Avalon Technologies shares make muted market debut; open 1% lower

NEW DELHI: Shares of Avalon Technologies made a muted market debut on Tuesday, listing with a discount of over 1 per cent on the BSE, against the issue price of Rs 436.
The stock made its debut at Rs 431, a decline of 1.14 per cent from the issue price on the BSE. It further fell 5.43 per cent to Rs 412.30.
At the NSE, shares of the firm listed at par with the issue price at Rs 436.As the trade proceeded, the stock dipped 2.98 per cent to Rs 423.
The initial public offer (IPO) of Avalon Technologies was subscribed 2.21 times on the last day of subscription on April 6.
The IPO of up to Rs 865 crore had a price range of Rs 415-436 a share.
Founded in 1999, Avalon is an end-to-end electronic manufacturing service solutions provider. It has 12 manufacturing units located across the US and India.