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ABS Marine Services Limited's IPO Opens on May 10, 2024

ABS Marine Services Limited's IPO Opens on May 10, 2024
ABS Marine Services Limited, a formidable force in the maritime industry, has announced its plan to go public with an Initial Public Offering on May 10, 2024. The company is aiming to raise Rs 96.28 Crores at the upper price band through this IPO, with shares set to be listed on the NSE Emerge.

The issue size is Up to 65,50,000 equity shares at a face value of Rs 10 each.

Equity Share Allocation

* QIB Anchor Portion - Up To 18,41,000 Equity Shares

* Qualified Institutional Buyers (QIB) - Up To 12,28,000 Equity Shares

* Non-Institutional Investors (NII) - Up To 9,22,000 Equity Shares

* Retail Individual Investors (RII) - Up To 21,49,000 Equity Shares

* Market Maker - Up To 4,10,000 Equity Shares

The net proceeds from the IPO will be utilized for acquisition off shore vessels, funding the working capital requirements of the company and general corporate purposes. The bidding for the Anchor portion will open on May 09, 2024, the issue will open for subscription on May 10, 2024, and closes on May 15, 2024.

The Book Running Lead Manager to the Issue is GYR Capital Advisors Private Limited. The Registrar to the Issue is Purva Sharegistry (India) Private Limited.

Captain P B Narayanan, Chairman and Managing Director of ABS Marine Services Limited stated, "We are marking a significant stride in our growth journey. This move reflects our confidence in the capabilities of our company and our dedication to seize new opportunities to strengthen our market position. With three decades of expertise, a fully owned fleet, and strategically positioned offices, we are committed to providing diverse services around the globe.

This decision marks a pivotal moment for us, amplifying both our corporate standing and the recognition of the ABS Marine Services Limited brand. We envision this initiative yielding numerous advantages, ultimately adding significant value to our company as a whole".

Mohit Baid, Director of GYR Capital Advisors Private Limited stated, "ABS Marine Services Limited's decades of expertise and in-house vessel facilities have positioned the company as a beacon of excellence in providing comprehensive services within the maritime industry worldwide. With emerging government initiatives like Make in India and evolving market trends, the company is poised for substantial growth. The upcoming IPO presents an exciting opportunity to capitalize on these emerging initiatives and market dynamics. We extend our best wishes to ABS Marine Services Limited as they embark on this significant milestone in their journey".

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