About Abha Power & Steel:
Founded in 2004, Abha Power and Steel produces steel and iron goods. The company manufactures a range of goods, such as stainless steel castings, mild steel, and manganese steel. Its production plant, which is roughly 319,200 square feet in size, is situated in Bilaspur, Chhattisgarh. The company serves a number of industries, including cement, steel, and power, and makes parts for the Indian Railways.
IPO Listing of Abha Power & Steel:
Today, shares of Abha Power and Steel, a maker of iron and steel products, had a respectable debut on the NSE SME. At Rs 81.90 each, shares were launched at a premium of Rs 6.90, or 9.2%, above the Rs 75 IPO allotment price. Nevertheless, the company’s stock fell 5% from the listing price to Rs 77.80 in less than 20 minutes after listing, hitting the lower circuit on the exchange. Before trading was stopped, about 0.20 million shares, worth Rs 16.09 crore, were exchanged during the session.
Because the company’s shares were trading at a strong premium in the unofficial markets, Abha Power IPO listing was below the gray market trends. According to sources monitoring grey market activity, Abha Power and Steel was trading at a premium of Rs 15 over the issue price prior to listing, resulting in a GMP of 20%.
NEWS Updates On Abha Power & Steel:
The IPO for Abha Power and Steel closed subscriptions on Friday, November 29, 2024. The issue was oversubscribed by more than 18 times, indicating a respectable level of investor interest. A new issue of 4,139,200 market shares and an offer for sale (OFS) of one million shares make up the Rs 38.54 crore offering. The public sale had a lot size of 1600 and was priced at Rs 75 each. On Monday, December 2, 2024, the allocation for the Abha Power and Steel IPO was finalized.
Horizon Management is the book running lead manager, and Skyline Financial Services is the issue’s registrant. In order to extend its product line, the business stated in its Red Herring prospectus that it would use the net proceeds to finance capital expenditures for the modernization and upgrade of its manufacturing facilities in Bilaspur, Chhattisgarh. The remaining money will be used for general business needs and working capital requirements.
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Authored by – Deepa Trivedi
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