ABS Marine Services shares list at 100% premium over issue price
shares of ABS Marine Services listed on the NSE SME platform with a premium of 100% on Tuesday. The stock was listed at Rs 294 as against an issue price of Rs 147 per share.
Ahead of the debut, the company's shares were trading with a premium of Rs 100 in the unlisted market.
The IPO, which was completely a fresh equity issue of 65.5 lakh shares, received a healthy subscription from investors with an overall subscription of over 100 times at close.
The net proceeds from the public offer will be used for purchase of software, to meet working capital requirements and other general corporate purposes.
The company is a fully integrated company with in-house complete vessel management including commercial management. Its customers are primarily the Government of India, large industrial concerns, public sector undertakings, port authorities and private sector.
Also Read: IPO calendar next week: 2 new issues, 8 listings to keep primary market vibrant even amid elections It has also entered into 10 strategic contracts with government agencies which contributes towards revenue from operations. Out of the ten contracts, one major contract with the Ministry of Earth and Science (MOES) contributes towards the company's 23.50% of the revenue from operations.
The company's income is principally generated from the ship owning, ship chartering and ship management activities which contributed more than 90% of its total income for FY24, 2023 and 2022 respectively.
ABS Marine's business is directly impacted by levels of economic
