Avalon Technologies jumps nearly 3% after Goldman Sachs buys 3.5 lakh shares in firm

Goldman Sachs bought a stake in Avalon Technologies on Tuesday post-listing. According to the NSE bulk deal data, a total of 3,50,230 shares were bought by the global investment firm. Goldman Sachs (MAURITIUS) also bought 4,45,405 shares through a bulk deal.

Last seen, shares of Chennai-based Avalon Technologies traded nearly 3 per cent higher on BSE at Rs 409.35 apiece, and on NSE, the scrip quoted Rs 409.45 which was 2.88 per cent on the upside.

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

Avalon Technologies' shares made a tepid 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 debuted at Rs 431, a decline of 1.14 per cent from the issue price on the BSE. During the day, it fell 11 per cent to Rs 387.75. Shares of the company ended at Rs 397.45 apiece, lower by 8.84 per cent.

On NSE, shares of the firm are listed at par with the issue price of Rs 436. The stock ended at Rs 396 each, a decline of 9.17 per cent.

In volume terms, 3.17 lakh shares of the company were traded on BSE and over 47.58 lakh shares on NSE during the day.

The company commanded a market valuation of Rs 2,595.05 crore.

In the equity market, the 30-share BSE Sensex fell 183.74 points or 0.31 per cent to settle at 59,727.01.

The initial public offer (IPO) of Avalon Technologies was subscribed 2.21 times on the last day of subscription on April 6.

The Rs 865 crore IPO 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.

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