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The initial public offer (IPO) of ABS Marine Services received bids for 62,67,73,000 shares as against 65,50,000 shares on offer. The issue was subscribed 95.69 times.
The Retail Individual Investors (RIIs) category put in bids for 24,20,52,000 shares. The Non Institutional Investors (NIIs) category put in bids for 25,05,04,000 shares. The Qualified Institutional Buyers (QIBs) category put in bids for 13,42,17,000 shares.
The issue opened for bidding on 10 May 2024 and it closed on 14 May 2024. The price band of the IPO was fixed at Rs 140-147 per share. The shares will list on NSE's SME platform.
The IPO comprised fresh issue of 60,24,000 shares. The company intends to utilize the net proceeds for gross proceeds to fund the acquisition of vessel, to fund working capital requirement and general corporate purposes.
Ahead of the IPO, ABS Marine Services has raised Rs 27.06 crore on Thursday, 9 May 2024. The board allotted 18.41 lakh shares at Rs 147 per share to 9 anchor investors.
ABS Marine Services is fully integrated company with in-house complete vessel management including commercial management. It provide crew management services to ships comprising oil tankers, gas tankers, bulk carriers, passenger vessels offshore support vessels, harbour crafts and high speed crafts. As of 31 December 2023, the company has 45 full-time employees across various departments.
The company recorded revenue from operations of Rs 135.15 crore and net profit of Rs 23.55 crore for the period as on 31 March 2024.
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