Abha Power and Steel IPO listing today. Check GMP and other details
Abha Power and Steel will debut on the NSE SME platform on Wednesday. Ahead of the listing, the company's shares were trading with a GMP of Rs 15 in the grey market.
Considering the upper price band of Rs 75, the stock is expected to see a listing premium of just over 20%.
However, it is important to note that grey market premiums are just an indicator as to how the company's shares are stacked up in the unlisted market and are subject to change rapidly.
The Rs 38 crore SME IPO received a decent subscription of over 18 times at close, thanks to bidding from retail and non-institutional investors.
The company plans to use the net proceeds from the fresh issue to fund capital expenditures for modernizing and upgrading its manufacturing facilities in Bilaspur, Chhattisgarh, aiming to expand its product portfolio. Additionally, the funds will support the company’s working capital requirements.
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