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Category :
IPO
Headline :
Avalon Technologies Ltd. debuts with 1.14% discount at Rs 431.00
Date:
18/04/2023 09:50
Avalon Technologies Ltd. makes a weak debut on the bourses with scrip got listed at Rs 431.00 on the Bombay Stock Exchange, a 1.14 per cent discount to its issue price of Rs 436.00. On the National Stock Exchange, the stock was listed at Rs 436.00.
The company, which raised 1.98 Cr from initial public offering, was subscribed 1.74 times, receiving bids for 345.21 lakhs shares against the total issue size of 198.39 lakhs shares.
The company, listed under B Group Securities post its IPO, opened for subscription from Apr 03 to Apr 06.
Following a weak opening, the scrip touched an intraday high of Rs [BSEHighPrice] and a low of Rs [NSEHighPrice], before closing the session [UpDown] by [ChangePer] per cent to its listing price at Rs [ClosingPriceBSE] on the BSE.
The company anticipates using the proceeds of the issue for Prepayment or repayment of all or a portion of certain outstanding borrowings availed by the Company and one of the Material Subsidiaries, ie Avalon Technology and Services Private Limited (“ATSPL) Funding the working capital requirements of the Company General corporate purposes.
Nomura Financial Advisory & Securities (I) P Ltd.,IIFL Securities Limited,DAM Capital Advisors Limited,JM Financial Limited as lead managers & Link Intime India Private Limited is the registrar, to the issue.
Meanwhile, the broader benchmark BSE Sensex closed trade at 59,910.75, down 520.25 points, or 0.86 per cent.
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