The shares of Chennai-based Avalon Technologies made a weak debut on the stock exchanges NSE and BSE on Tuesday i.e. April 18. The shares listed among the 'B' group of securities as per exchange information. On NSE, Global Surfaces listed flat at Rs 436 apiece against the issue price of Rs 415-436 per share. The stock started its trading journey at Rs 431 apiece on BSE — a 1.15 percent discount to the issue price.

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The Rs 865 crore IPO got subscribed 2.34 times. The category for Qualified Institutional Buyers (QIBs) got subscribed 3.77 times, the Retail Individual Investors (RIIs) portion received 0.88 times subscription and non-institutional investors 0.43 times.

Avalon Technologies' IPO comprised both of fresh issuance worth Rs 320 crore and an offer for sale (OFS) worth Rs 545 crore by existing shares. The proceeds from the fresh issue will be used towards debt payment, for working capital requirements and general corporate purposes.

Ahead of the IPO, Avalon Technologies raised Rs 389.25 crore from 24 anchor investors.

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First Published:Apr 18, 2023 10:02 AM IST