Avon Moldplast Ltd. debuts with 1.96% premium at Rs 52.00
26/07/2018 21:30
Avon Moldplast Ltd. makes a strong debut on the bourses with scrip got listed at Rs 52.00 on the Bombay Stock Exchange, a 1.96 per cent premium to its issue price of Rs 51.00. On the National Stock Exchange, the stock was listed at Rs 52.00.

The company, which raised 0.09 Cr from initial public offering, was subscribed 1.31 times, receiving bids for 11.58 lakhs shares against the total issue size of 8.84 lakhs shares.

The company, listed under ST Group Securities post its IPO, opened for subscription from Jul 12 to Jul 18.

Following a strong opening, the scrip touched an intraday high of Rs 54.00 and a low of Rs 49.50, before closing the session up by 2.45 per cent to its listing price at Rs 52.25 on the NSE.

The company anticipates using the proceeds of the issue for a To acquire additional molds of chair, cupboard, table etc at the existing manufacturing facilities of the Company located at A/, South of G T Road Industrial Area, Electrosteel Casting Compound, Ghaziabad , Uttar Pradesh,b To meet the incremental working capital requirements,c General Corporate Purpose.

Turnaround Corporate Advisors Pvt. Ltd. as lead managers & MAS SERVICES LIMITED is the registrar, to the issue.

Meanwhile, the broader benchmark NSE Nifty closed trade at 11,167.30, up 35.30 points, or 0.31 per cent.