After listing at Rs 294 on May 21, ABS Marine Services' shares had a strong start to its stock market debut. That is a 100% premium above the Rs 147 issue price on the NSE SME platform.
The listing gain exceeds predictions from the gray market, with shares trading at a 79 percent premium. Shares trade in the grey market, an unofficial ecosystem, well in advance of the offer's subscription opening and continue to do so until the day of listing.
The firm was founded in 1992 and has five vessels in its fleet. Its area of expertise is offshore vessel management. This fleet consists of three harbor boats servicing the Indian port sector and two cutting-edge offshore vessels supporting the oil and gas industry.
The net proceeds will be put to designated uses by the firm. These include adding more offshore vessels to its fleet, taking care of working capital requirements to maintain operations, and paying for basic business costs.
A strong number of investors expressed interest in the Rs 96.29-crore public offer, which is a new issuance of 65.5 lakh shares, during the four-day registration period. Qualified Institutional Buyers (QIB) subscribed 109.30 times, Retail investors 107.44 times, and Non-Institutional Investors (NII) 270.73 times. The total number of subscriptions in all categories was 142.99 times.
The pricing range for the ABS Marine Services IPO was established at Rs 140 to Rs 147 per share.
