Decent listing for Avon Weighing Systems

MUMBAI: Avon Weighing Systems, maker of platform scales and weighbridges, on Thursday made a decent listing despite the downtrend in the market and settled at Rs 11.90 on the Bombay Stock Exchange.

The company got listed at Rs 13.90 on the BSE, with a premium of 39 per cent over its issue price of Rs 10. Shares of Avon Weighing Systems witnessed an intra-day high of Rs 20 and a low of Rs 11.35.

On the volume front, it generated massive investor interest as over 3.59 crore shares exchanged hands.

The stock managed to survive the bearish trend in the market as the 30-share Sensex lost 570.51 points to close at 13,094.11 as metal, realty and banking stocks battered by investors.

The company got listed with over 1.65 crore equity shares at an issue price of Rs 10 each.

Avon Weighing Systems plans to utilise the issue proceeds to part finance expansion plans, including setting up a new facility for manufacturing of a range of weighing systems, open four showrooms for display and sales its weighing systems in Mumbai, Delhi, Chennai and Hyderabad and purchase additional premises in Mumbai.

The proposed manufacturing plant would be set up at Baddi in Himachal Pradesh with technical assistance from Tanita Corporation of Japan.