ABS Marine Services IPO Listing
ABS Marine Services IPO Listing: The ₹96.29 crore IPO of ABS Marine Services was open for subscription from May 10-15. Today its shares have been listed.
ABS Marine Services IPO Listing: Shares of vessel managing company ABS Marine Services had a successful entry on the SME platform of NSE today.
Its IPO received overall bids of more than 144 times. Shares have been issued under the IPO at a price of Rs 147.
Today it has entered NSE SME at Rs 294.00, which means IPO investors got 100 percent listing gain (ABS Marine Listing Gain).
However, the shares fell after listing. Due to profit booking, it fell to the lower circuit of Rs 279.30 (ABS Marine Share Price) and closed at this level, which means IPO investors are making 90 percent profit.
ABS Marine Services IPO got strong response
ABS Marine Services' ₹96.29 crore IPO was open for subscription from May 10-15. This IPO received a tremendous response from investors and overall it was subscribed 144.44 times.
In this, the portion reserved for Qualified Institutional Buyers (QIB) was 109.30 times, the portion for Non-Institutional Investors (NII) was 270.94 times and the portion for retail investors was 110.24 times.
Under this IPO, 65.50 lakh new shares with face value of Rs 10 have been issued. The company will use the money raised through these shares for acquisition of offshore vessels, meeting working capital requirements and for general corporate purposes.
About ABS Marine Services
ABS Marine Services, formed in 1992, manages offshore vessels. As of December 2023, it has 5 own vessels, out of which two are for the oil and gas sector and three are harbor vessels for the Indian port sector.
Its business is spread across four divisions – Ship Ownership, Ship Management, Marine Services and Port Services.
According to the data till December 31, it currently manages 12 vessels. Talking about the financial health of the company, it had made a net profit of Rs 8.09 crore in 2022, which jumped to Rs 9.53 crore in the next financial year 2023.
During this period, the company's revenue increased by more than 37 percent to Rs 113.80 crore. Talking about the last financial year 2023-24, it achieved net profit of Rs 23.55 crore and revenue of Rs 138.02 crore.