NSE SME ABS Marine Services makes a robust listing

Shares of ABS Marine Services were quoting at Rs 279.30 on the NSE, a premium of 90% compared with the issue price of Rs 147.

The scrip was listed at Rs 294, a premium of 100% compared with the initial public offer (IPO) price. The stock is currently frozen at its lower limit of 5% over its listing price.

The counter hit a high of Rs 304 and a low of Rs 279.30. About 22 lakh shares of the company changed hands at the counter.

ABS Marine Services' IPO was subscribed 95.69 times. 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 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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