Avon Weighing system to raise Rs 13.73 cr via IPO

Mumbai, June 4 (UNI) Avon Weighing System Limited, an authorised dealer and distributor of Japanese Tanita and A&D products in India, today announced raising Rs 13.73 crore through an Initial Public Offering (IPO) of 1.37 crore shares, opening on June 9.

The issue, priced at Rs 10 per equity share, will close on June 12 and is proposed to be listed on Bombay Stock Exchange and National Stock Exchange, the Company stated here today.

The Company proposes to part finance its Rs 17.30 crore plan through proceeds of the issue. The plan includes setting up a 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 additional office premises in Mumbai, Vice Chairman of Keynote Corporate Services, the lead manager for the issue, B Madhuprasad told newsmen.

The proposed manufacturing plant will be set up at Baddi in Himanchal Pradesh with technical assistance from Tanita Corporation of Japan, he added.

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