Avon Weighing Systems, a company engaged in the business of selling weighing systems in India listed at Rs 13.90 on the BSE against the issue price of Rs 10 at a premium of 39%.
At 9.56 am the share was trading at Rs 16.45 on the BSE. The share touched an intraday high of Rs 20 and an intraday low of Rs 13.90.The total traded quantity was 32,25,321 shares.
Avon will list around 25-30. Hold this stock for two more days to get more better return. As the issue price is Rs.10 and market cap is less than 50 crore it will show the momentum.
Avon Weighing Systems had priced its issue well. It has left a bit on the table for investors. We guess, it will do Rs 1.5 in earning per share and Rs 60-65 crore in sales for FY09. At issue price of Rs 10, it is trading at Rs 16-17 crore in market cap and available at 6 PE multiples.
DONT GO FOR THIS BAD IPO THIS WILL JUST BE MANIPULATED LIKE AISHWARYA TELECOM LOOK AT AISHWARYA 35 RS IPO PRICE WENT TO 100+ ON LISTING DAY AND NOW BACK BELOW ISSUE PRICE. THIS IS JUST TO FOOL RETAILERS WHO GET TRAPPED IN IPOS. BELIEVE ME AVON DOES NOT EVEN HAVE ANY BRAND NAME AND ITS PRODUCTS ARE NOT EVEN BEEN SOLD IF ANYONE WANT TO BURN HANDS IN IT THEY CAN DO IT AT THERE OWN RISK ITS FAIR VALUE IS NOT EVEN 5 RS. WHEN RNRL SUCH BIG NAME IS AVAILABLE AT 65 WHY SHOULD THIS COMPANY WHICH IS NOT EVEN 1/100 ON RNRL DESERVER PRICE OF MORE THAN 5 GO BY FUNDAMENTALS OR GET TRAPPED