Within minutes of listing, the scrip of the company touched an intra-day high of Rs 20 and as many as 32.25 lakh shares exchanged hands on the BSE.
Shares of the company were trading at Rs 16.45 at 9.56 am on the BSE.
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 the funds required for 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 to 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.
