ABS Marine Services shines on market debut, lists at 100% premium on NSE SME

Retail investors subscribed 107.44 times, Non-Institutional Investors (NII) subscribed 270.73 times, and Qualified Institutional Buyers (QIB) subscribed 109.30 times.

Shares of ABS Marine Services made a solid start to its stock market debut on May 21 after listing at Rs 294. That's a premium of 100 percent over the issue price of Rs 147 on the NSE SME platform.

The listing gain tops grey market estimates as shares were commanding a premium of 79 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.

Established in 1992, the company specializes in managing offshore vessels and currently possesses a fleet of five vessels. This fleet comprises two state-of-the-art offshore vessels catering to the oil and gas industry and three harbour vessels serving the Indian port sector.

The company aims to utilize the net proceeds for specific purposes. These include acquiring offshore vessels to bolster its fleet, addressing working capital needs to ensure operational fluidity, and covering general corporate expenses.

The Rs 96.29-crore public offer, which is a fresh issue of 65.5 lakh shares, witnessed robust investor interest across the four-day subscription period. Retail investors subscribed 107.44 times, Non-Institutional Investors (NII) subscribed 270.73 times, and Qualified Institutional Buyers (QIB) subscribed 109.30 times. The cumulative subscription figures across all categories stood at 142.99 times.

ABS Marine Services IPO price band was set at Rs 140 to Rs 147 per share.