Avalon Technologies Closes At Nearly 5% Discount To IPO Price On Market Debut
On the BSE, too, the stock opened at Rs 435.3, a 4.89% premium, but closed at Rs 397.45, a 4.41% discount.
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 valued 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-value, 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.