IPO consisted of a fresh issue of shares worth Rs 320 crore and an offer for sale worth Rs 545 crore.
Avalon manufactures high-, precision-engineered products. The company says it provides a full stack of products and solutions, from printed circuit board design and assembly to end-to-end box builds of electronic systems and certain global original equipment manufacturers. It also operates as a holding company for three subsidiaries.
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