Abha Power and Steel IPO Opens Today: All You Need to Know

Abha Power and Steel IPO opens for bidding on November 27, 2024 and closes on November 29, 2024. Abha Power and Steel IPO allotment is expected to be finalised on December 2, 2024. As per RHP, The IPO is a fixed price issue of ₹38.54 crore, which is a combination of a fresh issue of ₹31.04 crore and an offer for sale of ₹7.50 crore. The price for the IPO has been set at ₹75 per share. The minimum lot size for an application is 1,600 Shares, which results in a minimum amount of investment for retail investors of ₹1,20,000.

Abha Power and Steel Limited have appointed Horizon Management Private Limited as the book-running lead manager, while Skyline Financial Services Private Ltd is the registrar for the issue. The market maker for Abha Power and Steel IPO is Giriraj Stock Broking.

Abha Power IPO Subscription

At 1:10 PM on Day 1, Abha Power and Steel IPO subscribed 0.52 times. The public issue subscribed 0.92 times in the retail category, and 0.12 times in the NII category

Objects of Abha Power and Steel IPO

Abha Power proposes to use the net proceeds towards funding the following objectives:

• Funding the capital expenditure towards modernization and upgradation of the manufacturing facilities in Bilaspur, Chhattisgarh to expand its product portfolio;
• Funding working capital requirements of the Company; and
• General Corporate Purposes.

About Abha Power and Steel Limited

Founded in 2004, Abha Power and Steel Limited specializes in casting and manufacturing iron and steel products. The company offers a broad range of products, including mild steel, manganese steel, stainless steel, and low and high-alloy castings. Abha Power and Steel operates two foundries—SG Iron Foundry and Steel Foundry—in Bilaspur, Chhattisgarh. The manufacturing facility spans approximately 319,200 square feet.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.