Avalon Technologies IPO muted listing, debuts at par with issue price; falls 2% post listing
时间:2024-06-26 19:13:09 阅读(143)
Avalon Technologies shares listed at Rs 436 on the NSE amid a flat domestic market. The share debuted at the same price as its issue price. The scrip touched a low of 2% at Rs 423. A positive/flat listing was expected as ahead of the market debut, Avalon Technologies shares were trading at a premium of Rs 7 in the grey market.
Avalon Technologies IPO of Rs 865 crore opened for subscription on 3 April and the issue has been booked 234% on day 3. Qualified institutional buyers (QIBs) subscribed for 3.77 times of their reserved portion. Retail investors bid for 0.88times of the shares reserved for RIIs. The NII portion garnered 43% bids so far and is oversubscribed. 54.55% of the IPO is reserved for QIBs, while NIIs can bid for 27.44% and retail investors for the remaining 18.30%. The IPO closed for subscription on 5 April. Retail investors can apply for a minimum 34 shares in one lot, and a maximum of 13 lots with 442 shares, totalling to Rs 192,712. Following the issue, the promoters’ share in the company will be diluted from 70.75% to 51.24%.
“Avalon Technologies Ltd. made its debut in the market at a listing price of 436. The company’s issue price was Rs 415-436, so shares are listed at par with no profit and no loss. Avalon Technologies is a fully integrated EMS company with end-to-end operations that deliver box-build solutions in India. The company operates in a business with high entry barriers and has a global delivery footprint. Despite its strong and stable financial performance, Avalon Technologies experienced a decline in its PAT margin during the first eight months of FY22 and currently has a high debt ratio. Investors with a high-risk tolerance may consider holding Avalon Technologies Ltd. shares long-term, with a recommended stop loss of around 405, which is the lower price band of the issue,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart following the listing.
Also Read: Zerodha’s Nikhil Kamath tells when to buy stocks, shares Buffett formula to find the right time
FII and DII trades: Foreign Institutional Investors (FII) have been net buyers of domestic stocks for successive days now. On Wednesday, FIIs pumped in Rs 2,347 crore. Domestic Institutional Investors (DII) have been net sellers, pulling out Rs 510 crore yesterday.
IPO watch: Syrma SGS Technology enters the final day of bidding today. So far the issue, that opened last week, has been subscribed 2.27 times. Retail investors have subscribed their portion 2.66 times while NIIs have bid for their quota 3.58 times and QIB portion has been bid for 0.71 times.
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