The fixed price at par IPO by Avon Weighing Systems Limited was listed at Rs 13.90 on the BSE today, commanding a 39% premium over the Issue price of Rs 10. The Company, engaged in the business of selling weighing systems in India, had received an overwhelming response from investors and it was subscribed 45 times. Keynote Corporate Services Limited was the Lead Manager for the Issue and Datamatics Financial Services Limited is the Registrar to the Issue.

The company had entered the capital markets on 9th June 2008 with a public issue of 1,37,33,033 Equity Shares of Rs 10 each at par aggregating to Rs 1373.30 lacs. Avon proposes to part finance its Rs 17.30 crore plan through the net proceeds of the Issue. The plan include setting up of facility for manufacturing of a range of weighing systems, open four showrooms for display and sale of its weighing systems in Mumbai, Delhi, Chennai and Hyderabad, and purchase of additional office premises in Mumbai.

The proposed manufacturing plant will be set up at Baddi in Himachal Pradesh with technical assistance from Tanita Corporation of Japan. Avon will be able to enjoy fiscal incentives provided by the Himachal Pradesh government for setting up plant at Baddi.

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About Avon Weighing Systems:

Avon is the authorised dealer and one of the distributors of Tanita and A&D products (weighing systems) in India since 1999. Tanita Corporation (Tanita) and M/s A&D Company Ltd. (A&D), both companies from Japan, are weighing scale manufacturers in their range of products. Weighing systems from both are renowned for their precision and consistency. These balances are particularly used in industries such as gems and jewellery, pharmaceuticals and chemicals, research and development laboratories, defense, etc, where precision weighing is critical.