Avana Electrosystems IPO Closes with Strong Subscription and Premium Grey Market Trading

Avana Electrosystems Ltd's IPO, priced between Rs 56 and Rs 59 per share, closed on January 14 with strong investor interest, receiving subscriptions ranging from 38.9 to 122.65 times across categories. The company, specializing in control and relay panels for power systems, plans to use proceeds for manufacturing expansion and working capital. Grey market premiums indicate a 20-27% premium over the IPO price, with shares set to list on January 19 on NSE Emerge.