ABS Marine Services share price lists with stellar 100% premium over the issue price at ₹147, on the NSE SME

ABS Marine Services share price listed  with stellar  100% premium at ₹294 on the NSE SME on Tuesday. The issue had opened for subscription on Friday 10, May 2024 and closed on Wednesday , 15 May 2024. 

The ABS Marine Services share price wa already being expected to see a strong opening as was indicated by Grey Market Premium or GMP. 

The ABS Marine Services IPO had received strong response and had been subscribed more than 144 times by the end of last day of subscription. The retail portion had been subscribed by almost 110 times . 

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The Grey Market premium or GMP for ABS Marine Services stood at ₹115 as per investorgain.com. This meant ABS Marine Services share was trading in the grey market with at premium of ₹115 over the issue price of ₹147 or commanding 78.23 % premium. In other words the grey market premium (GMP) of ABS Marine Services  indicated that investors were expecting ABS Marine Services share price to list 78.23 % higher over the issue price of ₹115 at ₹262. 

Through issuance of new 65.5 lakh shares ABS Marine Services  intended to raise more than ₹96.29 crore through the IPO. Investors had to choose to place  bids for a minimum of 1000 shares and multiples thereafter.

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ABS Marine Services intends to use the proceeds for the acquisition of off shore vessel, for funding the working capital requirements of the Company; and also for general corporate purposes.

Ship Ownership, Ship Management, Marine Services, and Port Services are broadly the four business divisions of ABS Marine Services. ABS Marine Service as of December 31, 2023 was managing a total of 12 vessels for the government, public companies, private companies and port authorities. Additionally, 24 other boats, including gas carriers, oil tankers, bulk carriers, passenger ships, and high-speed vessels, were being served by ABS Marine Services' crew management services.