A lukewarm listing for Avalon Tech, shares debut near issue price as predicted by Anil Singhvi

Avalon Tech listing: Chennai-based Avalon Technologies' shares made a lukewarm debut in the secondary market on Tuesday, listing at the upper end of the issue price range of the company's IPO on NSE. The stock began its journey on the bourse at Rs 436 apiece. On BSE, the stock opened at Rs 431 apiece, marking a discount of 1.1 per cent to the issue price.

Earlier in the day, Zee Business Managing Editor Anil Singhvi had predicted the stock to list around the Rs 436 level. 

The market debut of Avalon Tech shares — which began trading under the symbol AVALON — comes after the IPO of the company saw a tepid response with an overall subscription of 2.3 times, with the portion reserved for retail investors being booked 88 per cent.

The stock finished the listing day at Rs 397.5 apiece on BSE and Rs 396 apiece on NSE. 

Avalon Tech is an electronics manufacturing services firm focused on high-value precision engineered products. 

EDITOR'S TAKE | Anil Singhvi suggests long-term investors to hold Avalon shares 

Zee Business Managing Editor Anil Singhvi believes long-term investors can hold the stock. Short-term investors can also buy Avalon Tech shares with a stop loss, he said.  

Avalon Tech IPO subscription

Earlier this month, the Avalon Tech share sale managed to sail through owing to strong participation by qualified institutional buyers (QIBs). 

The Avalon Tech IPO was open for subscription from April 3 to April 6. Potential investors could bid for Avalon shares in a price band of Rs 415-436 apiece in multiples of 34 — translating to Rs 14,110-14,824 per lot — under the IPO.  

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