Avalon Tech IPO subscribed 9% by second day

Avalon Technologies' initial public offering received a tepid response from investors and got subscribed 9 per cent on the second day of subscription on Wednesday.

According to the NSE data, the Initial Public Offering (IPO) received bids for 10.77 lakh equity shares against 1.14 crore shares on offer.

The three-day issue, which will close on Thursday, has received 45 per cent subscription from Retail Individual Investors (RIIs) while the HNI (non-institutional investors) portion was subscribed 5%. 

Qualified Institutional Buyers (QIBs) quota remained unsubscribed on the second day.

The IPO comprises a fresh issue of aggregating Rs 320 crore and an offer for sale of up to Rs 545 crore by promoters and existing shareholders.

The company fixed the price band at Rs 415-436 per share.