Avalon Technologies makes muted debut on Dalal Street

Avalon Technologies (Avalon) made a flat debut with its shares listed at par on the NSE at its issue price of Rs 436 on Tuesday. On BSE, the shares started trading at Rs 431, a discount of 1.15 per cent.

Post listing, the shares of Avalon slipped as much as 5.4% to hit a low of Rs 412.3 on the BSE. Also, its market capitalization declined to Rs2,717 crore. A total of 15.7 lakh shares changed hands over the counter on the BSE and the NSE in the first half an hour of trade.

At 11:30 AM; Avalon quoted 5 per cent lower at Rs 415 on BSE. The company proposed to use initial public offering (IPO) proceeds towards debt payment, funding working capital requirements and general corporate purposes.

Avalon Technologies is a fully integrated electronic manufacturing services (EMS) company, catering to global clients into clean energy, mobility, industrial and communications domains. 

Source: Media reports