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Abha Power and Steel's NSE SME IPO was subscribed 6.44 times, with retail investors driving demand. The price band is Rs 75 per share, with proceeds funding modernization and working capital. View More

The NSE SME initial public offering (IPO) of Abha Power and Steel Ltd. received robust demand from investors and was subscribed 6.44 times on the last day of the bidding process. The highest demand came from retail individual investors (RIIs), who subscribed to the issue nearly 11.6 times by around 12 pm. The issue, which consists of a fresh equity sale worth Rs 31.04 crore and an offer for sale (OFS) of nearly Rs 7.5 crore, will remain open for bidding until November 29. The company plans to use the net proceeds from the fresh issue to fund capital expenditures for modernizing and upgrading its manufacturing facilities in Bilaspur, Chhattisgarh, and to expand its product portfolio. Additionally, the funds will support the company’s working capital requirements. Abha Power and Steel IPO: Opening Date, Allotment, and Listing Date Abha Power and Steel’s IPO opened for subscription on November 27 and will close on November 29. Allotment for the IPO is expected to be finalized on December 2, and the tentative listing on NSE SME is scheduled for December 4. Stock TradingTechnical Analysis Made Easy: Online Certification CourseBy - Souradeep Dey, Equity and Commodity Trader, TrainerView Program Stock TradingIntroduction to Technical Analysis & Candlestick TheoryBy - Dinesh Nagpal, Full Time Trader, Ichimoku & Trading Psychology ExpertView Program Stock TradingAlgo Trading Made EasyBy - Vivek Gadodia, Partner at Dravyaniti Consulting and RBT Algo SystemsView Program Stock TradingRSI Made Easy: RSI Trading CourseBy - Souradeep Dey, Equity and Commodity Trader, TrainerView Program Stock TradingOptions Trading Made Easy: Options Trading CourseBy - Anirudh Saraf, Founder- Saraf A & Associates, Chartered AccountantView Program Stock TradingRenko Chart Patterns Made EasyBy - Kaushik Akiwatkar, Derivative Trader and InvestorView Program Stock TradingHeikin Ashi Trading Tactics: Master the Art of TradingBy - Dinesh Nagpal, Full Time Trader, Ichimoku & Trading Psychology ExpertView Program Stock TradingTechnical Analysis for Everyone - Technical Analysis CourseBy - Abhijit Paul, Technical Research Head, Fund Manager- ICICI SecuritiesView Program Stock TradingStock Investing Made Easy: Beginner's Stock Market Investment CourseBy - elearnmarkets, Financial Education by StockEdgeView Program Stock TradingComplete Guide to Stock Market Trading: From Basics to AdvancedBy - Harneet Singh Kharbanda, Full Time TraderView Program Stock TradingAdvanced Strategies in Stock Market MasteryBy - CA Raj K Agrawal, Chartered AccountantView Program Stock TradingTechnical Trading Made Easy: Online Certification CourseBy - Souradeep Dey, Equity and Commodity Trader, TrainerView Program Stock TradingROC Made Easy: Master Course for ROC Stock IndicatorBy - Souradeep Dey, Equity and Commodity Trader, TrainerView Program Stock TradingIchimoku Trading Unlocked: Expert Analysis and StrategyBy - Dinesh Nagpal, Full Time Trader, Ichimoku & Trading Psychology ExpertView Program Abha Power and Steel IPO: GMP Today The GMP (Grey Market Premium) of Abha Power and Steel is currently Rs 15 in the unlisted markets, indicating a 17% premium over the issue price. Abha Power and Steel IPO: Price Band Abha Power and Steel has fixed a price band of Rs 75 per share, with investors able to bid for 1,600 shares in one lot and in multiples thereafter. About Abha Power and Steel Established in 2004, Abha Power and Steel operates in the iron and steel foundry sector, specializing in casting and manufacturing customized products across various iron and steel grades. Its product portfolio includes mild steel, spheroidal graphite cast iron, manganese steel, stainless steel, and low- and high-alloy castings, such as high chromium and high nickel variants. As of March 31, the company's manufacturing facility had an installed capacity of 14,400 metric tonnes per annum (MTPA). For the financial year ending March 31, 2024, the company reported a 6% decline in revenue but achieved a remarkable 170% growth in profit after tax (PAT) compared to the previous year. Horizon Management Private Limited is the sole book-running lead manager for the offer. Also read | Goldman Sachs downgrades CreditAccess Grameen to sell, stock down 12% (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

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