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Shares of Avalon Tech slump more than 9% on debut, end at Rs 396.3

The firm's Rs 865-crore IPO-the biggest this calendar year-had garnered subscription of little over two times

stock market, market, stock brokers

BS Reporter Mumbai

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Shares of Avalon Technologies finished more than 9 per cent lower over their issue price during their stock market debut on Tuesday. After touching a high of Rs 435 and a low of Rs 389, the stock finished at Rs 396.3 versus issue price of Rs 436.

The electronic manufacturing services (EMS) firm’s Rs 865-crore IPO—the biggest this calendar year---had garnered subscription of little over two times. At the last close, Avalon was valued at Rs 2,587 crore. For the year ended 2021-22, Avalon had clocked net profit of Rs 68.2 crore on net sales of Rs 841 crore.

The company has raised Rs 320 crore through its IPO, which it plans to use for repayment of loans and funding working capital requirements.

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First Published: Apr 18 2023 | 4:05 PM IST

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