ABS Marine Services Limited IPO: Check Issue Date, Price, Lot Size & Company Financial

Q: When will ABS Marine Services Ltd's IPO open for subscription?

The IPO subscription window will open on May 10, 2024 .

IPO Details

Bidding Dates

09 May '24 - 14 May '24

Minimum Investment

₹1,47,000 / 1 Lot ( 1,000 Shares )

Price Range

₹140 - ₹147

Maximum Investment

₹1,47,000 / 1 Lot ( 1,000 Shares )

Retail Discount

To be announced

Issue Size

₹96.29 Cr

Investor category and sub category

Qualified Institutional Buyers | Retail Individual Investors | Non-institutional Investor |

IPO Dates

Important dates with respect to IPO allotment and listing

IPO Opening Date

May 9, 2024

IPO Closing Date

May 14, 2024

Basis of Allotment

May 15, 2024

Initiation of Refunds

May 16, 2024

Credit of Shares to Demat

May 16, 2024

IPO Listing Date

May 20, 2024

Cut-off time for UPI mandate confirmation

May 14, 2024

About ABS Marine Services Ltd

ABS Marine Services Limited, founded in October 1992, is a leading maritime company managing offshore and harbour vessels. As of December 31, 2023, the company owns five vessels, including two modern offshore vessels for the oil and gas sector and three harbour vessels serving the Indian port sector. Its operations are structured into four divisions: Ship Ownership, Ship Management, Marine Services, and Port Services.

The company manages a total of 12 vessels for a variety of clients, including government entities, public and private companies, and port authorities. Additionally, ABS Marine Services provides comprehensive crew management services for 24 vessels, encompassing oil tankers, gas carriers, bulk carriers, passenger ships, and high-speed vessels.

Their owned fleet includes state-of-the-art DP-2 multipurpose offshore supply vessels, anchor handling supply vessels, multidisciplinary marine research vessels, coastal research vessels, oceanographic fisheries research vessels, bulk carriers, gas tankers, oil tankers, passenger vessels, high-speed craft, and harbour vessels, all of which are fully chartered, managed, and manned.

ABS Marine Services operates from its main offices in Mumbai and Chennai, with additional branch and satellite offices in Cochin and Kakinada, respectively. The company's operations are supported by a network of over 40 in-house professionals.

Industry Outlook:

India's maritime sector is pivotal, contributing 95% to trade by volume and 70% by value, with a 30% global share in the ship-breaking industry.
The Sagar Mala Program aims to invest $123 billion in 415 projects, enhancing ports and logistics, targeting 2 million jobs by 2030.

ABS Marine Services Ltd IPO Details

ABS Marine Services Ltd IPO Dates

ABS Marine Services IPO is open from May 10, 2024, to May 15, 2024. The IPO will be listed on NSE Emerge.

ABS Marine Services Ltd IPO Price Band

ABS Marine Services is a book built issue IPO. The price is set at ₹140 to ₹147 per share.

ABS Marine Services Ltd IPO Lot Size

The lot size for ABS Marine Services Limited’s IPO is 1,000 shares with a minimum investment of ₹1,47,000.

ABS Marine Services Ltd IPO Objectives

The company plans to allocate the net proceeds from the issuance to the following purposes:

Acquistion of off shore vessel
Funding the working capital requirements of the company; and
General corporate purposes.

Peer Details

The companies considered by ABS Marine Services as its peers include:

Shipping Corporation Of India Limited
Seamec Limited

How to Check the Allotment Status of the ABS Marine Services Limited IPO?

Steps to check IPO allotment status on Angel One’s app:

Log in to the Angel One app
Go to the Individual order details page of the IPO that you had applied for.
Check the IPO allotment status. As such, Angel One will notify you of your IPO allotment status via push notification, email and SMS.

Contact Details of ABS Marine Services Limited IPO

Registered office: Flat No. 3, Anugraha Foundation, No. 15, Valliammal Road, Vepery, Chennai – 600007, Tamil Nadu
Phone: 044- 42914135/155
E-mail:cs@absmarine.com

IPO Financials

Particulars	Year ending on March 31, 2024	Year ending on March 31, 2023	Year ending on March 31, 2022
Revenue from Operations (in ₹ lakh)	13,515.68	11,157.51	7,163.01
Profit After Tax (PAT) (in ₹ lakh)	2,541.19	1021.68	837.77
Cash & Cash Equivalents (in ₹ lakh)	45.51	768.85	201.49
Net Worth (in ₹ lakh)	11,717.39	9,352.42	8,370.01
Debt to Equity Ratio(x)	0.14	2.04	0.11
Return on Equity (%)	16.93%	7.97%	8.35%
Return on Capital Employed (RoCE) (%)	18.67%	11.66%	9.80%
Diluted Earning Per Share (EPS)-in absolute ₹	13.09	5.29	4.50

Know before investing

Strengths

ABS Marine Services Limited has established a strong brand since 1992, building long-standing relationships with government clients and leveraging its brand for growth opportunities.
The company's diverse fleet includes 28 vessels, such as DP-2 offshore supply vessels and research vessels, offering flexibility and efficiency in chartering and ship management.
ABS Marine Services boasts an experienced management team, many former sailors and captains, with expertise in fleet diversification and strategic growth implementation.
The company's efficient acquisition strategy ensures minimal vessel deployment wait time, averaging 60 days, with in-house teams optimising operational efficiency and reducing costs.

Risks

ABS Marine Services Limited is vulnerable to client concentration, with Government and PSU contracts comprising 54% and 39% of their Fiscal 2024 revenue, increasing compliance costs and competitive pressures.
The company faces risks from the under-utilisation of its largest vessels, with seven owned vessels generating 42.25% of Fiscal 2024 revenue, affecting cash flows and profitability.
ABS Marine Services Limited's ability to collect dues is crucial, with trade receivables at 24.63% of Fiscal 2024 revenue, and delays could impact operations and cash flow.
The aging fleet, averaging 7 years, may incur rising maintenance costs and require compliance with new regulations, potentially leading to unexpected capital expenditures.