Abha Power and Steel IPO Sees 2.23x Subscription On Day 2 as of 12:30 PM

On Day 2, November 28, 2024, as of 12:30 PM, the Abha Power and Steel IPO was subscribed 2.23 times, with the retail category subscribed 1.93 times. The IPO, priced at ₹75 per share, opened for bidding on November 27, 2024, and will close on November 29, 2024.

Abha Power and Steel Day 2 Subscription Status

The Non-Institutional Investors category was subscribed 0.32x until 12:30 PM on day 2 of the public offer. Abha Power and Steel IPO allotment is expected to be finalised on December 2, 2024.

According to the RHP, the IPO is a fixed-price issue worth ₹38.54 crore, comprising a fresh issue of ₹31.04 crore and an offer for sale amounting to ₹7.50 crore. Retail investors must apply for a minimum of 1,600 shares per lot, requiring a minimum investment of ₹1,20,000.

Abha Power and Steel Limited has engaged Horizon Management Private Limited as the book-running lead manager and Skyline Financial Services Private Limited as the registrar for the IPO. Giriraj Stock Broking has been designated as the market maker for the issue.

Abha Power and Steel Fund Utilisation Plans

Abha Power plans to use the net proceeds from the IPO to support several key objectives. A portion of the funds will be directed towards the modernisation and upgradation of its manufacturing facilities in Bilaspur, Chhattisgarh.

This will enable the company to expand its product portfolio and enhance its manufacturing capabilities.

Additionally, the company aims to allocate funds for its working capital requirements, ensuring smooth operations and efficient business management.

Finally, part of the proceeds will be used for general corporate purposes, contributing to the overall growth and development of the company.

About Abha Power and Steel Limited

Established in 2004, Abha Power and Steel Limited focuses on the production and casting of iron and steel products. The company provides a diverse range of offerings, such as mild steel, manganese steel, stainless steel, and both low and high-alloy castings.

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.