Abha Power and Steel share price lists with decent 9% premium at ₹81.90 on NSE SME: Hits lower circuit thereafter
- Abha Power and Steel Limited share price listed with decent 9.2% premium at ₹81.90 on the NSE SME . The shares however hit lower circui thereafter
Abha Power and Steel Limited share price listed with decent 9.2% premium at ₹81.90 on the NSE SME. The shares however hit lower circuit thereafter
Abha Power and Steel share price however listed below the market expectaions. The investors had anticipated strong listing gains as was indicated by the Grey market premium and the subscription interest.
Abha Power and Steel IPO had been subscribed 18 times by day 3 or 29 November 2024, the closing day of subscribing to the IPO. The issue had been subscribed 24.93% in the retail category indicating strong interest.
Abha Power and Steel IPO Grey MArket premium or the GMP stood at ₹15 indicating that the Abha Power shares were available in Grey MArket at ₹15 premium over the issue price. Also it indicated that market prticipants were anticipating listing of Abha Power Steel shares at ₹90, 20% premium over the upper band of the issue price ₹20.
Against firm expectaions the listig of Abha Power and steel shares at 9.2% premium was below expectations
Abha Power and Steel share prices after listing corrected 5% to ₹77.80, which also stands to be the lower price band. Hence Abha Power and Steel share prices hit lower circuit.
The Abha Power and Steel initial public offering (IPO) was a fixed price IPO of ₹38.54 crores. The offering consistsed of an offer to sell 10 lakh shares for a total of ₹7.50 crores and a new issue of 41.39 lakh shares worth ₹31.04 crores.
Abha Power and Steel Ltd proposed to utilize the Net Proceeds from the issue of fresh shares towards funding the capital expenditure towards modernization and upgradation of the manufacturing facilities in Bilaspur, Chhattisgarh to expand its product portfolio. Some portion of IPO proceeds is to be used for meeting working capital requirements and for General Corporate Purposes.
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