Abha Power and Steel IPO - Day 3 Subscription at 6.43 Times

Abha Power and Steel's initial public offering (IPO) has received strong investor interest over the three-day period. The IPO witnessed steady growth in demand, with subscription rates growing from 1.31 times on day one, to 3.99 times on day two, and reaching 6.43 times by 11:32 AM on the final day.

Abha Power and Steel IPO , which opened on 27th November 2024, has seen robust participation across categories. The Retail Investors segment has shown strong interest reaching 10.70 times subscription, while Non-Institutional Investors demonstrated decent participation at 2.16 times.

This positive response comes amid ongoing sentiment in the Indian stock market, particularly towards companies in the steel and power sector.

Subscription Status of Abha Power and Steel IPO:

*As of 11:32 AM

Here are the subscription details for Abha Power and Steel IPO as of Day 3 (29th November 2024, 11:32 AM):
 

Total Applications: 17,465

Note:

• Shares Offered" and "Total Amount" are calculated based on the upper price of the issue price range.
• Market Maker portion is not included in the NII category.

Key Highlights:

• Overall subscription reached strong 6.43 times on final day
• Retail investors led with robust 10.70 times subscription, worth ₹195.76 crores
• Non-Institutional Investors showed decent interest at 2.16 times subscription
• Total bids received for 3,13,64,800 shares worth ₹235.22 crores
• Applications reached 17,465, including 16,313 retail investors
• Strong retail investor confidence evident in participation
• NII portion showed steady improvement from previous days
• Final day momentum indicated positive investor sentiment
• The subscription trend showed strong retail-driven demand

Abha Power and Steel IPO - Day 2 Subscription at 3.99 Times

Key Highlights:

• Overall subscription improved to 3.99 times, showing strong momentum
• Retail investors showed good interest with 6.76 times subscription
• Non-Institutional Investors improved to 1.22 times subscription
• Day two witnessed significant increase in application numbers
• Subscription value showed substantial growth from day one
• Strong momentum building in retail segment
• NII portion demonstrated improved participation
• Day two response indicated growing investor confidence
• Market response showed balanced participation

Abha Power and Steel IPO - Day 1 Subscription at 1.31 Times

Key Highlights:

• Overall subscription opened at 1.31 times, showing decent initial response
• Retail investors led with 2.32 times subscription
• Non-Institutional Investors showed moderate interest at 0.29 times
• Opening day witnessed positive retail participation
• Initial momentum indicated market confidence
• Day one subscription showed promising start
• Retail segment demonstrated early interest
• First day response suggested good market appetite
• The subscription trend indicated potential for growth

About Abha Power and Steel Limited

Founded in 2004, Abha Power and Steel Limited has established itself as a significant player in the iron and steel casting industry. Operating from its manufacturing facility in Bilaspur, Chhattisgarh, spanning approximately 319,200 square feet, the company specializes in producing a diverse range of products including mild steel, manganese steel, stainless steel, and various alloy castings. The facility, which is ISO 9001:2015 certified, maintains a total installed capacity of 14,400 metric tonnes per annum (MTPA).

The company's strength lies in its portfolio of over 1,000 products, serving diverse industries including railways, power, and cement sectors. With notable clients such as Vishal Nirmiti Private Limited, Indian Railways, and The Indian Hume Pipe Co. Ltd., they have built strong customer relationships through consistent quality and delivery. As of April 30, 2024, the company operates with 65 employees including senior management, and benefits from strategic advantages including a captive power plant and fully equipped manufacturing facilities.

Their competitive edge is further enhanced by their strategic location, quality accreditations, and experienced management team, contributing to their financial performance despite revenue fluctuations, with PAT showing a 170% increase between FY2023 and FY2024.

Highlights of the Abha Power and Steel IPO

• IPO type: Fixed Price Issue
• IPO size: ₹38.54 crores
• Fresh Issue: ₹31.04 crores (41.39 lakh shares)
• Offer for Sale: ₹7.50 crores (10 lakh shares)
• Face value: ₹10 per share
• Issue price: ₹75 per share
• Lot size: 1,600 shares
• Minimum investment for retail investors: ₹120,000
• Minimum investment for HNI: ₹240,000 (2 lots)
• Listing at: NSE SME
• IPO opens: November 27, 2024
• IPO closes: November 29, 2024
• Allotment date: December 2, 2024
• Refund initiation: December 3, 2024
• Credit of shares: December 3, 2024
• Listing date: December 4, 2024
• Lead Manager: Horizon Management Private Limited
• Registrar: Skyline Financial Services Private Ltd
• Market Maker: Giriraj Stock Broking