Avalon Technologies shares fall over 9 pc in debut trade

New Delhi: Shares of Avalon Technologies declined more than 9 per cent against the issue price of Rs 436 in its debut trade on Tuesday.

The stock made its debut 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 at 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 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.