Abha Power and Steel IPO subscribed nearly 18 times on the last day; check allotment and listing date

The initial public offering (IPO) of Abha Power and Steel saw a strong response across investor categories on the last day of bidding on Friday, November 19. The NSE SME issue was subscribed 17.55 times.

According to the NSE data, the IPO received bids for 8.56 crore shares against 48.76 lakh shares on offer.

The retail category was oversubscribed by 24.93 times, while the Non-Institutional Investors’ (NII) category was subscribed 9.16 times.

In the NIIs’ category, bids were placed for 2.23 crore shares against 24.38 lakh shares on offer. The retail investors applied for 6.07 crore shares against 24.38 lakh shares set aside for the category. In the Qualified Institutional Buyers (QIBs) category applications were received for 24.56 lakh shares.

Abha Power and Steel Limited IPO details

The Abha Power and Steel IPO is a fixed price issue worth ₹38.54 crore. The SME offer comprises a fresh issuance of 41.39 lakh shares, aimed at raising ₹31.04 crore, alongside an offer-for-sale (OFS) of 10 lakh shares, worth ₹7.5 crore.

The IPO was priced at ₹75 per share, with a minimum lot size of 1,600 shares, requiring retail investors to invest a minimum of ₹1,20,000. For High Net Worth Individuals (HNIs), the minimum investment was for at least two lots (3,200 shares), amounting to ₹2,40,000.

Horizon Management Private Limited is the book-running lead manager for this IPO, while Skyline Financial Services Private Ltd serves as the registrar. Giriraj Stock Broking is appointed as the market maker for the issue.

The company's promoters include Subhash Chand Agrawal, Satish Kumar Shah, Ankit Agrawal, Atish Agrawal, Leela Devi Agrawal, and Sunflower Commotrade Private Limited. Before the issue, they held 100% of the company’s shares. After the IPO, their combined shareholding will be reduced to 72.35%.

Abha Power and Steel Limited IPO dates

The Abha Power and Steel IPO opened for subscription on Wednesday, November 27, and closed on November 29. The basis of allotment for the IPO is likely to be finalised on December 2. Unsuccessful investors can expect the refunds to be initiated by Tuesday, December 3, with the credit of shares to demat accounts of successful investors also taking place on the same day.

Abha Power and Steel Limited is scheduled to make its debut on the NSE SME platform on December 4.

Abha Power and Steel Limited IPO objectives

The net proceeds from the Abha Power and Steel IPO will finance capital expenditures to modernise and upgrade the manufacturing facilities in Bilaspur, Chhattisgarh, with the aim of expanding the company's product portfolio. The funds will also support the business's working capital requirements and be allocated for general corporate purposes.

About Abha Power and Steel Limited

Founded in 2004, Abha Power and Steel Limited specialises in the casting and manufacturing iron and steel products. The company produces a range of products, including mild steel, manganese steel, stainless steel, and both low- and high-alloy castings. Abha Power and Steel operates two foundries—SG Iron Foundry and Steel Foundry—along with its main manufacturing facility, all located in Bilaspur, Chhattisgarh. Abha Power and Steel Limited has a diverse portfolio of over 1,000 products serving various industries.