Avalon Technologies makes muted debut on the Dalal Street

18 Apr 2023 , 10:09 AM

The shares of Avalon Technologies makes debut at the upper end of issue price on NSE at Rs 436 and at 1.15% discount at Rs 431 on BSE Tuesday. 

Avalon Tech is an electronics manufacturing services firm focused on high-value precision engineered products.

The offer was subscribed 2.21 times from April 3-6 as the portion set aside for qualified institutional investors was booked 3.57 times, whereas high networth individuals and retail investors bought 0.41 times and 0.84 times against shares of the allotted quota, respectively.

Avalon Technologies will use the net proceeds from IPO for repayment of all or a portion of certain outstanding borrowings of itself and one of its subsidiaries Avalon Technology and Services. Also, the company plans to use fresh capital proceeds for funding working capital requirements and general corporate purposes.